BRITISH BUYING PROPERTY IN FLORIDA
THE BASIC STEPS TO BUYING PROPERTY IN FLORIDA
FROM A BRITISH PERSPECTIVE
The first piece of advice is to forget everything you know about the UK system of buying property.!
Just about everyting else is alien (except the language!).
I have listed below the basic steps for an overview...
BUYING PROCESS - a VERY BROAD OUTLINE
FOR A SINGLE FAMILY HOME (DETACHED HOUSE)
1. Make offer through realtor with $1000 deposit.
(this can be done verbally but is usually taken more seriously in writing)
2. Seller will either counter offer or accept the offer.
3. When both buyer and seller agree on selling price (and terms ie. Closing date), then both parties sign contract.
4. Buyer to receive Homeowner Documents to review.
5. Hire Title Company or Attorney to represent you at closing.
6. Buyer to pay initial deposit (if not already paid the $1000).
7. Buyer to instruct Home Inspection Company to do inspection on property. Buyer must arrange inspection within 15 days of signing contract.
8. Seller to ‘make good' all repairs as requested by buyer or seller to give credit to buyer to cover cost of repairs.
9. Buyer to submit application to Homeowner Association.
10. Buyer to pay additional deposit (usually 10% of purchase price) within 5-10 days of signing contract)
11. By day of closing - balance of money must be in ‘escrow account'
Closing - Transference of property ownership is completed by Title Company or Real Estate Attorney. Handover of Title Deeds, keys etc.
All deposits and monies are held in an ‘escrow' account held by the Attorney or Title company.
Money can be ‘wired' to Real Estate Attorney direct from UK account (or using Moneycorp account)
You do not need to be in USA for ‘closing' - all documents can be emailed or sent by FedEx to the UK for signature.
Well, it may sound simple but you are trusting a rea estate agent or realtor (US estate agent) with one of the biggest purchases you will ever make!
In the current market, you can make a huge return on your investment OR this can turn into a nightmare.
YOU ONLY NEED TO WORK WITH ONE AGENT! - MAKE SURE YOU CHOOSE THE RIGHT ONE!!
It is unnecessary to walk in and out of estate agents registering with each of them. .. WHY?
Because America uses an MLS system or Multiple Listing Service. This means just about all properties are listed on computer and ANY agent can show ANY property.
The agent you choose to work for you, should focus is on getting you the best possible house at the best possible price. They will work hard not only in finding you potential new homes to see, but also in keeping you informed of everything that takes place. Your agent needs to be a top expert in the local market, they will negotiate the best prices and terms for you and answer all of your questions as they arise. Your buyers agent will be representing you, not the seller. This assures that their experience and expertise in the local market will be used in your best interests during the negotiation process.
As a buyers agent, they should:
The right agent can help you find your dream home and assure your best interests are protected throughout the entire process. Feel free to call or e-mail me with any questions you may have at any time. Send an email today.
Please request any of the 28 Free reports for more detail...
FREE REPORTS FOR BUYERS 1. How to avoid costly mistakes 2. Buyers - How to save thousands when you buy your Florida property. 3. Buyers - Understanding the US system of buying in Florida 4. Buyers - how to have a smooth purchase from the UK 5. Byers - benefits of buying in Florida 6. Buyers - after the contract is signed 7. Buyers - Making An Offer 8. Buyers - ways to finance your Florida purchase 9. Buyers - why you need to use an agent 10.How to get the best exchange rate
Kathy Rainford,Broker Associate, CIPS, TRC, SRES firstname.lastname@example.org
John Krol, Broker, MBA, CIPS, ABR, SRES, E-Pro email@example.com
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