US-An Overview
The United States of America, a federal republic comprising fifty states, is the fourth largest nation on this globe by area and the third largest nation by population. The country is located in the western hemisphere. Washington D.C, the capital district, lies in central North America. The U.S. is one of the world’s most ethnically and socially diverse nations, and is the blend of large-scale immigration from almost every corner of the globe. The US is also termed as “Superpower” and forms an integral part of almost every major world forum like G-8, NATO as well as the United nations. The US has been entangled with many nations at warfront for various reasons and saw debacle in the form of 11 September which saw towering World Trade Centre crumbling down.
US at Economic Front
The United States retains a capitalist mixed economy wherein private organizations constitute the bulk of the economy and government activity retains 12.4 percent of the GDP. With the gross GDP of 13 trillion Dollars, it is unanimously the world’s largest economy. The US has been among the founding nations of UN as well IMF and provides financial leverage to all the developing countries to tide over their retarded growth. In last two years, the US economy has seen recession and is now recuperating to bring stability in its economic growth. Some policy and issues have given a jolt to the US economy and particularly the war with Iraq has brought criticism from the inner circles.
Real Estate Market in US
Currently, the inflation is on a rising spree, paving way to interest rates to follow the suit. The real estate market is alarmingly taking a huge turn with rising prices and now the opportune moment is not right for potential investors. Some times back, the condition was extremely rosy for both the parties but now it’s grim. Rising prices are keeping investors at bay and now they are shifting the focus towards other markets to reap the benefit. Once in the 1990s, the real estate market was a best bet with low interest rates and cheap availability of funds but now it seems a distant dream for small investors.
Process for making a deal
At the federal level there are few restrictions on non-resident aliens, intending to park in the real estate market. In Oklahoma, outsiders are prohibited and can’t avail the land but they can buy condominiums. In the US, procedures may vary from state to state, as well as between counties and cities. Firstly, an offer is made verbally through your agent, who will take it to the next level. The seller’s attorney initiates the preparation of the contract of sale. Meanwhile, your attorney examines the valuation of the condominium which you have chosen to purchase. The buyer’s attorney analyses and negotiates the contract deed, title search, as well as the deeds referred to in the title policy, such as survey, certificate of occupancy, real property tax bill, heating, cooling and electric bills. After the attorney finds that the condominium’s financial condition is above par, acceptable to you, and that the contract of sale is also acceptable, he will allow you to make the contract. Your application will be reviewed, and if all required stuff is included and in order, an approval is typically granted. After which you can proceed with the closing procedure.
Conclusion
Since all the factors are being averse to the general goodwill of potential property investors, it’s time to wait rather than to be thrown in disarray to lose your money and keep your hope alive to the best bargain ahead.
For any further detail, do visit these sites-
http://www.globalpropertyguide.com/country.php?id=205&cid=na&cat=5
http://www.amberlamb.com/index.php/a/m/real-estate-purchase-process-in-america
http://www.usatoday.com/money/economy/housing/2006-02-28-real-estate-usat_x.htm
http://www.usatoday.com/money/economy/housing/2005-11-24-trophy-usat_x.htm
http://www.realestateabc.com/
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