An overview

July 19th, 2012

As a foreigner buying real estate in the United States, you are likely to have to obtain certified translations for a number of documents, to be prepared by a company such as ours, Legal Translation Systems.
Doing the translations with us offers you a number of advantages. For one, we do the translations inhouse, so the costs are reduced and the turn around faster than most other companies. Second, the translations are notarized, and prepared according to U.S. practice. If you do the translations in your own country, they are very likely to be rejected, so it might be a waste. The authenticity of our translations can also be certified on the internet, without disclosing any of your personal information.
You will be surprised how inexpensive our translation service is, especially considering that you might have to translate a very large number of documents, depending on your case.
Generally, the documents are required for those individuals who are financing property, both commercial and residential. The translated documents are provided to the bank or institution who is financing the acquisition.
Even if you are not financing the property, the associations of buildings might require translations of documents that provide proof of income, business and good conduct. This is specially true of associations in New York City, both coops and condos.
Among the types of documents you might be required to translate are:
- Bank statements
- Income tax returns
- Letters from attorneys or accountants
- Business registration
- Personal documents of all types
- Property deeds from your own country
- Bylaws of your business
- Letter from employers
- Resumes
- Investment statements
- Good conduct certificates
- Letters of reference
For more information, continue to read our blog entries, that contain a lot of information. For any questions, writeinfo@legaltranslationsystems.com

Translations of bank statements

Certified translations of bank statements are required of foreign buyers of real estate to prove the buyer has sufficient funds to pay for financing or to pay for building maintenance charges and eventual assessments.

Bank statements vary in length, amount of information and format, so it is not possible to even give an estimated figure for the translation fee.

On the other hand, some financing sources do accept summarized certified translations of bank statements, which greatly reduces your cost. However, they generally ask for multiple months, as much as a year's worth.

The convert the balance amounts in our translations to facilitate reading. We use the exchange rate of the date of the bank statement.

To get pricing, send your documents by pdf toinfo@legaltranslationsystems.com

Frequently asked questions concerning certified translations of documents for real estate transactions

1) Why do the documents need to be translated?

Foremost, because the person handling the document, or who is making an approval decision, likely does not speak the language in which the document was writing. Even if the person does speak the language, the translation might be required for any eventual audit, and the certification provides comfort to auditors that due diligence was used in the process. After the 2008 crisis, banking regulators and the financial institutions themselves have been more strict about documentation. Additionally, financing is often obtained through mortgage brokers, and the financing company wants to make sure the information is properly documented.
2) What is a certified translation?
In the USA, a certified translation is a translation that comes with a notarized affidavit of accuracy, signed by a qualified translator, issued by a qualified translation company such as Legal Translation Systems, on its letterhead and duly notarized. In our case, we exceed the requirements by numbering our affidavits, sealing the translations and providing a means of verifying its authenticity on the internet, without disclosing any of your information. We basically assume responsibility for the translation, not the content of the original. The translator signer is U.S. educated, and a member of the American Translator's Association with 30 years of experience in translation of documents.
3) Can certified translations be delivered by pdf?
PDF is increasingly becoming an acceptable method of delivery, however that is not normative.
4) Does the translator need to see or stamp the original?
No, not in the U.S.A.
5) How to I send you the documents for certified translation?
Documents can be sent by email, fax, regular mail, or personally delivered. If sending documents by mail, do not send originals. When sending documents by email, we prefer PDF. If at all possible, condense several pages into the same PDF to facilitate handling.
6) How is service paid for?
We require payment in advance by credit card, debit card or paypal. Wire transfers might be acceptable with an additional charge of US$ 25.00 to pay for bank handling fees. Direct deposit into accounts is a possibility. If dropping documents in person in our Miami Beach office, you may pay in cash as well.
7) What guarantees do I have that the work will be done?
We have been in business for 30 years, originally in New York and have served over 35,000 clients in several countries and continents. Among our clients are major banks and corporations. Our translations are accepted by the Federal Government, Immigration, Courts, banks, financing companies, insurance companies, building boards, educational institutions, etc.
8) What if my financing or acquisition is not approved?
We only provide translation services, and cannot guarantee the success of your transaction.
9) Does Legal Translation Systems provide rush services?
Rush services might be available, depending on our schedule, for a surcharge. Deadline will be quoted when you send the documents, any earlier requirement might be considered rush.
10) What if I need additional copies of the translations?
Additional certified copies of the translations cost US$20.00 each.
11) Does Legal Translation Systems provide legal advice?
No, for that you should retain an  attorney who is licensed in the state where you are buying the property. LAWS CHANGE FROM STATE TO STATE IN THE USA.
If you have any questions, or to get a quote,writeinfo@legaltranslationsystems.com

