How to buy an apartment in Miami, Florida, USA?
How to buy an apartment in Miami!
- Oh, Miami! – we sigh, seeing the amazingly beautiful coastline, well-groomed streets, and residents beaming with smiles. With a bit of slight envy, we plunge into daydreams. Yes, it wouldn’t be bad to buy an apartment in Miami, in this heavenly corner of the planet, but my thoughts are shattered by my own uncertainty. "This is impossible," we say to ourselves mentally and close the browser page with views of Miami. Would you believe that apartments in Miami are not expensive and quite decent housing is offered there for 70 thousand dollars? Do not think that this is some kind of "bedbug infestation", in which only "suspicious types" live. In fact, these are quite ordinary apartments in ordinary houses. There are no most of the amenities that ordinary US citizens are used to, and we are not talking about the lack of hot water, central heating, ventilation, air conditioning... If you are interested in an inexpensive apartment in Miami, then such a house will not have a concierge, a gym and swimming pool, other additional services. Agree, the main thing is not even whether your house has underground parking, because for a person it is important how comfortable the apartment will be for living, how much it will fit into your understanding of the simple truth "my home is my fortress."
So, we have decided: there are no goals that are unattainable, if you want to live in Miami, go for it. By the way, in the USA there is a built-in financial system that allows you to take advantage of bank credit resources to buy an apartment in Miami inexpensively. It is worth noting the ease of debt, which is due to low interest rates, a stable and predictable economic situation in the country.
Let's consider several options for purchasing an apartment in Miami, Florida, USA
Through an intermediary
Some agencies selling real estate in the USA claim that buying an apartment in Miami or any other city in the country allows you to automatically obtain a residence permit. Most of such dishonest advertising can be found on Russian websites. We emphasize that the United States did not soften its migration policy towards citizens of the Russian Federation, and indeed for post-Soviet countries in general. However, this is not a reason to give up your dream and buy an apartment in Miami Beach. It is important to prove yourself on the positive side so that the government does not view you as a future "headache" and it is quite possible to do this: having decided to buy an apartment in Miami, you will initially receive a visa for a short-term, up to 30 days, stay in the USA. At first glance, this may seem insufficient, but next year you can easily count on a more loyal attitude towards your person on the part of the authorities, and therefore, a more convenient visa for staying in the country.
We won’t paint a rosy picture for you about how easy it is to buy an apartment in Miami. It’s quite the opposite and the main difficulty is paperwork (in the USA they treat this very pedantically and you need to be prepared for this). This is why you should call on specialist real estate brokers. Yes, they will charge a substantial fee for their services, but this way you will protect yourself from scammers who promise a positive outcome for the case for a modest monetary reward on your part. You must understand that you are going to buy an apartment in Miami, in the USA, and not in some banana republic. You should not rely on your own strength - studying the issue of purchasing housing in the USA via the Internet will not be complete or sufficient.
So, you need a broker. You can find it in accredited real estate agencies. A specialist of this profile will be useful to you if you decide to rent an apartment in Miami, you are interested in how much an apartment in Miami costs, in general, the sale of apartments in Miami Beach. Many offers such as "rent an apartment in Miami for a long time" or "sale of apartments in Miami Beach" can be found on specialized websites, printed booklets and newspapers. However, brokers carry the best offers in their pockets and this is called Pocket Listing.
After you have chosen a broker, you need to proceed as follows:
– sign an agency agreement - a document without which transactions, whether renting an apartment in Miami or buying an apartment in Miami, cannot be completed;
– agree with an agent/broker to select apartments in a price category convenient for you, request an introductory tour service from him, which will allow you to directly visit the apartments being sold and see for yourself the quality of the offers;
– as soon as you decide on the object of purchase, draw up a purchase contract, which in the USA is called a Real Estate Purchase contract. Then transfer a deposit of 10 thousand dollars to the seller of the apartment in Miami (this can be done via bank transfer). This step will allow you to convince the home seller of your serious intentions, and the apartment will be removed from sale and reserved for you;
– within 60 days from the date of signing the contract agreement, the bank evaluates the property (this is the case if an apartment in Miami is purchased using credit resources). On the same days, you need to submit a document to the bank, which will also check your credit history, and don’t forget to open a current account with the bank;
– before buying an apartment in Miami, i.e. To pay for it in full, it is necessary to conduct an independent inspection - Physical Inspection. The services of this specialist will cost 300-400 dollars. They must be ordered. By doing so, you will provide the bank with another guarantee that you are interested in the most fair transaction possible and the sale of apartments in Miami will not remain illegal;
– when all checks by the bank have been carried out, the credit institution will send you a letter in which it agrees to provide a mortgage loan, which will allow you to be guaranteed to buy an apartment in Miami;
– in the USA there is one more requirement that must be fulfilled within the deadlines established by law (the broker must inform you about this): even an inexpensive apartment in Miami must be insured;
– the transaction – sale of an apartment in Miami Beach – is closed in the presence of a legal representative and a notary. The transaction is also registered in the department of registration of real estate transactions.
Step-by-step instructions for those who want to know all the nuances of purchasing an apartment in Miami
So, you have decided to buy an apartment in Miami or buy a house in Miami, but you don’t know where to start. First of all, study the offers on the real estate market and assess your financial capabilities. Even if you come across an inexpensive apartment in Miami or an inexpensive house in Miami, keep in mind that you will have to pay a little more than the specified price - paperwork and the services of third-party specialists also cost money. Consider whether you can pay the entire amount at once or whether you will need a mortgage loan. So, everything has been thought out and you are ready for the next step - choosing a realtor, real estate broker. We talked about the advantages of attracting these specialists above.
