Frequently Asked Questions For Florida Buyers from the UK
How is buying a property in the US different from buying in the UK?
The biggest difference between purchasing in the UK and the USA is the timing of the purchase contract. In the USA buyers and sellers negotiate the terms of a purchase contract and then exchange contracts at the beginning of the purchase period. Important details such as sales price, closing dates and financing are all agreed before a buyer spends time and money on loan applications, inspections and surveys.
Why buy in Florida?
Florida is one of the best real estate markets in the world, with a history of property appreciation. It also offers fabulous year-round weather, beaches, golf, fishing, boating, biking, hiking, kayaking, shopping, arts, cuisine and much more. The real question is, "why not buy in Florida?"
Where should I buy my Florida property?
There are endless options in Florida. Think about your preferences, such as beach or golf course, pool or lake, new or resale, metropolitan or less populated, coast or inland. Determine your price range. Decide whether your property will be a vacation home, investment or both. Consider location and resale value. Then plan a trip to Florida to visit some of your areas of interest.
Why work with a licensed real estate broker/REALTOR®?
A licensed REALTOR® will guide you through the entire process of selecting and purchasing a Florida property. The team of professionals at Hoffman Realty offers unmatched expertise and service, ultimately saving you time and money. All Florida real estate brokers must be state-licensed, but not all are REALTORS® or members of the National Association of Realtors. REALTORS® are bound to a strict code of ethics that ensures fairness to buyers, sellers and other real estate brokers.
What is the REALTOR® code of ethics?
It includes 17 articles, among which are confidentiality, honesty, obeying the law, informing buyers of costs, putting the interests of their clients first, fairness and many others.
Do I need to be in Florida to purchase a property?
Though it is not required, we do recommend that you view your purchase in person. While we can do much of the research and legwork for you in the selection and contract process, it is ideal for you to visit Florida to make your final selection and purchase. If you are looking at properties solely for investment purposes, it is not necessary for you to make a trip to Florida. However, if you are buying a holiday or second home, we highly recommend that you be here in person to make your decision.
What will I need for my Florida visit?
Be sure to bring your passport, driver's license, cash or credit card for deposits, and other information for your mortgage broker by request.
Can I apply for a US mortgage?
Yes. Foreign buyers can apply for a mortgage in the US. Most mortgages require at least 20% down payment. Hoffman Realty offers a network of mortgage brokers and financial consultants to discuss your options and help you make the best decisions.
Should I open a US bank account?
Yes, you should come prepared to open a US bank account if you plan to purchase a property in Florida. This will make your dealings with a mortgage company run smoothly, as they will need to verify funds in your US bank account within 48 hours of closing.
It will also help make property management and rental properties run more smoothly if you have a US bank account for withdrawals and deposits of transactions in US dollars.
Does the buyer or seller pay the real estate commission?
Typically, the seller pays both the buyer's and seller's agent commissions. It is possible, however, for the buyer and seller to share the commission payments; a full disclosure is required for all parties. Real estate agents are paid at closing, when the transaction is completed.
Will I be guaranteed a US visa if I buy real estate in Florida?
Not necessarily. You must go through the proper channels with an immigration attorney or specialist to see what your visa options are and how to obtain them.
What about property management?
Hoffman Realty offers property management services either through our office or one of our contacts closer to your Florida property location.
Should I hire an accountant?
We recommend that you do hire an accountant to assist you with US tax laws and issues. We can put you in touch with a good accountant to make your investment a success.
Solicitors?
Unlike the UK, the laws in Florida do not require that you hire a solicitor (called an attorney) to help you complete your residential purchase. In fact most purchasers of residential property in Florida do not hire an attorney to assist them. However, since you are in a foreign country with unfamiliar laws, hiring an attorney to explain the law and to provide legal representation may be a prudent decision. Hoffman Realty can assist you in locating and hiring an attorney.
