For International Buyers
Although Chicago has always attracted international home buyers, anecdotal evidence suggests that their numbers are growing. The boom is partly because of globalization, but mostly it’s a result of the tremendous buildup of wealth in developing countries, especially China, which had 2.4 million millionaires in 2013, up 60 percent from the year before, according to the Boston Consulting Group. International buyers considering properties in the Chicago area should have the advice and services of an experienced Chicago real estate lawyer to make sure any transaction fully complies with Illinois law and to make sure their long-term interests are fully protected.
About 60 percent of international homebuyers pay cash, compared with one-third of domestic buyers, according to the 2014 National Association of Realtors survey. International buyers are typically interested in diversifying their assets internationally and sometimes in sending their children to U.S. schools and universities. Nobody really knows how many Chicago-area homes are sold to international buyers. They are not required to disclose their citizenship or residency status on escrow and title closing documents. Based on responses from 3,547 real estate agents, a report published by the National Association of Realtors said that for the 12 months ending in March 2014, international clients purchased $92.2 billion worth of existing U.S. homes, up 35 percent from the previous 12 months. International purchases represented 7 percent of total dollars spent on existing homes in the latest period.
Real estate closings are complicated procedures. Without skilled legal guidance, you may expose yourself to needless financial risk. If you are an international homebuyer considering properties in the Chicago area, you can genuinely benefit by working with a good Chicago real estate lawyer. The right real estate lawyer can provide you with valuable tips and advice through every stage of the buying process. Real estate is a good investment; make another good investment by retaining the counsel and services of an experienced Chicago real estate lawyer as soon as possible. Don’t wait until the day before the closing to make the call.
