Buyers Guide - Florida
Why Buy in Florida?
The US is the second most popular destination for Brits who own second homes, with Florida being their main choice. Over 50,000 Britons are said to own homes in Florida. From the Theme Park attractions of Central Florida to the nightlife and culture of the Atlantic to the wealthy communities in the Gulf Coast with over 300 days of sunshine per year.
See our comprehensive guide to Florida
Fees and taxes
- Legal fees are about 1.5% and there are no agents fees for buyers.
- The transfer fees range between 3-5% however without a mortgage it can be as low as 2%.
- There is an annual property tax equating to 1.5% of the property value.
- Title insurance is strongly recommended and will cost approx £150 ($300) but with a mortgage this will be around double this figure.
The Buying Process
When a property has been chosen the buyer and seller draw up a contract setting out the conditions of the sale, this will also include title checks and property inspections. Both parties are represented by different agents, who will act through a broker. A deposit of 10% is paid at this point.
If the buyer withdraws from the deal they will lose the 10% deposit, however, if the property fails to meet the conditions of the sale outlined in the contract the deposit is then refundable.
The buyer and seller both appoint a settlement company in order to complete the transaction. The balance of the outstanding due is paid by the buyer and both parties sign the final documents.
The transfer of ownership is then registered with the local authorities.
When buying from the UK you may want to consider giving a US representative Power of Attorney to act on your behalf, as making frequent trips can be difficult to arrange and can become costly.
You may also need to find an American Notary here in the UK to oversee the paperwork.
Health
Private medical insurance is a must for anyone visiting the US as all treatments in US clinics and hospitals are on a pay as you go system, which could leave you having to pay thousands of dollars if you fail to take out insurance.
Visa and Residency
Any UK citizens can stay for a period not exceeding 90 days and the requirement is you complete some simple forms on arrival into the country. However, for those wishing to stay longer due to Visa and immigration issues, it would be advisable to consult the American Embassy for advice, or hire an independent consultant to guide you through the steps before you leave the UK.
Property Costs
1 Bed Apartment - £80,000
2 Bed Apartment - £120,000
3 Bed Villa - £190,000
4 Bed Villa - £240,000
Useful Links
Bulgaria, Spain, France, Italy, Dubai, Croatia, Portugal, Greece, Cyprus, Turkey
