FLORIDA PROPERTY BUYING PROCESS
YOU MAY ALREADY KNOW THAT THE PROCESS OF BUYING PROPERTY IN FLORIDA IS QUITE DIFFERENT THAN IN THE UK.
So the best advice we can give anyone just starting out is to make sure that you understand exactly how things work before you commit to anything at all.
Sounds obvious?
Maybe, but you could be on the verge of spending a lot of money, so we believe it’s worth investing some time now to avoid pitfalls later.
If you agree, please click on the links below, to see how to get help in finding the right property and then what happens when you’ve done that.
You have a key decision to make at an early stage in the process: will you “go it alone” or will you use a Realtor to help you? If you are thinking of going it alone but you’re not quite sure, this page has a few questions that you will need to answer during the search and completion process – only you can decide if you can answer them all with confidence.
However, most people choose to use a Realtor to benefit from local knowledge and expertise and this page has some advice on finding the right one. If you want to buy a brand new home (as opposed to a second-hand / “re-sale” property), please read these additional relevant points.
Of course, once you’ve found your dream home, there are some legal/practical tasks that you will need to deal with:
- Sign a standard-format contract. This contains the price, the agreed completion (“Closing”) date and other details and is legally binding once the Buyer and Seller have signed.
- Pay a deposit (“Earnest Money” or “Escrow”) to a Title Company. A Title Company is an organization regulated by the State that deals with the legal formalities independently of both Buyer and Seller.
- Check out whether any repairs are required (“survey“ in the UK, “home inspection” in Florida) and agree how to deal with any recommended repairs.
- Sort out the financing (Many buyers now bring cash to the USA to avoid US lenders because of limitations and conditions imposed, plus the likely higher costs. We can connect you with suitable US lenders if you do wish to follow that route).
- Review the rules and restrictions relating to the development you’re buying in (Home Owner’s documents). Make sure they let you do what you want (e.g. short term rent, if that’s your plan).
- Receive Closing Documentation from the Title Company – sign and return as requested.
- Transfer the remaining money to the Title Company and collect the keys!
This is, of course, only a summary and some of the tasks when buying property in Florida are more complicated than others.
Click here to Contact Us and request more explanations or help if you need it.