If I have about 1million dollars in cash at hand but made my money through freelance work, how can I go about buying a property?
Im from Singapore,
I do understand that, In the United States you may not make a deposit of $10,000 in one lump sum during the course of a 24 hour period.
In the United States if you have your money in a bank that you can verify with 3 months with bank statements issued by the bank indicating how long the funds have been in the bank you would not have a problem.
If you are paying all cash for a house you would have to have the money transferred via wire or cashier check or some form of financial instrument that is verifiable to the escrow closing agent.
The escrow closing agent is required by law to verify any and all funds above $10,000 in cash.
These measures were not put into place to catch income tax dodgers or evaders. This measure was put in place to prevent drug money from entering the housing market thus laundering drug money through the housing industry.
Also Singapore has very tight Monetary system and movements of large sums of monies are under close monitoring. If you already have $1M savings in your account (in Singapore) which is accumulated over time, then the Bank has all your records. If you are remitting funds from overseas, you will have to meet the necessary reporting. No escape. Clean funds only in Singapore.
So I was wondering If I cant buy a house with full cash, then can I buy several properties at once?
for example buy 10 houses for the price of one so that my spending in 24 hours is way less than the large sum of money?
I just need a few procedures to guide me, the reason I did freelancing a few years ago was to evade Income tax, so will I be disqualified from buying a house?|||Find a very good realtor who can deal with all of the subtle details. Your average joe wouldn't know much about the special cases, but a good realtor would.|||just go with cash %26amp; fill the dosuments.
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