Translation of income tax returns

Foreign income tax returns have to be translated by Legal Translation Systems when they are provided in a language other than English. We also convert the total and selected amounts into US Dollars as of the closing date of the fiscal year, provided by reputable foreign exchange sites. We are aware that certain countries have more then one rate, however we must use the official published rate.

Income tax returns have to be translated as proof of availability of funds. It also helps banks comply with KYC (know Your Clients) regulations, to ensure that funds are not the result of any illegal activity, such as money laundering.

Pricing of income tax returns varies according to country, and the number of schedules attached to the form. In certain countries, such as Brazil, the income tax return includes a list of the property owned by the taxpayer, which, in cases of very wealthy people, can run into several different pages.
Legal Translation Systems does all work in house, so there is no need to have concern about confidentiality issues.

Each translation requires a numbered, notarized affidavit of accuracy. Additional copies of the translation cost US$20.00.

Given the wide variety and length of such documents, it is not possible for us to provide pricing. This must be done individually. Send a pdf (or graphic file) of the document for pricing, without any obligation, toinfo@legaltranslationsystems.com. In case you prefer fax, our fax is 212 786-7241.

We ask that, if at all possible, you include all pages of the tax return into a single file. This facilitates the handling and use of the file, as well as calculation of the price.

Translations of tax returns can be used in both acquisition of real estate (financing or unfinanced acquisitions), as well as submission to upscale building boards. These might ask for such documentation to ensure that the buyer has enough funds to pay for high maintenance and assessment fees, and also to document the individual's background. This is specially so of coops and buildings in New York City.

Translations of good conduct certificates

Good conduct certificates are generally used by de luxe building committees, to ensure that the individuals who are buying apartments in the building do not have criminal records. If written in a foreign language, the document will have to be translated. 

Certain countries issue good conduct certificates at different levels (Federal, State), and if so, one must check which the committee requires.

In general, these are short, 1 page documents, which cost US$50.00 each.

Further information http://www.legaltranslationsystems.com

Certified translations of letters from accountants

As mentioned in other posts, since the 2008 mortgage crisis, banks, brokers and financing companies in general, who operate in real estate markets have established more strict regulations concerning the financial health of the individuals buying property. 

In certain cases, in addition to income tax returns and bank statements, letters from accountants might be required to ascertain the individual buying the property has enough income to purchase and pay for maintenance.

Each case is obviously different, and each bank has different requirements, so it is impossible to tell before hand. Of course, the more expensive the property, the more likely requirements will be stricter.  
Generally, letters from accountants are 1-page documents, and the translation costs US$50.00. Of course, the translation of longer documents will cost more.

For further information,
http://www.legaltranslationsystems.com 

Certified translation of articles of incorporation and bylaws

Translations of articles of incorporation and bylaws of companies might be required if you are financing the acquisition of real estate in the United States, both commercial and residential. 

The reason for it is to provide proof of origin of funds. This applies especially if the real estate being purchase has a high value, in keeping with current stricter KYC rules, and documentation for financing.

Such documents might also be required by de luxe building boards, to approve applications.

These documents can vary a lot from country to country, and sometimes within a country, and it is not possible for us to provide you even an idea. In certain cases, translating the business registration or license will be sufficient.

For an estimate, send the document toinfo@legaltranslationsystems.com