THE PROCESS OF BUYING A PROPERTY IN FLORIDA

Once you've decided to buy a home in Florida, what happens next? Here is a detailed step by step guide to help you. Our experts will be on hand to guide you through the process when you do buy.

1)       Select the subdivision, plot, model of the home, options and colors.

2)       Sign the contract and provide:

·         Initial deposit of $5000.00

·         Balance of 10 % of total purchase must be paid within 30 days.

·         For a Cash purchase: 50% should be paid up front when signing contract and the remaining 50% at closing.

·         Provide copies of passports

3)       Furniture selection to be done simultaneously when colors are selected. If it is a Spec home, we will co-ordinate the furniture to match the colors of the home or you can select yourself if you are in Florida.

4)       IF A HOUSE IS TO BE BUILT:

a)       For a cash sale, the process is simple: When the house is complete we will inform you of the completion of the house.

·         If the you want to come and close in Florida, you can do a walk through to check that the house was built as per the selected specifications. Also, if you come to Florida to do the closing, you will need to transfer all the funds from your local account into a U.S. account (which will have to be opened by you) prior to the closing date. You will have to get a cashier check from your U.S bank for closing.

You will have to set an appointment and co-ordinate between Park Square's, or other builders', closing agent and your notary.

·         If you do not want to come to Florida for the closing, the relevant documents will be couriered to you and then you will need to transfer the balance of the deposit (50% of the remaining amount if it is a cash purchase), or send a wire transfer for the correct amount to the Title Company. Also, you will have to have a notary (solicitor, attorney, or lawyer) to witness your signatures and ID’s.

b)       Once the closing is complete you need to sign our management contract, fill in a W7 form for an ITIN number, and sign power of attorney. We will then do the walk through on your behalf.

c)       After that, we will provide a monthly statement (30 days latter) showing income and expenses.

5)       IF YOU HAVE TO OBTAIN A MORTGAGE:

a)       If it is a spec home, or will be completed within 30 days, you need to fill out a mortgage application immediately and provide a copy of your latest, current, bank statement showing funds to close plus a six month reserve, regardless the initial down payment.

b)       If the house is to be built:

·         Fill out mortgage application in it entirety

We will inform you 45 days prior to completion of the house and request supporting documents at that time so we do not have to ask for documents twice (any documentation older than 30 days is considered to be 'expired' by the loan companies). Documents have to be no more than 30 days old. Same closing procedures apply to cash purchases.

The following is needed when the house is ready or will be ready within 30 days:

·         Provide 2 years of employment history (if this is not possible, you should provide documentation to verify previous employment and earnings).

·         Provide a letter from your current employer showing position, date started, 2 years of earnings, and year to date earnings. If you are self-employed, a letter from your accountant showing salary for 3 years is required.

·         If employed, you need to provide P60's for the last 2 years and latest pay slips within 30 days.

·         2 years of mortgage payment history is required for your current home. If this is not available, you should provide payment history information from your previous Mortgage Company or landlord.

·         A copy of a current (not older than 30 days) bank statement showing sufficient money to close on the home plus 6 month payment as reserve in the bank. If a statement is not available showing the entire closing funds, latest (and current) statements of other savings accounts are acceptable provided that the funds will be transferred into the current account and a current account statement showing the closing funds can be produced prior to closing.

·         Provide copies of current passports if not already done so.

·         You have to open a bank account in the U.S and deposit 6 months reserve prior to closing. If you are not present in Florida we can do this on your behalf once you have signed the Power of Attorney, have provided copies of your Passport, and have received $100 for the initial opening deposit for the account.

6)         FINAL CLOSING

·        Once the house is ready to close and we have the mortgage approval, we, and the builder, inform you of the closing date, giving at least 7 days notice.

·        You should already have opened a U.S. bank account.

·        We, or the builder, will FedEx the closing documents to you.

·        You will need to arrange an appointment with a notary in whose presence the documents are signed, and ID produced. You must attend with ID (Passport preferred)

·        At the same time as the signing, the closing funds need to be wired to the Title Company in Florida.

·         The signed documents are sent back via FedEx to the Title Company in Florida.

·        Closing is complete.

·        We will send out documents relating to permits etc. for you to sign & return

We hand over the keys for you to enjoy your beautiful new home!

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