Royal Palm Bay Villas, Orlando, Kissimee, Florida , USA.

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The secret of a successful property purchase in Florida really is the choice of a good realtor who will ensure that you not only get value for money but also that you do not take on more than you can reasonably cope with. This is essential if you are to be happy with it as a long term investment. Properties are similar to those at home, except for the concept of a condominium which is explained on our main web site. It is basically an apartment with its own separate entrance. A condominium is a legal concept whereby you own the interior individually and the exterior jointly with all the other property owners on the development. There is a condominium association responsible for the upkeep of the buildings and the grounds, to which you pay a reasonable monthly fee. It is well worth reading the Declaration of Condominium which details the conditions attached to the property. The facilities, such as the pool and grounds, are shared and therefore you do not have the responsibility of maintaining them. This is an ideal arrangement for anyone planning not to spend much time in their purchase and who intends to let it out to holidaymakers, etc. A villa is a detached bungalow, a townhouse is semi-detached and a home is a house, usually detached. The choice is yours and there is something to meet the needs of most budgets.

The legal side of things is managed for you by a title agent rather than a solicitor, or attorney as they are called in America, who will do all the searches necessary to ensure that you have safe title to the property. Title insurance is usually required by the lender to protect them from loss resulting from claims by others against your new home. It is advisable to take out this insurance anyway and it will be arranged by the title agency for you, often at the expense of the seller. The title agency will take you all the way through to completion, or closing as it is called in Florida . They will hold the funds prior to the transaction and ensure that any requirements of the Internal Revenue Service are met.

It is always important to have a survey carried out before you commit yourself fully. So any offer should be subject to inspection and funding. Home surveys are done by qualified surveyors as they are over here and are called home inspections. Choose one that is a member of the American Association of Home Inspectors for safety. They will provide a detailed report on your proposed purchase with recommendations as to what items should be rectified before proceeding with the purchase. This report should be supplemented by a Pest Inspection since most American homes are wood based and in Florida in particular wood-destroying insects and organisms are a problem that have to be constantly protected against, both internally and externally of the property.

Even if you do not need a loan to purchase your property it is advisable to open an account with an American bank, not so that you can pay the title agent because funds are best transferred straight from your UK bank to their bank which incurs a minimum of charges, but so that you can subsequently make regular payments for utilities, etc., locally. I deal with financial matters and the acquisition of a US bank account in another article in this series.