Profile picture for baagii999

I'm foreigner even no Social security. wanna buy a condo with cash.

Wanna buy a condo in illinois. Do i need attorney or title company does it all? Condo i want to buy is FSBO. for sale by owner. 
  • October 31 2013 - US
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (5)

Best Answer

Baagii999,

FIRPTA rules do not apply to your purchase, but they will apply if you sell the property, so you must plan for it.

Purchasing should not be a problem, but because it is a FSBO, you might be well served to hire an attorney to help you.  A seasoned attorney will know how to structure the contract to make sure you do not get in trouble. Do not assume the FSBO knows what they are doing.

Finally, you must purchase with U.S. dollars. So your money will have to be converted to U.S. dollars. The best way is to open a U.S. bank account.  The US government scrutinizes cash transfers over $10K, so be prepared to show documentation regarding your cash transfers.
  • October 31 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for baagii999
Thanks all of you. I have already opened a bank account and money converted to US dollars. According to FIRPTA if the sales value is lower than 300k then no need to withhold 10%. Am i right? No i'm in search for good attorney in north Chicagoland.
  • November 01 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for baagii999
Is FIRPTA mean that i should pay 10% from sales value? assume that  have to pay 110%?

  • October 31 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Foreign Investment in Real Property tax Act (FIRPTA) must be followed,
Both federal and state tax laws are affected by the Foreign Investment in Real Property Tax Act (FIRPTA). Inboth cases the buyer is responsible for making sure either the proper disclosures have been made and/or the proper funds have been set aside.
generally, the broker and escrow agent make sure this is done. all documents must be kept by the broker and the buyer for five years.
  • October 31 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Tony Ngai
It would be in your best interest to either have an real estate attorney, or a realtor to represent you unless you already have previous experience buying properties here in the states.  And yes, having title company would be in the best interest for both buyer and seller.
  • October 31 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.