Once you have decided to buy your home in Florida, what should you do next?
Below is a detailed step-by-step guide to help you understand what will be required to complete a contract. Of curse you will have our expert help to guide you through this process.
1) Select the subdivision, plot, model of the home, options and colors.
2) Sign the contract and provide:
a) Initial deposit of $5000.00
b) Balance of 10 % of total purchase must be paid within 30 days.
c) For a Cash purchase: 50% should be paid up front when signing contract and the remaining 50% at closing.
d) Provide copies of passports
3) Furniture selection to be done simultaneously when colors are selected. If it is a spec home, we will co-ordinate the furniture to match the colors of the home or you can select yourself if you are in Florida.
4) IF A HOUSE IS TO BE BUILT/BUYING OFF PLAN:
a) For a cash sale, the process is simple: When the house is complete we will inform you of the completion of the house. If you want to come and close in Florida, you can do a walk through to check that the house was built as per the selected specifications. Also, if you come to Florida to do the closing, you will need to transfer all the funds from your local account into a U.S. account (which will have to be opened by you) prior to the closing date. You will have to get a cashier check from your U.S bank for closing.
You will have to set an appointment and co-ordinate between Park Square’s, or other builders’, closing agent and your notary. If you do not want to come to Florida for the closing, the relevant documents will be couriered to you and then you will need to transfer the balance of the deposit (50% of the remaining amount if it is a cash purchase), or send a wire transfer for the correct amount to the Title Company. Also, you will have to have a notary (solicitor, attorney, or lawyer) to witness your signatures and ID’s.
b) Once the closing is complete you need to sign our management contract, fill in a W7 form for an ITIN number, and sign power of attorney. We will then do the walk through on your behalf.
c) After that, we will provide a monthly statement (30 days latter) showing income and expenses.
5) IF YOU HAVE TO OBTAIN A MORTGAGE:
a) If it is a spec home, or will be completed within 30 days, you need to fill out a mortgage application immediately and provide a copy of your latest, current, bank statement showing funds to close plus a six month reserve, regardless the initial down payment.
b) If the house is to be built:
Fill out mortgage application in it entirety
We will inform you 45 days prior to completion of the house and request supporting documents at that time so we do not have to ask for documents twice (any documentation older than 30 days is considered to be ‘expired’ by the loan companies). Documents have
to be no more than 30 days old. Same closing procedures apply to cash purchases.
The following is needed when the house is ready or will be ready within 30 days:
Provide 2 years of employment history (if this is not possible, you should provide documentation to verify previous employment and earnings).
Provide a letter from your current employer showing position, date started, 2 years of earnings, and year to date earnings. If you are self-employed, a letter from your accountant showing salary for 3 years is required.
If employed, you need to provide P60’s for the last 2 years and latest pay slips within 30 days.
2 years of mortgage payment history is required for your current home. If this is not available, you should provide payment history information from your previous Mortgage Company or landlord.
A copy of a current (not older than 30 days) bank statement showing sufficient money to close on the home plus 6 month payment as reserve in the bank. If a statement is not available showing the entire closing funds, latest (and current) statements of other savings
accounts are acceptable provided that the funds will be transferred into the current account and a current account statement showing the closing funds can be produced prior to closing.
Provide copies of current passports if not already done so.
You have to open a bank account in the U.S and deposit 6 months reserve prior to closing.
If you are not present in Florida we can do this on your behalf once you have signed the Power of Attorney, have provided copies of your Passport, and have received $100 for the initial opening deposit for the account.
6) FINAL CLOSING
Once the house is ready to close and we have the mortgage approval, we, and the builder, inform you of the closing date, giving at least 7 days notice. You should already have opened a U.S. bank account.
We, or the builder, will FedEx the closing documents to you. You will need to arrange an appointment with a notary in whose presence the documents are signed, and ID produced. You must attend with ID (Passport preferred) At the same time as the signing, the closing funds need to be wired to the Title Company in Florida.
The signed documents are sent back via FedEx to the Title Company in Florida. Closing is complete. We will send out documents relating to permits etc. for you to sign & return.We hand over the keys for you to enjoy your beautiful new home!
Buying a home abroad is never as easy as it sounds, you cannot just pass by your local
Estate Agent and view a large database of overseas properties. The chances are that
properties viewed today will already have been sold in their domestic markets.
The Solution is:
With Pevron Estates we are able to take you personally on guided tours with our own
employees. Mind you these are not your conventional Holiday tours. It is an intense 3 – 5
days of serious house hunting.
Before you go we always ask, for a brief description of a property that you are looking for.
Its no good for you or us, if your budget is 50,000 pounds sterling and we are only able to
show you villas for 80,000 pounds sterling.
As we are affiliated to all the major builders, we up keep a database of new and re-sale
properties which would suit almost anyone’s budget.
It is our aim to find you the property you want and not what we want you to buy. Keep this
in mind when you speak to any of our competitors.
Please call us to arrange an inspection visit, or fill out the form below:
Pevron Estate is associated with an independant financial Mortgage company based here in London and which offers mortgage to investors in either Sterling or US dollars. Please click on the link below to get your mortgage approval
Income and Expense Spreadsheet
|Number of Bedrooms||3
|Average weekly income||700||775||875||975||1,075|
|No. of weeks rented||30||30||30||30||30|
|Home with Pool||171,000||190,000||215,000||240,000||270,000|
|After Mortgage Approval||12,100||14,000||16,500||19,000||22,000|
|Due on or before closing||42,750||38,000||43,000||48,000||54,000|
|Setting up charges and escrow||1,500||1,500||1,500||1,500||1,500|
|Total Cost Outlays||70,350||68,500||77,000||85,500||95,500|
|Electricity & Water||185||205||215||225||250|
What is Real Estate?
“I am the basis of all wealth, the heritage of the wise, the thrifty and prudent.
I am the poor man’s joy and comfort, the rich man’s prize, the right hand of capital, the silent partner of many thousands of successful men.
I am the solace of the widow, the comfort of all age, the cornerstone of security against misfortune and want.
I am handed down to children, through generations as a thing of greatest worth.
I am the choicest fruit of toil. Credit respects me. Yet I am humble. I stand before everyman bidding him know me for what I am and possess me.
I grow and increase in value through countless days. Though I seem dormant, my worth increases; never falling, never ceasing, time is my aid and populations heaps up my gain. Fire and the element I defile, for they cannot destroy me.
My possessors learn to believe in me; invariably they become envied. While all things wither and decay, I survive. The centuries find me younger, increasing in strength. The thriftless speak ill of me. The charlatans of finance attack me.
I am trustworthy. I am sound. Unfailingly I triumph and detractors are disproved. Minerals and oil come from me. I am producer of food, the basis for ships and factories, the foundation of banks.
Yet I am so common that thousands, unthinkingly and unknowingly pass me by;
I am real Estate”