How is the purchase process?
All purchases and sales of real estate in the United States are carried out through the intervention of a title company, registered, insured and controlled by the Federal Government. Once the property is chosen by the buyer and accepted by the seller, a contract is signed between the parties which is sent to the title company to start its work. It consists of studying the title, requiring the Municipality to inform if the property is limited or restricted to be transferred. (due to an embargo, a debt, inhibition, such as service debts) Once the studies have been completed, the title company summons the buyer and seller for the purpose of formalizing the sale, making the payment only with the intervention of banking entities to the “escrow” account of the Title Company, which is in charge of distributing the funds to all the intervening parties.
Can the title be under my name?
Yes, the title can be in the name of an individual or a company. With the advice of our lawyers and accountants, we will define the most convenient way for each particular case.
What is the real estate valuation in Detroit?
As has happened in other cities and states in the US after the 2008 crisis, Detroit is one of the 10 cities that has experienced the most revaluation from 2014 to date. International and local investors chose this city as one of the most attractive to invest their capital, making Detroit the most valued real estate destination in the state of Michigan.
How do tenants pay me the rent?
Once the tenants are approved by our Background Check department, the relevant contracts are signed and the payments are received monthly in the accounts of our investors together with the monthly report of income and expenses.
Is there any fee for Administration management?
Yes, the Detroit Property Management fee is 10% of the rent charged.
Can I open a bank account in the United States if I am a foreigner?
Yes, different American banks allow the opening of accounts for individuals and companies.
What is the eviction process if a tenant is late in paying rent or stops paying me?
The United States is a country with legal certainty and consequently a safe place to invest. The eviction process is processed in court through an administrative procedure that from its beginning to the eviction does not take more than 60 days.