Our Man in Florida has been provided to assist British and European investors to find property in the US. We reside in Florida and have a very good knowldge of the Tampa, St. Petersburg, Clearwater, and Orlando areas.

By way of introduction - please see the following:

Paul Cross left the UK and settled in USA over 15 years ago. He is now a US citizen and is married to Nancy, who is also a licensed property agent - they are a trusted real estate team in Tampa, where Paul & Nancy Cross are known for going the extra mile for their clients and really making things happen.

Our UK office is run by Paul's sister Vanessa - Vanessa is a qualified marketing specialist with her own company called Caboose Marketing, she is knowledegeable in the property arena and brings another skill area to the list of services we can provide.

Recently we have agreed to cooperate with Phil Murray of Support International, who brings a wealth of experience and knowledge to the International investment process.  

In addition, we have two coordinators that provide seamless transactions and all the usual services for our clients want. As a team, our first priority is to provide first-rate real estate (estate agent) assistance to all our customers by using the most up to date technology and keeping our finger on the US property market's hot buttons.

Our Man in Florida came about because of a number of discussions with customers and friends who were looking to buy or invest in property abroad - but they were finding it hard to locate a service they could really trust.

They explained that what they needed was expert advice in the USA, someone who really knows the market and understand the legal system and pitfalls. But what they also wanted was an UK presence to deal with on a day-to-day basis, so everything is simple to understand and ensure we are all 'talking the same language.'

And so, we are able to offer a unique and completely independent service for all our clients.

Guide To Florida - The Sunshine State

Florida is a state in the south-eastern corner of the United States. It is a peninsula, which means that water surrounds the state on three of four possible sides. On the west is the Gulf of Mexico, to the south is the Florida Straits, and to the east is the Atlantic Ocean.

The capital of Florida is Tallahassee. Jacksonville, Tampa, Orlando and Miami are the largest cities in Florida.

Florida attracts over 60 million visitors a year and is the theme park capital of the world. Orlando is home to the well-known amusement and theme parks of Walt Disney, Sea World,  and Universal Orlando, while Tampa is home to Busch Gardens.

USA Visas
Under the Visa Waiver Programme (VWP), UK citizens no longer require a visa to enter the US if you are staying for less than 90 days.

If you want to stay in Florida for longer than 90 days, there some different requirements. To find out more details on all kinds of Visa, it is advisable to contact the US Embassy in London. Click here for a direct link to the US Embassy website.

Medical Care
The US offers an excellent level of medical care, but there isn't a National Health Service like we have in the UK, so any treatment has to be paid for. These costs can mount up quickly, so it is imperative that you have health insurance cover for the duration of your stay in Florida.

If you are relocating to Florida permanently, look out for medical policies that don't provide cover in the exact meaning, but are in fact a form of medical discount scheme.

Education
State schools can vary between counties. Like our secondary schools in the UK, schools in Florida usually specialise in a particular discipline, for example, academic accomplishment, sporting capability, range of subjects available to study or a restricted number of students per class.

Obviously what is important to you in a school is an individual choice, once you have this in mind, you can then match your criteria to a school in the local area.

If you are considering private education, be aware that most private schools are linked with the military or church.

Click here for your guide to the range of schools available in the USA: Guide to USA Schools and Education.

Pets
The good news is that dogs and cats entering the USA from the UK do not have to serve any time in quarantine. In Florida, it is obligatory for all owners to have their cat or dog vaccinated against rabies. If you don't have a vaccination certificate that proves this has already been given, it will need to be done as soon as the animal enters the USA. Dog owners will require a license to keep their pet. If you are considering living in Palm Beach or Broward County you will also need to have a license for your cat.

Buying a property in Florida

The USA operates a Multiple Listing Service where all licensed real estate agents and brokers have access to every property in their area. A real estate agent can act on behalf of the seller, the buyer or indeed for both parties.

So firstly you will need to find the property you want to buy.

Then, make a purchase offer through the seller's Estate Agent (known as a Real Estate agent or Realtor) or your own Buyer agent.

Florida does not have any 'subject to contract period' clause - you either sign a contract at the beginning or you don't, so be cautious of signing any forms without your representative, as it will form a binding agreement.

Once you have agreed a price, a purchase and sale contract is prepared for signature.

You will then be required to pay a deposit of around 10% into an escrow account (a holding account that will ensure all money will be paid at the correct time). If you should withdraw the vendor may keep the deposit depending on circumstances (your Realtor will advise you).

