There are no restrictions to non-nationals buying a property in Florida. James Wyatt, partner of Barton Wyatt, explains how to buy a property in the Sunshine State.
Once you have chosen a property, your realtor will draw up an agreed contract for you and the seller. A deposit of about 10 per cent is paid at this point which binds you to it unless certain conditions in the contract are not met, for instance if there are issues with the title check, if there are problems highlighted during the inspection, or if you are unable to obtain a mortgage.
It is important that you ensure that your funds are in the US in plenty of time before the completion date, and to be prepared to provide proof of where the money came from, to meet anti-money laundering regulations. A settlement company is then appointed to ensure that the title to the property is in order. They also perform the activities needed to complete the transaction, and the balance of monies due is paid.
You do not need to be present in order to complete a transaction, but you should allow plenty of time for documents to be sent back and forth for signature. If you have a mortgage from an American bank, you will need to have your signatures witnessed on the mortgage documents by an American Notary at the US Embassy in London.
The settlement company then transfers ownership of the property, and this is registered with the Local Authority. We suggest that you consider giving Power of Attorney to a US Lawyer to act on your behalf, as your new property is a long way from home!
There is an annual property tax of about one per cent per year based on the value of your property. Transfer fees are around three per cent of the purchase price, although this can be slightly lower if you pay cash for the property. You will need a title company or attorney to complete any purchase transaction – their fees will be in the range of $175 to $500 (£125 to £356) for the service.
The views represented in this article are those of the author and not of Channel 4. The purpose of the article is to provide general information only and does not constitute financial, investment, legal or other advice.You should not rely on any information provided in this article and you should always seek out independent professional advice relevant to your own particular circumstances. All prices & figures correct as of late 2008. Exchange rates correct as of March 2009
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Amanda Lamb is on her travels finding you the ideal location for your new house
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