Due to lack of information many people limit themselves to take the step and create a family estate in the U.S. Our team of specialists takes them by the hand during the purchase of a residential or commercial property, and we take the time to explain what to expect at each stage.
The closing of the process does not mark the end of our work, but the beginning of a second vital stage where we cover your concerns and needs, so that you feel confident in your investment.
WHAT SHOULD YOU KNOW BEFORE BUYING A PROPERTY?
Before buying a property you must follow the following steps for a successful transaction:
1. Choosing a real estate agent
Make sure your real estate agent is experienced and knows the characteristics of the area and the type of property you want to buy.
2. Determine your financial capacity
Before you buy, you need to know how much money you have available to pay the down payment, closing costs, monthly mortgage payments if you take out a loan, maintenance, and annual property taxes. If you make the decision to purchase with cash, the funds must be in a bank in the United States or you must make the transfer of funds before you begin searching for the property you are interested in.
3. Personal needs
It is very important to determine whether your purchase will be a full investment property (for rental purposes) or a primary or secondary home. Also, you must choose the area where you want to buy the property, the number of bedrooms, bathrooms, size of the property and common areas such as gardens, swimming pool, gym, valet parking, etc. In addition to deciding if you want to buy a condominium, townhouse or single-family home. After analyzing personal needs together with financial capacity, the search begins.
4. Property Search
Nowadays there are many ways to search for properties, but the most efficient remains with the help of a real estate agent. The agent does a search based on the criteria, area and price you are looking for and presents them to you to visit and make a decision.
In Miami, unlike several countries in Latin America and Europe, real estate agents have a database system of properties for sale or rent called the MLS (multiple listing service) where real estate agents, as well as different real estate companies, They collaborate with each other and compensate each other by creating a large database with thousands of properties.
5. Purchase offer
After you have found the property you were looking for, the offer is prepared with a purchase and sale contract, but before making the offer your real estate agent informs you of all the details of the purchase, the estimated amount of the county taxes of the property, maintenance or management costs if the property is in an apartment building or a private community, they can also help you with the application process and the community bylaws and rules.
Your agent should inform you of recent sales of similar properties in the area you are purchasing. This analysis is provided to you by your real estate agent so you can present a fair offer that the seller is more willing to accept. The offer of purchase and sale is made with a good faith deposit (escrow deposit) generally of 5% to 10% of the purchase value of the property, which is deposited in an account (escrow account) with a real estate attorney or title company, this attorney or company may be the attorney involved in the transaction or a third party. Generally this deposit is made before the third day after the offer has been signed by the buyer and the seller.
6. Property transfer process
After the buyer and seller sign the contract, the period for the process of transferring the title of the property begins. The purchase contract will include several dates which must be met exactly as stipulated in the contract to avoid penalties and cancellation of the contract.
7. Closing day or title transfer day
It is the contractually agreed upon day where the seller, buyer, real estate agent, attorneys for each party, and notary public meet at the title company that is conducting the closing.
The buyer must have transferred the remaining funds to the title company’s account at least one day before the closing date or show up with a check issued by a local bank. Personal checks, traveler’s checks, cash, etc., are not accepted.
When you buy a property in the United States there are charges associated with the transfer which are called closing costs. These are in addition to the purchase price and the majority of them must be settled on the day of closing.
The buyer must show their valid and original passport with visa to enter the United States.
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