If we talk more specifically about additional financial expenses, then you will have to spend the largest amount - about one percent of the cost of an apartment in Miami - on escrow services. Add to this the property tax, which is a little more than one percent of the price of an apartment in Miami and which must be paid annually.
So, you have found a house on the shores of Miami or you are attracted by an inexpensive apartment in Miami, then your agent must prepare an offer to purchase under certain conditions. This offer may be rejected by the property seller's agent. He, in turn, may send you a counter-offer, which you have the right to consider. Such correspondence can continue until the parties agree on interests.
The next step is to confirm your solvency. This can be a certificate from the bank confirming the availability of the appropriate amount of money in the account or a bank guarantee for issuing a mortgage loan. Then both parties draw up a purchase and sale agreement for an apartment in Miami and sign it. When drawing up an agreement, you will need a passport, but the document from the bank may not indicate the exact amount of money available, the main thing is that the document contains a larger amount of money than the price of the apartment in Miami.
Keep in mind that when completing a transaction, up to 50 different forms and forms may be signed, which is due to the practice of selling apartments in the USA. You must clearly understand what documents are required for signing, and this, in turn, will be clarified by the broker. Why are there so many documents? The fact is that the sale of apartments in the USA is often accompanied by litigation, and each such case contributed to changes in the law, which ensured the protection of the interests of all parties involved in the transaction. Let's be clear. So, you decided to buy an apartment in Miami inexpensively, initiated the process of implementing the transaction, and at one of its stages you can receive a form that advises you to hire an inspector for an independent examination of the housing (Physical Inspection service). There is also a form that instructs the buyer of an apartment in Miami to become familiar with the crime rate in the area where the property is purchased.
If you are planning to buy an apartment in Miami or buy a house in Miami using a mortgage loan, then submit documents to the bank and wait for notification of the bank’s decision.
The sale of apartments in Miami is carried out through the procedure of opening an escrow account by the buyer. It is necessary for all financial calculations. By the way, you need to put a deposit into this account (the amount is indicated above). At the same stage, an independent inspection of a house in Miami or an apartment in Miami is carried out. The purpose of this procedure is to identify hidden defects that can significantly affect the cost of a house or apartment in Miami.
Please note that prices for buying an apartment in Miami are rarely indicated in rubles, because... All calculations are made exclusively in dollars.
There is one more nuance that you need to know: in the state of Florida there is a system for the purchase and sale of real estate, which stipulates that the broker himself selects the forms for signature, and he can also be entrusted with signing these very documents on your behalf. And you cannot refuse escrow - this is the only way to purchase an apartment in Miami. In the USA, it is also used because it has a high degree of protection, so neither party can worry about the loss of money or its transfer to third parties.
The transaction - the purchase of an apartment in Miami - is completed by closing the escrow account. This is done only after all contractual conditions have been fulfilled and all necessary documents have been handed over to the parties. By the way, the opening and closing of an escrow account is carried out through a specialized and authorized company. And only after that the agent hands over the keys to an apartment in Miami or a house in Miami to the owner.
ю компанию. И только после этого агент передаёт ключи от квартиры в Майами либо от дома в Майами владельцу.
Features of obtaining a mortgage loan from a US bank
Today, most US banks provide mortgage loans for the purchase of an apartment in Miami at a relatively low rate: from 2.8 to 4 percent per annum. The rate depends on the loan term: the longer, the higher the rate. At the same time, in order to take advantage of bank credit resources to buy an apartment in Miami, USA, you must have money in the amount of at least 20-30 percent of the cost of apartments in Miami. If you have the required amount, then with a high degree of probability the bank will approve your loan application.
US banks work with non-citizens of the country who want to buy an apartment in Miami inexpensively or buy a house in Miami inexpensively under special rules. You will be required to provide the following documents:
– certificates of an independent examination of the condition of a house in Miami, an apartment in Miami;
– assessment of the cost of an apartment in Miami, a house in Miami;
– certificate of income;
– employment contracts;
– bank statements;
– tax return;
– a letter of recommendation from one or several banks at once, certifying that you have no other loans or debts;
– documents that confirm your ownership of expensive property;
– certificate of availability in the bank account of an amount equal to 12 monthly loan payments.
All these documents must be translated into English. The amounts indicated in the certificates must be indicated in dollar equivalent. Banks accept documents only on company letterhead.
In order to receive a loan to purchase an apartment in Miami or a house in Miami, the bank is given at least 2 weeks for consideration. After this period of time, a letter will be sent to your name with a refusal or approval of the loan.
You have the opportunity to carry out the procedure for purchasing an apartment in Miami without leaving the country, for example, Russia. Documents are submitted to the US Embassy in the presence of the consul. In the same way, feedback from the buyer of an apartment in Miami is carried out through the embassy via postal delivery. Thus, conveniences have been created so that anyone, even those living overseas, can buy an apartment in Miami cheaply, without spending money on expensive flights. This is one of the conveniences of the American system for buying and selling an apartment in Miami, which has been operating for many years and has proven itself exclusively on the positive side.
By the way, at the embassy you can get the necessary information about the procedures for buying and selling an apartment in Miami. Moreover, they will tell you where to go to find a reliable intermediary and buy an apartment in Miami Beach in a relatively short period of time.
At first glance, the system of buying and selling housing in the United States may seem too complicated and confusing, and to some extent it is, but behind this complexity lies the reliability and security of the transactions being carried out. If you decide to buy an apartment in Miami on the coast, then you will definitely do it and will not think about how risky it is. We said that the United States has one of the most stable economies in the world, a predictable political and economic situation, and the real estate market has the highest volatility in the world. Therefore, the completed transaction will definitely be profitable, and subsequently the acquired housing can be sold or rented out an apartment in Miami. In any case, buying an apartment in Miami is the right decision!
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