Frequently Asked Questions

What are the costs for our services?

Buying

1. A co-ordination fee of 1% of the purchase price - payable to Little Gold Key USA Ltd.

2. A broker fee negotiated prior to commencement, depending on the location of your property, and the broker involved.

This then covers the following:

  • All searches and management undertaken by the licensed property agent.

  • All sales management processes.

  • All transaction and negotiation services provided by the licensed real-estate professional, including contract and price negotiations.

    * Little Gold Key USA Ltd. commences your property search and supports you throughout the buying journey. Licensed real-estate services, including property representation, offers and negotiations, are provided by an appropriately licensed US real-estate professional and associated fees are billed separately.

In addition are the following cost items:

  • A property inspection : c. $750 - $1,000 (depending on the size and type of property).

  • A land survey : c. $1000 - $1,500.

  • Typically in The US you will pay a one-time home warranty fee of c. $500 to cover your appliances (often with an air con unit in warmer States), if included in the sale, for the first year of ownership.

  • Earnest money - an amount paid to secure the property at signing : usually 1 - 3% of the property value. This is then removed from the total sale price. This can be refunded if there is an issue uncovered during the survey process and you do not wish to proceed with the purchase. The terms of this will be negotiated by us on your behalf.

    If you simply change your mind on your purchase however, this amount is paid to the seller. This drastically reduces the number of transactions that do not complete.

Renting / relocation

  • There is generally no commission fee charged from the US brokerage. There may be a Touring and Administration fee, depending on the search location, and numbers of properties viewed. This can be negotiated prior to commencement.

  • Little Gold Key USA Ltd. charges a fixed amount equivalent to 1 month’s rent, paid upon signing of the rental agreement. If no rental agreement is signed, no fee is payable.

Taxes - what are they, and when do I pay?

  • There can be a real estate transfer tax linked to your purchase, depending on the location and jurisdiction. This is a one-time fee when property ownership changes hands, typically based on a percentage of the sale price.

    Rates and responsible parties (buyer or seller) vary by jurisdiction, ranging from zero (e.g. Texas) to 1% in high-cost areas (e.g. New York), often paid at closing. Your agent will confirm this, should it be applicable.

  • There will be an ongoing, annual property tax. This is linked to the value of the property.

    This annual tax is generally between 1.5% and 2% of the property valuation (as calculated by the County Tax department) and so is important to consider when budgeting long-term, before you have completed your purchase. It is possible to pay in arrears, but it will depend on the property and location.

How long does the buying process take?

  • From making your offer on a property, the process to completion can often be no more than 4 to 6 weeks.

  • The house and land surveys can be scheduled in days, whilst ensuring any defects or problems are identified and addressed, should they arise. This is where a trusted and qualified property agent is critical to ensure everything is co-ordinated, for your peace of mind.

Can I get a mortgage?

  • Yes - but as a non-US citizen it will involve a number of processes and we recommend seeking professional financial advice. In addition, we also recommend you explore this prior to commencing a detailed property search, as this may take a number of weeks to confirm.

    It can often be the case that the process is more straightforward with those banks with an international presence.

  • Cash buyers are not affected by this and funds can be transferred securely when required.

Can I rent out my property and can you help?

  • Absolutely. Whether renting long-term or as a holiday let, it is a great way to generate an income, if you are not living in the property full-time.

  • For certain sorts of property e.g. condos in shared owner areas with shared facilities such as swimming pools or elevators, there can be some restrictions on rental options - we would identify those prior to purchase.

  • You will also need to complete a US tax return for any income you generate - we advise taking professional advice. Where there are bi-lateral tax agreements in place, this should aid your tax planning.

  • Please note - we do not give or offer tax planning or property investment advice.