Co-op or condo as a foreign buyer?

Condo, in most cases. Co-op boards commonly require US-based income, liquidity held domestically and a personal interview, and can decline without explanation.

What are the buyer's closing costs?

Roughly 2–4% depending on financing: title insurance, attorney, recording, mansion tax above $1m and mortgage recording tax if you borrow.

United States · USD

Buyin New York

The first decision in New York is not the neighbourhood, it is condo or co-op. A co-op board can reject you without giving a reason and can cap your financing; a condo is the predictable route for a foreign buyer, and it prices accordingly.

Miami Los Angeles Chicago Austin Seattle

County records path

HOA & insurance checked

3D map

50state codes — there is no one US market

Titleinsurance, not a notary, protects the buyer

FIRPTAwithholding hits foreign sellers, not buyers

No SSNneeded to take title as a foreign buyer

What a purchase really costs

$750,000 home in New York

Local transfer tax, buyer share (1%): $7,500
Owner's title insurance (≈0.5%): $3,750
Lender, escrow & appraisal (≈1%): $7,500
Attorney, recording & prepaids (≈0.3%): $2,250
Cash needed at closing: $771,000

≈ +2.8% over the price. There is no national property code. Transfer tax is a city and county question — New York adds a buyer mansion tax above $1m, Chicago charges the buyer 0.75%, Texas charges nothing and takes it back in annual property tax. Since the 2024 NAR settlement, buyer-agent compensation is negotiated in writing rather than assumed from the listing.

Rentals run on rules

The rent side, in three lines

Deposit caps, notice periods and eviction timelines are state law — one to two months is common, but New York and Florida are not the same statute.
Rent stabilization is local: New York City has it, Miami and Austin sit under state preemption against it.
Insurance is the variable that reprices a building — Florida wind and flood can move faster than the asking price.

HOA and condo documents are the yield. Read the reserve study and the special-assessment history before the inspection.

Cities

Six metros, six closing customs

The buyer-side transfer tax is the fastest way to see how local this market is: 1%+ in Manhattan, 0.75% in Chicago, zero in Austin and Seattle where the seller pays instead.

The mansion tax is the buyer's and starts at 1% of the whole price at $1m, stepping up from there. If you finance, mortgage recording tax adds roughly another two points. On a sponsor sale the buyer often absorbs the transfer tax as well.

Closings run through attorneys and a title company, not a notaire. Title insurance, not a public register's guarantee, is what protects you — and it is bought once, at closing.

No Social Security number is required to take title. FIRPTA withholding hits foreign sellers, not buyers, so it is an exit problem to plan for rather than an entry barrier.

FAQ

Co-op or condo as a foreign buyer?: Condo, in most cases. Co-op boards commonly require US-based income, liquidity held domestically and a personal interview, and can decline without explanation.
What are the buyer's closing costs?: Roughly 2–4% depending on financing: title insurance, attorney, recording, mansion tax above $1m and mortgage recording tax if you borrow.

All markets: sivrce.com · Georgia marketplace: sivrce.ge · Prices and availability are published only when a verified listing exists. Market currency: USD.