Selling
Buying a house or an apartment in Miami offers many advantages, both in terms of taxation and the wide variety of housing that can be found there.
The steps for buying real estate in Florida are largely the same as in France. Nevertheless, a few differences streamline the process.
The choice of real estate agency is paramount, as it is the one that will guide the buyer toward the property suited to their needs (rental investment or second home) and budget, and will assist them with the steps to be taken throughout the purchasing process.
Properties in Miami are very diverse. From small Art Deco apartments to stilt houses and luxury apartments with ocean views: the choice is very wide and will satisfy all budgets and tastes.
In the case of a rental investment, creating a LLC (Limited Liability Company) is highly recommended. Opening an account in the United States is very fast: you just need to go to a bank with two forms of identification.
It is important to know that 10% of the total real estate sale price must be paid at the time the offer is accepted. An inspection period will follow, lasting approximately 10 days for an apartment and 15 days for a house, bearing in mind that the exact timeframe can be negotiated and will be specified in the contract. This period allows for hiring an independent company, which will inspect the overall condition of the property and establish the cost of any repairs. Also, withdrawal is possible throughout this inspection period. In the case of a condominium purchase, documents such as "condo docs" (condominium regulations) and its financial statements will be provided.
Once the rescission period has ended, the title agent handles all legal procedures, from the payment of taxes to the disbursement of funds. The timeframe for the closing varies depending on whether it is a cash purchase or if obtaining a loan is necessary:
• If the property is paid for in cash, the total duration of the transaction will not exceed 4 weeks.
• In the case of a loan application, it will take approximately 2 months to finalize the purchase. Note that banks often require a down payment equal to 40% of the property.
The closing statement will mark the end of the sale.