How to buy a property in Florida?

To invest in a property in Florida, the general procedure is the following :

The potential buyer signs an agreement for sale and purchase, which only represents an offer as long as the seller does not accept the suggested price. This document is the most important step since it establishes the purchase price, payment, financing terms and the closing dates. It also regulates seller and buyer obligations, fixing taxation, estimates and no-payment results. An attorney is advised to handle the closing.

You should know that in Florida, the transfer of title is equivalent of title ownership. It is advised to choose a reputable title insurance company to protect your title. At closing, it is also wise to consider the other costs in addition to your down payment. Florida law protects buyers by requiring disclosure of all associated costs before closing.

Co-ownership

Florida law allows co-ownership investments. In this case, do not forget to have a will prepared.

Under construction condominium or house investment

Regarding an under construction condominium or house, Florida law requires a disclosure describing the property for the potential buyer.

If you purchase an under construction house, make sure that nothing remains to pay on construction costs, because you may pay twice this construction. Florida law protects contractors. If builders are not paid, you may be required to pay them directly even if you have already made the deposit to your builders. Real estate financing is available to foreign purchases. Most of the time, paying 3% down is enough to easily obtain financing.

A lawyer is advised for closing. Finally, you should know that property in Florida is taxed upon and "ad valorem" annual basis and resale of your investment will be under gain tax settlement.