Wed. Apr 1st, 2020



How to buy an apartment in Miami?

12 min read

How to buy an apartment in Miami! 

– Oh, Miami! – we sigh, seeing the amazing beauty of the coast, well-groomed streets, shining smiles of residents. With a little bit of jealousy, we delve into dreams. Yes, it would not be bad to buy an apartment in Miami, in this paradise of the planet, but thoughts are divided about their own insecurity. “This is impossible,” we say to ourselves mentally and close the browser page with views of Miami. And would you believe that apartments in Miami are not expensive and quite tolerable housing is offered there for 70 thousand dollars. Do not think that this is some kind of “klopovnik” in which only “suspicious types” live. In fact, these are quite ordinary apartments in ordinary houses. There are not 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 in such a house there will be no concierge, gym and swimming pool, other additional services. Agree, the main thing is not even whether there is an underground parking in your house, 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 house is my fortress”.

So, we decided: there are no goals unattainable in the realization of goals, if you want to live in Miami – act. By the way, in the United States there is a built-in financial system that allows you to use the credit resources of banks to buy an apartment in Miami cheaply. It is worth noting the debt burdensome, due to low interest rates, stable and predictable economic situation in the country.

Consider several options for purchasing an apartment in Miami.

How to buy an apartment in Miami?

Through an intermediary

Some agencies that implement real estate in the United States, argue that buying an apartment in Miami or any other city in the country allows you to automatically obtain a residence permit. Most of this unscrupulous advertising can be found on Russian sites. We emphasize that the United States did not soften the migration policy with respect to citizens of the Russian Federation, and in general for the post-Soviet countries. However, this is not a reason to give up on a dream and buy an apartment in Miami Beach. It is important to establish yourself on the positive side, so that the government does not consider you as a future “headache” and make it quite realistic: deciding to buy an apartment in Miami, you initially receive a visa for a short-term, up to 30 days, stay in the United States. At first glance this may seem insufficient,

We will not draw rainbow pictures in front of you regarding how easy it is to buy an apartment in Miami. Everything is even the other way around and the main difficulty is the paperwork (in the United States they are very meticulous about this and need to be prepared for this). That is why real estate brokers should be encouraged. Yes, they will take a substantial fee for their services, but in this way you will protect yourself from fraudsters who promise a positive outcome of the case for a modest amount of money from you. You must understand that you are going to buy an apartment in Miami, in the United States, and not in any banana republic. Do not rely on their own strength – the study of the purchase of housing in the US through the Internet will not be complete, 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 costs in Miami, in general the sale of apartments in Miami Beach. Many offers such as “renting an apartment in Miami for a long time” or “selling apartments in Miami Beach” can be found on specialized websites, printed booklets and newspapers. However, the best deals brokers carry in their pockets and is called Pocket Listing.

After you have chosen a broker, you should act as follows:

– sign the agency agreement – a document without which transactions, whether it is a rental apartment in Miami or the purchase of an apartment in Miami, cannot be made; 

– agree with the agent / broker on the selection of apartments in the price range that is convenient for you, ask him for an introductory tour service, which will allow you to directly visit the apartments being sold and personally verify the quality of the offers; 

– as soon as you decide on the object of acquisition, draw up a purchase contract, which in the USA is referred to as the Real Estate Purchase contract. Then transfer to the seller of an apartment in Miami a deposit in the amount of 10 thousand dollars (this can be done through a bank transfer). This step will allow you to convince the seller of housing in your serious intentions, as well as the apartment will be removed from sale and booked for you;

– within 60 days from the date of signing the contract agreement, the bank carries out a real estate appraisal (this is the case if an apartment in Miami is acquired for credit resources). On the same days, it is necessary to submit a document to the bank, which will also check your credit history, and do not forget to open a current account with the bank; 

– before you buy an apartment in Miami, i.e. to fully pay for it, it is necessary to conduct an independent verification – Physical Inspection. The services of this specialist will cost 300-400 dollars. They must be ordered. Thus, you will provide the bank with one more guarantee that you are interested in the most fair transaction and the sale of apartments in Miami will not remain outside the law;

– when all checks by the bank are completed, the credit institution will send you a letter in which it will give consent for a mortgage loan, which will allow you to buy an apartment in Miami with guarantee; 

– in the USA there is another requirement that must be complied with in accordance with the legal deadlines (the broker must inform you about this): even an inexpensive apartment in Miami must be insured; 

– deal – sale of an apartment in Miami Beach – closes in the presence of a legal representative and a notary. The transaction is also registered in the department of registration of real estate transactions.

So, having received all the necessary documents, you become the legal owner of an apartment in Miami, i.e. your dream has come true. By the way, if there are no restrictions imposed by the Regional Center on an apartment in Miami, then you can rent it out in your absence. If you have a full amount of money that allows you to buy an apartment in Miami, in this case, omit the items related to the description of banking procedures. More information about mortgage lending will discuss below. In the meantime, we will write step-by-step instructions, since the material presented above gives only a general idea of ​​how to buy an apartment in Miami.

How to buy an apartment in Miami?

