These are some of the most important steps:
• Property title analysis for issuing a title insurance commitment. With this step, a history of ownership is investigated, and during this research, situations that require resolution before the purchase can be discovered. If there's no solution, a decision is made whether to issue the title insurance.
• Conduct the transaction closing by preparing all legal documents; receiving necessary funds from the buyer or banking institution to make required payments, functioning as a fiduciary agent. This provides transparency to the transaction.
• Finally, issue a property title insurance to the buyer and the financial institution, guaranteeing a clean title free of any title defects.
By taking these steps, reassurance is offered to the buyer that their investment is safeguarded against any potential issues related to the ownership of their property.
What are the advantages of purchasing through a company?
• It protects the owner from potential lawsuits related to the property. In other words, in the event of a lawsuit, it can only be directed against that property and not against other personal assets.
• It consolidates all the income and expenses attributable to this property within a single entity, which can help reduce tax impact and during the eventual sale of the property.
• It provides flexibility when planning tax payments, in terms of transferring property interests to family members and other individuals.
• It avoids or reduces estate taxes, thus when the owner of the company passes away, the legal entity never dies, thereby reducing the amount of inheritance tax.
Should I open a company for each property I buy?
Estimated costs of opening a company to purchase a property.
• Approximate opening cost between $500-$900.
• Annual renewal cost ranges approximately between $200-$400.
• Accountant fees for management and annual tax declaration (before May 1st) depend on the service and structure requested by each client, but range between $500-$1,000.
• Dirección postal en los Estados Unidos
• Nombres de los directivos y sus respectivas identificaciones.
• Preparar acta constitutiva de la compañía (trabajo del contador)
