FAQ - Frequently Asked Questions for International Buyers

 

Are there any special requirements for foreign nationals in order to purchase properties in the US?
There are no restrictions or special conditions for international buyers. They have the same rights and privileges as US citizens when buying real estate in Florida or the US.
Do I need to be present in the US in order to purchase a property?

No; the entire process can be done from abroad with the assistance of a local Florida attorney.  You would only need to go to any US consulate to notarize some documents.

How can I hold title to a property in Florida?

You can own real estate under your name, your family, or a group of several individuals.  You can also place the property under a corporation, partnership or trust.

Can I obtain a loan from a US bank to purchase the property?

Yes, many banks have loan programs specifically created for foreign nationals.  These programs start with down payments as low as 30%.

What documentation will I need if I want to secure a loan? 

Each bank has slightly different requirements. The most common are credit line histories (credit card, telephone), employment verification and reference letters, and bank account statements.

Should I get a house or a condominium apartment?

It depends on what your preferences are. Houses usually provide you with more privacy and space. Condos can have great views and are easier to maintain.

Are prices negotiable?

All prices are negotiable.  Many times you can get considerable reductions on some properties.  On others, including foreclosures and short sales, prices can end up well over the listing price as these properties have already been significantly reduced below market value.
Who pays for your real estate services?

All property sale commissions are paid for by the seller/owner of the property. We will work for you and for your interests but get compensated through an industry standard understanding with the seller’s real estate broker.

What other costs are involved in the purchase of a property? 

Other than the purchase price, cash buyers should expect Title/Closing costs to range between 1-1.5% of the purchase price.  Financed purchases have these costs plus mortgage fees and taxes total between 1.5-3% of the purchase price.

After I buy a home, what are the annual costs associated with it?

As an owner you are responsible for only two main expenses. The first is the monthly condominium/homeowner association assessment fee which varies depending on the residence selected. The second is the annual city/county tax which is around 1.8-2% of the market value of the property.

If I want to buy a property as an investment, how can I get it rented? 

For our investor clients we can provide full property management services that include securing a tenant and taking care of all aspects of administering the property for a worry free ownership experience.

What are the steps for buying a home? 

There are eight simple steps involved in the purchase of residential real estate.

    • Selection of the property desired.
    • Deciding on whether it is going to financed or bought in cash.
    • Preparation of a written contract offer with all terms included.
    • Placing a deposit with your real estate agency (the norm is 1-5% of the purchase price but could be any amount).
    • Presentation of the singed offer to the seller and negotiation of final purchase price.
    • Ordering an inspection of the property to ensure it is in optimal condition (optional).
    • Applying to a bank for a purchase loan (if financing) and presenting all requested documentation.
    • Closing the sale at the title company once the loan is funded.

How long does this process take?

The entire process can take between 1 and 2 weeks for cash purchases and 4 to 7 weeks for financed deals.