Want some more Fun and Sun in your life?? Excited about the investment opportunities in Real Estate right now?? Thinking of buying a property in Florida but don?t know how? Then you need our quick guide to get you started!?
This is part one of a series of three articles.? We?ll cover the purchasing process and the advisors you will need to secure your piece of paradise.
Buying real estate in the USA is generally far less complicated than in any other country in the world and Florida remains a particularly easy and safe place for overseas investors to buy, with thousands of foreigners finding dream homes in the Sunshine State every year.?
In Florida, the buyer and seller are each represented by Real Estate Agents or Realtors, who work through a broker to draw up a contract that defines the conditions of sale.? Once the contract is signed, the buyer pays a deposit of around 3-5%.? (New developments often require a 10-20% deposit).? On a regular sale, the closing typically takes around 30 days.? Short sales and foreclosures may take much longer, 3-4 months is not unusual.???
Finding the Right Realtor
The Realtor you choose is an important factor in making your purchase a dream, rather than a nightmare.? Your Realtor will help you find your home, represent your best interests in negotiations and connect you to other professionals you may need in the buying process.?
Unfortunately, there have been property scams and con artists keen to rip off unfamiliar entrants to the Florida real estate market.? Therefore, it is important that you use common sense when choosing your Realtor.? As a precaution, you can check their credentials on the Florida licensing website.
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It is a good idea to interview a few Realtors.? The ideal Realtor to help you buy or sell your property will be honest, hard working, an excellent negotiator, knowledgeable about the local real estate market and have good client testimonials.? As an overseas investor, it is advisable to select a Realtor with experience of working with newcomers to the US property market.
Legal Eagles, Tax and Travel
As with almost every other country, we strongly recommend that you use a fully independent lawyer to oversee and give advice through the buying process in the US.
To save the time and expense of multiple round trips to sign legal documents and papers during the buying process, you can give power of attorney to a trusted US representative.? A real estate attorney and consultation with an accountant can assist in how best to purchase the Real Estate, particularly if you are considering renting out your investment, in order to limit your liability and manage your tax payments.
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Conclusion
We hope you?ve found the article a helpful start in your buying process.? Next week, we?ll talk about Money, Money, Money ? including fees, mortgages and foreign exchange.
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Kelly Charles is a licensed Florida Realtor working in Miami Beach.? She specialises in helping overseas investors enter the Miami real estate market.
www.BritishMiamiRealtor.com
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