Privacy and Terms and Conditions

By completing and submitting the “Download Form” you will be able to download a brochure and are allowing us to contact you regarding prices of our plots of land for sale.

  •  We will only use your details to contact you regarding our land products.
  •  You information will be stored on our secure servers and will not be passed to any third parties.
  •  If you check the “opt-out” box you will not be emailed in the future with any other promotions, news or information.

 

Click for full details of our privacy policy, terms and condition.



By clicking download I agree to the Terms & Conditions of the site
Welcome to the Fairhomes Land Investor Information website. Please read the information carefully before using this site. By continuing on this site you acknowledge that you have read and agreed to the following: Forward Looking Statements – Statements prepared by Fairhomes Land and made on the Fairhomes Land Investor Information website that are not historical facts are forward looking statements as defined in the Private Securities Litigation Reform Act of 1995. For the purpose of establishing the Seller’s compliance with Federal Interstate Land Sale Full Disclosure Act 15 USC 1701 (“ILSA”) in the sale of lots to buyers, the enquirer confirms that they are a builder, investor or developer licensed to do business in the state of Florida and is engaged in a bona fide land sale business and is purchasing the property for the sole purpose of either constructing a residential home or selling the same in the normal course of its business. The enquirer further represents and warrants to the Seller that the enquirer is in the above referenced business sale of land sales and/or building residential homes and selling the same as an activity of continuity, regularity and permanency. The enquirer is a knowledgeable and sophisticated investor, developer or builder of real estate properties.
Tel: +1 (905) 415-9267 or +350 200 400 48

How to buy property in Florida

30th Aug, 2012back

How to buy property in Florida

 

Florida is a popular location for rental property due to the large number of tourists the state receives each year.   Investors need to be aware, however, that as Florida receives so many visitors it does have restrictions in some areas on short-term rentals.

 

Processes, taxes and fees can change, so investors should check the current legal and financial advice with a qualified professional.  Although the process is relatively straightforward, an investor should ensure that he or she understands about closing costs, deed restrictions, documentary stamp taxes and other costs.

 

Process of buying property in Florida

 

Once a property in Florida has been chosen, the seller and the buyer draw up a contract detailing the conditions of the sale.  This will include property inspections and title checks.  Both the seller and the buyer will be represented by different agents who will act through a broker.

 

A deposit will be paid at this point, usually ten per cent or more.  If the buyer withdraws from the sale, he or she will lose this deposit.  If it is found that the property does not meet the conditions of the sale laid out in the contract, the deposit will be refunded.

 

To complete the transaction, the seller and the buyer both appoint a settlement company.  The buyer pays the balance outstanding on the property and both parties then sign the final documents.  The transfer of ownership must be registered with the local authorities.

 

Investors from the UK should consider granting a US representative power of attorney so that he or she can act on their behalf.  Frequent trips to the US can be difficult to arrange, and expensive.

If possible try to find an American notary in the UK who can oversee the paperwork.

 

Lawyers are not usually used when purchasing property in Florida.  All documents are reviewed by title insurance companies, but UK buyers may wish to employ a lawyer who will ensure that they understand their rights and obligations under the law.

 

For new constructions, buyers have fifteen days to review the documents, but for existing properties it is just three days.

 

Fees and taxes

 

Investors should allow for between three per cent and five per cent for transfer fees.  This can be lower if no mortgage is taken out to purchase the property.

 

There are no purchase taxes in Florida, but investors will have to pay an annual tax of approximately one per cent of the value of their property.

 

The buyer does not pay agent’s fees.

 

The investor must set aside money to pay for title service companies.

 

Mortgages

 

Before entering the buying process, investors should ensure that they have the money to purchase the property.  If a mortgage is going to be required then it should be arranged before starting the process.  Several mortgage programmes are available, including fixed rate or variable rate mortgages.  Repayment terms can range from five to thirty years, and there are no age restrictions.

 

Foreclosed properties

 

A foreclosed property might seem like a bargain, but investors should still do some research before purchasing.  Compare the prices of recently sold similar foreclosed properties and check out all the liabilities associated with the property.  If possible, visit the property with a licensed home inspector to check how much repair work is required.

 

Between 1976 and 2006 the value of building plots in Florida rose from an average of $15,000 to $250,000

The Lincoln Institute of Land Policy