1. Choosing a real estate agent
Make sure your real estate agent has experience and knows the characteristics of the area and the type of property you want to buy..
2. Determine your financial capacity
Before buying, you have to know how much money you have available to pay the down payment, the closing costs, the monthly mortgage payments if you take out a loan, maintenance and the annual property taxes.
If you make the decision to buy with cash, the funds must be in a bank in the United States or you must make the transfer of funds before you start looking for the property that interests you.
3. Personal needs
It is very important to determine if your purchase will be a total investment property
(for rent) or a main or secondary house.
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 condo, townhouse, or single-family home.
After analyzing personal needs in conjunction with financial capacity, the search begins.
4. Property search
Before buying, you have to know how much money you have available to pay the down payment, the closing costs, the monthly mortgage payments if you take out a loan, maintenance and the annual property taxes. If you make the decision to buy with cash, the funds must be in a bank in the United States or you must make the transfer of funds before you start looking for the property that interests you.
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 the different real estate companies collaborate with each other and compensate each other by creating a large database with thousands of properties.
5. Purchase offer
After having found the property you were looking for, the offer is prepared with
a purchase-sale contract, but before making the offer your real estate agent informs you of all the details of the purchase, the estimated amount by the county of the property taxes, the maintenance or administration costs in case the property is in an apartment building or a gated community, it can also help you with the application process and the statutes and rules
of the community.
Your agent should inform you of the latest sales of similar properties in the area you are buying.
This analysis is provided by your real estate agent in order to present a fair offer that the seller is more willing to accept. The purchase-sale offer 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. In general, this deposit is made before the third day that 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 begins for
the process of transferring title to the property.
The purchase contract will include several dates which have to be fulfilled exactly as stipulated in the contract to avoid penalties and its cancellation.
7. Closing day or title transfer day
It is the day agreed by contract where the seller, the buyer, the real estate agent, attorneys for each party and a notary public meet at the title company that is doing the closing.
The buyer must have transferred the remaining funds to the title company account at least one day prior to the closing date or be presented 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 fees associated with the transfer which are called closing costs. These are in addition to the purchase price and most of them have to be settled on the closing day.
The buyer must show their valid and original passport with visa to enter the United States.
