Real estates in Florida FOR SALE

Conditions of purchase for a property in Florida

EU citizen is not at any point limited while byuing a property in Florida. Any individual or any corporate body is allowed to own a property. The only condition is to own an account in a US bank. All other steps are similar to the steps in a property buying process in the Czech republic.

• The first step is Reservation Agreement
• After that a Reservation Deposit has to be paid. The deposit reflects the property price(cca. 2 000 - 20 000 USD)
• This deposite is payable on so-called escrow account (public notary´s deposit) and is usually completely returnable
• Then a Contract of Purchase is prepared. As a component part you will find payment conditions here.
• At the signing process of the agreement it is common to pay 10% of the purchase price (without the reservation deposit which has to be paid in advance) on the escrow account
• The rest of the purchase price is payable and during so-called closing - conveyance of real estate to ownership (an entry to real estate registry). At closing, it is possible to be represented by an authorized representative - a lawyer.
• On the day of closing you become the owner of a property

CLOSING – Notarial registration of real estate conveyance escrow account (Notarial custody)

Expected expences while buying a property in Florida:

• expences on closing ( 5-6 % from the total price of a property)
• expences on a property running:
  • local tax from property (2-3 % from cadastral price of the property, paid annualy)
  • expences on keeping a property (gas, water, electricity, trash... etc)
  • insurance (this can vary even in tens of % depending on the location, but generaly the closer to an open sea, the more expensive insurance due to possible risks of a huricane hit)
  • income tax if you like to rent the property

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