HOW EASY IS IT TO PURCHASE PROPERTY FOR SALE IN FLORIDA?
Purchasing a property anywhere in the USA is in general terms far less complicated than virtually any other country in the world. Florida is very much a "user friendly state" giving the buyer an extremely easy and safe approach to home ownership. The single most important factor is to ensure that you use the services of a fully licensed Real Estate Brokerage such as Century 21 Dockside Realty. Unlike in the U.K. for instance, every home listed for sale in Florida with a Real Estate Company is centralized in the Multiple Listing Service (known as MLS) and all brokerages can sell property listed with any other company. Michael Granston will oversee the complete transaction from the time that you arrive in Florida and start to look at property for sale until when your home is ready for occupation.
Helping you to find the most suitable property for sale in the Sarasota area.
Handling the negotiation of the price and preparing the sales contract.
Liaising with the mortgage broker (if applicable), the title company or attorney and ensuring that the final paperwork is in order.
Supervising the prior to occupation inspection, coordinating the delivery of furnishings, organizing the connection of all utility services and arranging the final walk through inspection prior to you taking occupation.
These services are completely free to my customers
HOW CAN I BE SURE THAT ANY DECISION I TAKE IS IN MY BEST INTEREST?
This is a concern shared by many prospective purchasers. The best possible assurance you can have is to ensure that you select a Realtor who will offer you impartial and unbiased advice on every aspect of property purchase. Michael Granston is highly knowledgeable and an expert in all aspects of purchasing a property.
HOW MUCH DEPOSIT DO I REQUIRE TO RESERVE PROPERTY FOR SALE IN FLORIDA?
In most instances, a "good faith deposit" of just $1000 will be sufficient to start the negotiations; after a deal has been agreed by all parties a larger deposit (5-7% of purchase price) is normally required within 10 days. If no deal can be agreed then the initial deposit is of course returned. There are strict rules regarding the holding of deposits in escrow and again dealing with a company such as Prudential Palms Realty gives you peace of mind.
IS IT EASY TO OBTAIN A MORTGAGE IN FLORIDA?
Subject to status, obtaining a mortgage in Florida is relatively straightforward. Loans of up to 70% are available for non-residents, and are secured against property for sale in Florida. Obtaining a US mortgage has become more difficult for non residents since the credit crunch and loans of 80% or higher are no longer available. There are different mortgage programs available where you can choose a fixed or variable rate mortgage. Repayment terms range from 5 to 30 years. Prudential Palms Realty's mortgage liaison with Preferred Lending Services can ensure that you obtain the most suitable and competitively priced.
ARE THERE ANY OTHER COSTS THAT I SHOULD BE AWARE OF, IN ADDITION TO THE PURCHASE PRICE?
For all purchasers using a mortgage, there are closing costs to be paid. These are costs incurred when completing the purchase of a home. At the beginning of the loan process there is a fee for the credit report and appraisal, usually they are approximately $300 to $500. As the loan completes there are other expenses to be paid, such as the mortgage set-up fee,and legal costs associated with the purchase and registration of the property. If you buy your property for cash the main extra cost is the purchase of title insurance which for example on the purchase of a $400,000 home would run around $2075.
I UNDERSTAND THAT THERE ARE CERTAIN RENTAL RESTRICTIONS IN FLORIDA.
IS THIS TRUE?
Yes, due to the fact that Florida attracts so many families from the northern states, Canada and overseas, that spend only part of the year within its borders, there are many restrictions as to where and when short- term rentals are permitted. Also every Condominium Association sets it's own rules. It is therefore essential to obtain correct professional advice and guidance as to the suitability of a particular community. Prudential Palms Realty have their own very experienced property management division.
DO FOREIGN BUYERS PAY MORE IN PROPERTY TAXES AND HOMEOWNERS'S INSURANCE?
?No. Property taxes are influenced by whether the home you buy is your primary residence or not. A second home buyer from New York or Chicago would pay the same taxes as a buyer from Canada, U.K. or anywhere else in the world. The cost of home owner's insurance is set based upon the risk associated with the location and condition of the property and bears no relation to the nationality of its owner.
WHAT ARE THE TAX IMPLICATIONS FOR FOREIGNERS OWNING U.S. PROPERTY?
There are income tax implications if the property is to be rented. Capital gains tax possibilities when the home is sold. Consider this before you close on a property and take professional advice on how the property should be titled; your personal name, a limited company, cross bordered trust, etc. We will be happy to refer you to a professional who specializes in international taxation.
FOR ANY FURTHER QUESTIONS PLEASE
CALL OR TEXT MICHAEL
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