Step-by-step instructions for those who want to know all the nuances of buying an apartment in Miami §

So, you decided to buy an apartment in Miami or buy a house in Miami, but do not know where to start. First of all, study the offers on the real estate market and evaluate your financial capabilities. Even if you turn up a cheap apartment in Miami or an inexpensive house in Miami, please note that you have to pay a little more than the specified price – the paperwork and the services of third-party specialists also cost money. Consider whether you can pay the entire amount immediately or you need a mortgage loan. So, everything is deliberate and you are ready for the next step – the choice of a realtor, a real estate broker. We discussed the advantages of attracting these specialists above.

If we talk specifically about the additional financial costs, then the largest amount – about one percent of the cost of an apartment in Miami, you have to spend on escrow services. To this add a tax on real estate, which is a little more than one percent of the price of an apartment in Miami and which must be paid annually. 

So, you found a house on the banks of Miami or you were attracted by an inexpensive apartment in Miami, then your agent should prepare a purchase offer under certain conditions. This offer may be rejected by the real estate seller’s agent. He, in turn, can send you a counter offer that you are entitled to consider. Such correspondence may continue as long as the parties do not agree in their interests.

The next step is to confirm your solvency. This may be a certificate from the bank about the availability of the corresponding amount of money in the account or a bank guarantee for issuing a mortgage loan. Then both parties draw up a contract for the sale of an apartment in Miami and sign it. When drafting the contract, a passport will be required, but the exact amount of money available may not be indicated in the document from the bank, the main thing is that the document should contain more money than the price of an apartment in Miami.

Keep in mind that when you make a deal, up to 50 very different forms and forms can be signed, which is due to the practice of selling apartments in the USA. You must clearly understand what documents are necessary 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 United States is often accompanied by legal processes, and each such case contributed to changes in legislation, which ensured the protection of the interests of all parties involved in the transaction. Clear. So, you decided to buy a cheap apartment in Miami, initiated the process of implementing the transaction and at one of its stages you can get a form that advises you to hire an inspector for an independent examination of housing (Physical Inspection service). There is also a form

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, wait for notification of the decision of the bank. 

Sale of apartments in Miami is carried out through the procedure for opening an escrow account by the buyer. It is necessary for all financial calculations. By the way, a deposit must be put on this account (the amount is indicated above). At this 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, apartment in Miami. 

Note that to buy an apartment in Miami prices in rubles are rarely indicated, because All calculations are accompanied exclusively in dollars.

There is one more thing to be aware of: a real estate sale and purchase system operates in the state of Florida, providing that the broker selects the signature forms, and he can be trusted to sign these documents on your behalf. Yes, and you can not refuse escrow – this is the only way to purchase an apartment in Miami. In the US, it is also used because it has a high degree of protection, therefore, neither of the parties can worry about the loss of money or their transfer to third parties.

The transaction ends – the purchase of an apartment in Miami – the closure of an escrow account. This is done only after all contractual conditions are fulfilled, and all the necessary documents have been submitted to the parties. By the way, opening and closing an escrow account is carried out through a specialized and authorized company. And only after that the agent transfers the keys to the apartment in Miami or from the house in Miami to the owner.

What else do you need to know for those who are interested in buying a house in Miami by the sea or buying an apartment in Miami? If you are not a US citizen, then you still have all the opportunities to purchase residential and commercial real estate in the US – there are no restrictions. The only thing that can cause difficulty is to prove to the bank the legal origin of money. This is one of the measures applied in the United States, aimed at combating money laundering, illegally earned.

How to buy an apartment in Miami?

Features of obtaining a mortgage loan in the US bank §

Today, most US banks provide mortgage loans to buy an apartment in Miami at a relatively low rate: from 2.8 to 4 percent per annum. The value of the rate depends on the loan period: the longer, the higher the rate. At the same time, in order to use the credit resources of the bank 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 necessary amount, then with high probability the bank will approve your application for a loan. 

US banks are working with non-citizens of the country who want to buy an apartment in Miami at a low price or buy a house in Miami at low prices according to special rules. You will be required to provide the following documents: 

– certificates of an independent examination of the state of a house in Miami, an apartment in Miami;

– assessment of the cost of an apartment in Miami, at home in Miami; 

– passport; 

– certificate of income; 

– employment contracts; 

– bank statements; 

– tax return; 

– letter of recommendation from one or immediately from several banks certifying that you do not have other loans, debts; 

– documents confirming your ownership of expensive property; 

– certificates on the availability of the amount in the bank account, which in its value is equal to 12 monthly payments on the loan. 

All these documents must be translated into English. The amounts indicated in the certificates must be in dollars. Banks accept documents only on letterhead.

In order to get a loan to buy 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 of buying an apartment in Miami without leaving the country, for example, Russia. Documents are submitted to the US Embassy in the presence of the consul. Similarly, through the embassy, ​​through postal delivery, feedback is also provided to the purchaser of the apartment in Miami. Thus, convenience has 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 of sale and purchase of an apartment in Miami, which has been in force for many years and has proven itself only 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, here they will tell you where to turn in order to find a reliable intermediary and in a relatively short period of time to buy an apartment in Miami Beach.

At first glance, it will seem to you to be too complicated and confusing the system of buying and selling housing in the US, and to some extent it is so, but behind this complexity lies the reliability and security of the transactions. If you decide to buy an apartment in Miami on the coast, then you will definitely do it and you will not think about how risky it is. We said that in the United States 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 transaction will be necessarily profitable, and subsequently acquired housing can be sold or rented an apartment in Miami. In any case, buying an apartment in Miami is the right decision!

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