PURCHASING PROCEDURE

Compared to the UK, buying a home in Florida is a relatively simple endeavour as the process is standardised across the State and is subject to a great deal of government oversight to protect the consumer. The majority of the 12,000 vacation homes in the Orlando area are owned by UK residents and with Orlando attracting more than 58 million tourists each year it is the most visited city in the world!   There are a number of issues for the UK buyer to consider when purchasing property in Florida.  Principal amongst these is the use to which the property will be put. Is it a Holiday Home, a Rental Income property or a combination of the two? If you require rental income, how important is the income?

CONSTRUCTION: Properties bought "off plan" or "pre-construction", as they are known locally, are generally completed within 6 to 18 months. In addition however, through our excellent relations with local developers, we have access to many which are currently under construction or are already completed. Building plans are pre-approved at the start of construction; however many communities offer model homes which can be slightly altered with the addition of an extra bedroom or bathroom for example. It should be noted, that in purchasing an "off plan" home; one is often given the opportunity to personalise it more by making a selection of design options.

BUILDING WARRANTY:  All of our builders construct their homes under the strict guidelines of the "hurricane building code", which has become the standard in Central Florida, in spite of the fact that this region is geographically isolated from the storms after which it was named. These high standards have contributed to the confidence our builders have in offering a complete 10 year structural building warranty that often includes a 1 year general warranty provision which binds the builder to correct any design flaw or building defect.

RESALES: As licensed Real Estate brokers we have access to 95% of resale properties in the area. The vast majority of property is sold via the MLS system (multiple listing system) where agents share their properties amongst the local Board of Realtors. As elsewhere, the list changes on a daily basis and to give you some idea of the volume of sales, 2,192 homes were sold in August 2003, 12% up on last year!

FURNITURE PACKS:  If you opt for the rental income route you will need to furnish your property with a complete `Furniture and House-ware Pack'. As you would expect, these are stylish, attractive and durable, offering value for money and are ideal for long-term usage. Should you be more interested in keeping your home for the use of yourself and family and require an interior design service we can point you in the right direction.

AGENCY A Florida licensed real estate professional, or REALTOR®, will act on your behalf. 

Guiding you throughout the entire purchase process and beyond.

As a buyer's agent, have a fiduciary duty in law to you and will coordinate the entire transaction. We help you locate the home that best meets your needs and personal preferences’ we prepare and review the contract for sale and purchase, we help you arrange appropriate financing, we conduct the final construction inspection or "walk through" prior to closing and, finally, represent you in the closing (completion) process. In addition our agents can assist you in a variety of other matters such as set up a U.S. bank account, find a complete furniture package for your new home, and help you to select the management program that works best for you. Best of all, as in the U.K., these services are absolutely FREE to YOU as the buyer. 

CONTRACTS and `CLOSING'

A private "contract for sale and purchase" is made between yourself and the builder. Atypical purchase contract for a new property in Florida requires the buyer to place a non-refundable holding deposit (from $1000 to $5000), which is put towards the down payment, and, most importantly, kept in a state government regulated escrow account. After the holding deposit is paid, most builders only require the remaining balance of 10% of the purchase price to be paid once construction of the individual home is started. The remainder of the down payment, that often amounts to just 20 to 30% of the purchase price, is not due until completion when the title is conveyed.

In Florida a "title company" often performs the duties performed by a solicitor in the UK. These include a title search, issuance of title insurance, and coordination of all closing documents. These neutral third parties therefore make the services of a solicitor all but obsolete, though we can recommend a real estate solicitor (attorney) if you so choose. It is the title company which will transfer funds from buyers and financial institutions to sellers, and which will transfer the Title Deed and all supporting documents to the buyer.

AFTER YOU BUY

Through our offices in the U.K. and Florida we will liaise with you at the various stages of your purchase until the final completion and handing over of the keys to your new home! We can also help you with advice and information regarding such issues as transportation, health care, shopping and dining out ...and of course Florida's world famous tourist attractions!!!

BANK ACCOUNT
It is essential to open a US bank account both to handle initial transfers and to cater for ongoing payments and deposits. A small initial deposit in the region of $100 is sufficient to open your account.