UNITED STATES OF AMERICA

1. Sales contracts are very extensive. Claims for guarantee must be arranged in great detail.
2. Most properties are offered by real estate agents. The commission varies from area to area and from agent to agent.
3. The contract for sale and purchase must be agreed in writing.
4. After signing the contract for sale and purchase there is a control period-(due diligence) and an improvement period (curing period). After these periods, sometimes two months later, the closing (transfer of ownership) will be agreed.
5. Upon signing of the contract for sale and purchase, the purchaser pays a deposit of 1%-3% of the agreed price.
6. On the Closing Day the ownership will be transferred and the property has to be paid.
7. Closing always takes place in the office of a lawyer, not a notary.
8. Transfer tax has to be paid when the property is passed over to the new owner.
9. Any extra costs vary from state to state.
10. Extra costs range between 7% and 12%.