In the case of buying real estate in the United States, you should not neglect the help of a professional, since it is he who will tell you how to profitably and correctly buy a home in Florida.
A qualified realtor has access to a single database (MLS-Multiple listing service), which lists all ads and objects. Often behind the agent is a whole team of competent professionals, including lawyers, mortgage specialists, appraisers and others.
The realtor provides a full service for the selection, purchase of an object, advises on taxation and immigration documents.
A deal to buy a home in Florida can be made out to an individual or LLC – Limited Limited Leability Corporation / LLC.
Registering for an LLC has its advantages:
- Gift and inheritance tax protection.
- Limitation of the owner’s liability in the event of an accident.
- To make a decision, you need to consult with a tax lawyer.
The procedure for acquiring real estate in the United States gives a foreigner the freedom to choose whether to buy an object with his own money or take a mortgage. For the latter option, American banks provide a special product – a mortgage for foreigners.
Each organization sets its own rules. The most common conditions are:
- The minimum loan amount is $100,000.
- The minimum down payment depends on the object – an average of 30%.
- Interest rate – from 5% per annum.
- Loan term – up to 30 years.
After discussing the terms of the transaction, the purchase and registration of real estate in the United States is marked by the signing of a contract. It prescribes all the nuances, including the deposit, the amount and terms of sale, the timing of the assessment and inspection of real estate, as well as the date of the transaction.
The deposit acts as a guarantee of the fulfillment of obligations by the buyer. The agreed amount is transferred to the account of an independent company (escro). In the final calculation, the deposit is also taken into account. On average, the minimum deposit amount is 3.5% of the property price.