Payment and Currency Exchange: Over 70% of foreign nationals who purchase property in Florida pay in "cash"*. We can put you in touch with companies that help you transfer and convert your currency for payment in the United States. You can also open an account in a U.S. bank, which you will need if you intend to finance (borrow money to purchase) the property, and transfer the currency directly from your overseas bank to your U.S. bank, which will then need to be prepared or wired to the closing agency where you actually make your purchase.
* The term "cash" in U.S. real estate is defined as "money not borrowed/financed from a bank or lender." Typically these monies are brought to the Title Agency or Closing Attorney as a certified cashiers check from a Florida bank, or wired directly to the Title Agency or Closing Attorney. Actual paper currency and/or coin are typically not accepted at real estate closings and need to be converted ahead of time. Links to companies that do this type of currency conversion are highlighted above and also listed at the bottom of this page.
The Title Agency or Closing Attorney. The actual paperwork and money exchange that transfers the property from the seller to you will be prepared by an attorney or title agency (also called "the closer"). These individuals do examinations of the property's sales history to make sure you take "clear title" to it, in other words, that no other person has a claim to it after you purchase it.
Sales Contract: In Florida you sign a legally binding contract between yourself and the seller which outlines the terms of purchase and sale. You may make several offers, or counter-offers with the seller leading up to the legally binding contract. This contract is typically the first step in a real estate transaction.
Insurance. If you borrow money to buy a property in Florida you will need what is called homeowner's insurance. Homeowner's insurance will typically pay to rebuild the home if it is destroyed. In certain areas you may also need seperate windstorm and/or flood insurance, which will pay to rebuild the home in the event it is destroyed by a hurricane, tropical storm, flood, or rain.
Homeowner's Associations and Condo Associations. Both of these orginizations are referred to as "HOAs," and they exist to protect the integrity of the neighborhood you are living in. If the home or condo you purchase is subject to an HOA, it may limit the improvements you make to the property (for example, you may not be able to add a tool shed, or park certain types of vehicles at the property). In both cases, HOAs charge a fee (either monthly, quarterly or annually). In some cases these fees are significant and should be considered as a factor in your decision to purchase in that neighborhood. In the case of Condo Associations, their fees often include insurance on the exterior of the buildings, but not the interior...in the case of Condos directly oceanfront, these HOA fees can be quite high.
Zoning. Zoning is where the government decides what can and cannot be built on a given property. For example, you may only be allowed to build a home on one type of property, while another type of property may only allow you to build a business. Or, if you are allowed to build a business, zoning laws might dictate how large the sign can be, or how much parking is needed.
U.S. Measurements. Properties in the U.S. are measured in "square feet" and "acres." For homes the measurement is taken from the exterior of the property, and includes only areas that are heated and/or cooled (which means garages are typically not included in a home's overall "square footage"). To convert square feet to square meters divide by 10.7639. Land is measured in acres: 1 acre is approximately .404 hectares. To convert acres to hectares divide by 2.47.
Time Zones. St. Augustine, Florida is 3 hours ahead of Los Angeles and in the same time zone as New York. St. Augustine is 5 hours behind London, 9 hours behind Moscow and Saudi Arabia, 11.5 hours behind India, 14 hours behind China and Western Austraila, 16 hours behind Sydney, and 18 hours behind New Zealand. St. Augustine observes Daylight Savings Time. |
