TIPS - INTERNATIONAL BUYERS OF FLORIDA PROPERTY

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The transaction process for buying property in your home country is quite different than what happens in Florida.

 

In the U.S, there will be new issues concerning the Laws, Taxes, and Regulations enforced by the Local City Government where the property is purchased, the County Government, the State of Florida’s Government, and the U.S. Federal Government.

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To understand the differences in searching for and buying a property in Florida, including exchange rates, immigration restrictions, reporting requirements to file documents every year in the U.S. and if needed, in your home country​, here are specialized services that international buyers should seek out:

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An Interpreter:

• With expertise in Your Language

• With expertise in Florida Real Estate Transactions

• With a deep understanding of the nuances of both languages, so that a word is not used incorrectly or improperly.  For example, the English word ”Gift” means ”Poison” in German and Norwegian, and ”Married” in Swedish

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​An Attorney:

• With expertise in Immigration and the many types of Visas to consider

• To determine the best “Ownership Option” to transfer the property into your name 

• To provide counsel on what it means to sign a "Binding" Contract

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​An Accountant:

• With counsel on the various Alternatives to Optimize Taxes

• With expertise in FIRPTA (The U.S. Foreign Investment in Real Property Tax Act of 1980)

• In how Taxes and Tax Reporting will affect you:

  • Locally in the City where the property is purchased

  • With the State of Florida

  • With the U.S. Government

  • In your Home Country

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A Realtor®:

• In the U.S., a Realtor® is certified by the National Association of Realtors® under a Code of Ethics and Standards.  All other licensed agents in all U.S. states are NOT permitted to use the title of Realtor® and can only use the title of Real Estate Agent

• For expertise to serve as your Realtor® Buyer’s Agent, which costs you nothing (in Florida, the seller pays for your Buyer’s Agent at purchase time).  Once you find a property of interest online, or whether you have your Realtor® Buyer’s Agent execute your property search, make an offer and negotiate with the seller’s agent, and avoid the entrapments of NOT having a Buyer’s Agent

• To execute a property valuation in the current market conditions, so that you can determine the lowest and best price to pay for a property

• To help you understand:

  • Obtaining a loan from a U.S. or Foreign Bank and Title Insurance

  • Planning and Zoning, Health Codes and Environmental Regulations

  • One-time and Ongoing Homeowners Association (HOA) Restrictions, Dues, Fees, and Special Assessments

  • Getting a Home Inspection

  • What happens at "Closing," when the property transfers into your name

  • How you can have your Tax and Accounting reports in the U.S. filed with the U.S. Government, and sent to your accountant in your home country

  • Purchasing a property with 100% cash

• For Property Management for absentee owners

• Expected Cap Rates for the income-producing demands of investors and REIT's​

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FLORIDA is PARADISE would love to be your buyer's agent to execute your Florida search.

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We can do that while you are at home with a live video call as we tour the property, and with a drone of the surrounding area – or we can email them.

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Also, FLORIDA is PARADISE has an highly specialized team known as HOME HUGS, which provides:

• Relocation Services

• Renovation and Remodeling

• Home Cleaning Services

• Physical Security inside and outside with an app and 24x7 call center monitoring

• Fire and Smoke Alarms

• Property Management, Rent Management, Collections

• Finding Safe and Qualified Renters​​