Miami Property Buying Guide
Purchasing a home anywhere in the USA is a far less complicated procedure than many believe. Florida is very much a 'user friendly state', giving the buyer an extremely easy and safe approach to purchasing that dream home in the sun. Our agents in Florida are fully licensed by the State of Florida and have the stability, security and resources available that you would expect from a reputable, professional company.
Once you have found your dream home, the next step is to enquire in more detail about features of the property: plans, terms of payment and hidden extras if any. At this stage you should engage the assistance of a qualified lawyer who will aid you and clarify any points and costs involved in the purchase. Usually a deposit of approximately €6,000 is required as a reservation for the property, for which a receipt will be given stating the exact property, total purchase price and payment terms.
Most developments then require the purchaser to make payments during the building process, making a final payment upon completion and handing over of keys and title deeds. These payments are in advance and range (depending on the development you have chosen), from 30% to 50% of the price, payable during construction, with the balance to be paid on completion.
On a resale property, once again, you would need a deposit of around €6,000 to reserve the property and take it off the market, and then, usually within fifteen days, you would need to pay 10% of the purchase price with the balance payable on completion. Before exchange of private contract, your lawyer will have completed searches and investigations on the property and will ensure it is sold free of charges and encumbrances and is up to date in its tax obligations. The private contract will set out the legal description of the property, price, terms of payment and the obligations of both parties. Specifications and plans of the property will be attached to this contract.
On completion the purchaser inspects the property and ensures everything is to his/her satisfaction, at which time the sale is formally completed in a Public Title Deed, which is granted by the vendor in favour of the purchaser before a Public Notary against final payment and handing over of keys.
The title deed is sent to the Registrar, who will register the purchase at the Land Registry. Your lawyer will also pay on your behalf all relevant fees due to the notary and will handle the formalities of registration of your Title Deed. Similarly your lawyer may contact relevant suppliers of utility services such as water and electricity and organise their payment through a local bank by standing orders.
Buying Expenses
The purchase of your property will involve the following expenses:
Title Fees
(an insurance policy that protects the lender or owners interest in the property including claims of ownership). This is approximately $575 for a $100,000 property.Some mortgage companies also charge a one-off payment called points, for which there are advantages and disadvantages depending on your individual circumstances. When you have bought your property you will have the following monthly payments to consider: Mortgage approximately $665 on a $100,000 mortgage (In certain situations mortgages are tax deductable).
Of course there are other fees to be considered pertaining to the running of a household: