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Am I able to purchase property in Miami if I don’t live in the U.S.?
The real estate market of Miami is completely opened to international buyers. In fact, many international buyers, including individuals and companies, are catching this opportunity to make investment in properties in Miami. Among all the types, residential housing and townhouse are popular for international buyers.
How to search for real estate resources in Miami?
The Association of Real Estate Miami and Real Estate Florida provide vast database for its members to share and use. As a member of them, our company could make use of the database to provide professional and comprehensive property information to potential buyers.
Is it necessary to find real estate advisor to assist me buying property in Miami?
In the process of purchasing a property, there are few crucial points to consider: location, property condition, comparable properties research and analysis, attorney, insurance, etc. We strongly recommend international buyers use professional real estate advisor to assist all of the above. In most of the cases, no fees will be bearded to buyers. The service fee will be covered by seller in Miami and Florida.
What is the closing cost for purchasing property in Miami?
Closing cost is shared by buyer and seller. Buyer will bear 1% to 1.5% of the property price. The cost will increase to 2.5% to 3.5% of the property price if buyer applies mortgage.
Does the United States has special requirement for international buyer?
The United States has very few requirements for international buyer. No permission from Federal Government, State Government or local government is required for acquisition and purchase of property. International buyer can also buy the property by using LLC. We would help you to find outstanding legal and tax expert to satisfy house owner’s formal requests.
As international property buyer, am I able to apply loan?
Yes. International buyer is eligible for bank loan. Every bank or mortgage agent has different mortgage standards, interest rate and mortgage programs. We would provide you advice based on your requests.
Does international buyer need to be on site on closing day?
Buyer does not need to be on site. Most of the documents could be signed via internet. Original copy of government required document could be mailed. International buyer could delegate buyer representative by signing the Power of Attorney. Buyer representative will be authorized to sign government record document. This is the most common, convenient and suitable way for international buyer.
What is the expenditure for owning a property in Miami?
The main two expenditures are: residential property management fee, including property cost and residential area insurance fee, is ranged from $5 to $8 every square meter based on the year and facility condition of the community; property tax, which be around 2.25% of government estimated property value. The government estimated property value used to be lower than the transaction value of the same year.