Here is a listing of some of the questions we are asked about Florida property. If the answer is not here then get in touch with us to ask us direct. The Q and As will grow so visit this page again.
Choosing a property
Q. How can I find out what is available.
A. Have a look at our property list. There are listings and links to further information.
Q. Do you deal with properties in areas other than Orlando?
A. No. Orlando is the focus of British property buying. Most buyers will want to rent the properties when they are not using them. With 52 million visitors a year, it makes sense to be renting out in the Orlando area. By focusing on Orlando with our partners in the area, we feel can offer the best quality service to our clients.
Buying
Q.Can I get a mortgage in the USA?
A. Yes, non-residents can borrow up to 80% of the purchase price of the property, subject to status. Our British independent financial advisor can assist if you wish to raise funds from the equity in your UK home.
Q. How much deposit do I need?
A. When you decide to buy and make your reservation, you will need an initial deposit of between $1000 and $5000. How much depends on the builder. Within the next 30 days you will need to top this initial deposit up to 10% of the purchase price of the house. There is nothing more to pay until closing when you take ownership of the house.
Q. What is "closing"?
A. It is similar to completion under English law, the point at which you take ownership of the property.
Q. How much do I pay at closing?
A. Also known as settlement. The remainder of the purchase price of the property, usually 90%. Also any legal and administrative fees, deposits and one-off payments. Closing costs include things like mortgage broker fees, survey or inspection fees, title charges, membership of homeowner association and advance utility charges. If you are buying with an american mortgage, you should budget for 4% of the purchase price as closing costs. If you are a "cash" buyer that falls to 1.5%.
US federal law requires that you be given a full breakdown of these costs on a standard form at the time of closing. Please refer to the US Department of Housing and Urban Development website.