Purchase Process

Simple Purchase Process

Buying a property in Florida is straightforward and the conveyancing process is somewhat similar to that in England and Wales.

Rental Restrictions and Zoning

Before purchasing a Florida property, investors should determine the purpose of the investment. Will the property be a holiday home or a typical buy-to-let investment? You will find certain rental restrictions (Rental Zone) in certain areas. Some areas are zoned for short-term let (typical holiday let) and others are zoned for long-term let (typical buy-to-let) with a minimum rental contract of 6 months. Your Portfolio Consultant will ensure that the property for sale that you select is completely free from any such restrictions and is legally zoned. Click here to download 'Florida Property Investment Report'.

Contracts and Legal

We always recommend the use of an independent lawyer when purchasing property abroad. We would be more than happy to put you in touch with a reputable Florida property lawyer to help you with your purchase.

Purchasing a property in Florida is simple and straightforward. It is very similar to the system used in England.

1. Once you have found the perfect property and agreed a price. We will prepare a five page written purchase offer with the price and terms you want to offer.
2. We then present your offer to the seller's agent with proof of your funds, in the form of a bank statement, letter of credit or mortgage approval letter.
3. Once negotiations are completed, you will sign the final contract and place a deposit, usually $1,000 to $5,000 or up to 10% of purchase price. Colordarcy does not handle client funds; this is wired directly to the Title Company secured escrow account.
4. The Title Company will do a title search and provide a title insurance policy guaranteeing you equitable title.
5. After the contract and the title have been approved for closing / exchanging of contracts - the Title Company will send closing documents to all parties via email or FedEx.
6. A notarized signature will be required for some of the documents; your solicitor will be able to provide this service.
7. Once documents are signed and notarized, you would use the FedEx envelope provided to FedEx required documents to the Title Company.
8. The balance of funds required to close your purchase is then wired to the Title Company directly to their secured escrow account.
9. After the Title Company receives the required funds and documents back from both buyer and seller. The purchase is completed. The transfer of ownership is then registered with local authorities.
10. Congratulations! You are now the proud owner of your Florida Holiday Home of Investment Property.

The purchase process usually takes between 20 and 30 days to complete.

Typical Purchasing Costs

• Cash Only Purchase: 2% of property purchase price (Covers Legalities, Title Deeds, Searches, etc)
• Mortgage Purchase: 5% of property purchase price (Covers Legalities, Title Deeds, Searches, Mortgage Arrangement, etc)
• Purchase taxes do not exist in Florida, but annual taxes of around 2% of the value of the property apply.
• Ensure you set aside at least $300 (approx: £200) for title service companies.

Hassle Free Investment

We are a full service company, as such; we make it easy for you to purchase your Florida holiday home or investment property. Below you will find a list of some of the services you can expect when you purchase a property from Colordarcy.

• We process all relevant paperwork
• We open your American bank account
• We apply for non-resident tax numbers
• We manage the property on your behalf
• We find you reliable tenants
• We provide property maintenance and refurbishment services
• We provide currency management services - to ensure you obtain the best rates
• We introduce you to taxation specialist that can advise on your specific tax situation
• We can introduce you to immigration specialists
• We provide Aftercare services from our UK client management contact centre
• We provide Before and Aftercare

No other Florida property specialist provides such a comprehensive service.

Click here to view properties for sale in Florida.

Mortgages

Obtaining a US mortgage has become more difficult since the 'credit crunch' and loans of 80% or even 90% are no longer available. There are several mortgage programs currently available where you can choose a fixed or variable rate mortgage and loans of up to 70% are available for non-residents, and are secured against property for sale in Florida. Repayment terms range from 5 to 30 years with no age restrictions. We can ensure that you obtain the most suitable and competitively priced mortgage relative to your personal requirements.

We have teamed up with one of America's largest mortgage brokers, who are well versed in helping international buyers to obtain suitable low rate mortgages. We will be happy to introduce you to a mortgage consultant who will be able to assist you in finding a suitable mortgage.

Portfolio Consultant

Every client is appointed an experienced Portfolio Consultant. Their principle role is to listen to your objectives and provide you with the facts, so that you can then make an informed choice. Our consultants will then be on hand to provide on-going support throughout the whole process & beyond. Click here to contact your Portfolio Consultant.

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FREE: Florida Property Investment Report

This must read guide, with over 20 pages packed full of invaluable advice, real life case studies and up-to-date facts and figures, will provide the astute investor with all the information they need to know before buying a Florida holiday home or investment property. Click here to download your copy.

Why not read:

• Why investing in Florida property is a good idea
• Florida Hotspots
• Florida FAQs