The big day has arrived. You have already made the decision to acquire a property in Florida and the closing process is about to begin. This process has important legal differences regarding how it works in Latin America, and many times we have detected that the process in the USA is easier, faster and more efficient when you know how it works. This time we want to explain some concepts immersed in the closing process that may be new for our foreign clients:
Reserve Deposit:
If you invest in a new construction the amount and time for the initial deposit varies between 5% to 10% depending on each construction company. The initial insures the commitment of both parties in the transaction and initiates the purchase transaction. Without this the purchase transaction can not be legally proceeded.
Closing Expenses:
Closing costs comprise several aspects among which a large part are the tax stamps to be paid but the biggest expense is in the loan itself. The expense for this concept is estimated more than 5% of the value of the loan. Cash transactions do not have the expenses related to the loan, which is why they are much cheaper.
Title House:
In Florida it is not customary to work with notaries to conduct a closing for Real Estate sales. It is more common to work with a Title Company which is responsible for coordinating the interest of all participants in the transaction so that all the requirements for settlement are completely satisfied before closing.
At VS International Properties LLC we will provide you with personalized advice in your own language to invest in real estate either through a property for rent or for an asset that is revalued. Write to realestate@vsinternationalproperties.com and we can coordinate an appointment.