Conveyance documents will then be drafted. A review will be made by the title insurers, a 'title commitment' and closing statement will then be prepared, listing all financial responsibilities.

You will then need to transmit the funds to the title closing agency's escrow account, the documents are signed at the closing or as we would know, the completion.

The documents are then recorded and title policies issued. The original deeds are then returned to you after being recorded at the local county court.

Total buying costs including legal expenses, taxes, insurance, are between 3% and 5% of the property's price. Title Companies are often used instead of lawyers for property transactions. They operate on a fixed fee basis. A Real Estate Attorney can also be employed, but are a little more expensive than Title Companies and not normally necessary in typical residential transactions.

You will need to take out title insurance when you buy a property in Florida. It is designed to protect you financially if have any problems with the rights to ownership of your property. This in handled by the title company at Closing and is part of the usual Closing process.

There is no sales tax on either a purchase or a sale of a Florida property.

The closing costs will include the following taxes:

Documentary Stamp tax - If you are buying a property with a mortgage, you will pay the state of Florida what are known as Documentary Stamps on the amount of the mortgage at the rate of 20p for each £56 of mortgage.

While sellers normally pay for the documentary stamps on the deed (for the purchase price), if buying from a developer, you will often also be required to pay the "Seller" documentary stamp fees.

Florida Intangible tax - this is at a rate of 0.0002% on any mortgage amount.

Federal taxes - for a single person this ranges from 10% on income up to £4,040, 15% on income up to £16,400 and 20% on income up to £40,000 - the highest rate of tax is 35% on incomes above £180,000. The rates for married couples are different.

Unlike most other states, Florida does not have a local income tax.

Rental income
Any rental income received in Florida is subject to US tax and is paid locally. There is a double taxation treaty between Florida and the UK so you don't have to pay taxes twice.

How to avoid mistakes when buying property in Florida
If buying property with the intention of renting it out when you're not using it, it's important to note that property in Florida is often subject to zoning regulations preventing, or limiting, short-term lets. Tax must be paid on rental income. Florida has no income tax, but does have sales and property taxes.

People start their research at home or perhaps when staying with friends in the state. But they often don't have the local knowledge. They will see something on the web for $60,000 and think it's a bargain but in reality it's a pretty bad area. That is where things start to go wrong.

This is where 'Our Man in Florida' really adds value by providing a trusted service. A UK centric office to deal with interested clients on a day-to-day basis - but an expert actually based in Florida to tell you everything you need to know from a local perspective. Before you arrive, we will have a clear idea of the types of property and locations you want to visit. We will take you to those properties, show you around and be on hand throughout the buying process.

How do we claim to know so much, because Our Man in Florida has done it himself, making a permanent move from the UK to USA resident.

Fifty-eight percent of those people buying property abroad are concerned about getting caught out by local legal or tax issues.
We can provide expert legal advice - exactly when you need it. We make sure you fully understand what your responsibilities are.

Your Home - what are you looking for?
People buy property abroad for many different reasons, but they tend to fall into three main categories. An emotional decision based on a lifelong dream, an exciting step into the unknown or simply a financial investment. Whatever your reason for looking at property in Florida - you will need to establish in your mind what you want and why - here are a few questions that you will need to ask yourself in order to decide what you are really looking for:

Why are you buying?

How much do you have to spend?

What type of property do you want - house or apartment?

Do you want a new or a re-sale property?

How many bedrooms and bathrooms do you need?

Where do you want to be located - city, beach, theme parks or countryside?

How much money do you have to spend?

Will it be a holiday home or is it for investment purposes?

Will you want to rent it out?

What other amenities do you need, shops, schools, sports facilities?

What are the differences between a condominium, a townhouse and a co-op?
A townhouse is a style of construction, whereas condominium (often referred to as condos) and co-op are types of ownership. A townhouse is basically a building or unit that shares a common wall with the building or unit next door. The walls are usually straight and entry is usually from the ground floor. Townhouses usually have two or more stories. A townhouse can be a style of condominium.

A condo is where you own the actual structure of the building jointly with the other members of the association, along with common areas such as swimming pools, tennis courts or other common areas. Individually, you own the airspace and interior of the structure, but not the building itself. You and the other members of the association own the structure together.

A co-op is where you own shares of a corporation or organization that owns the larger structure, and ownership of those shares gives you the right to occupy a specific unit or apartment.

If you are looking to buy off-plan or new
Our Man in Florida has well-established relationships with developers, so we can leverage preferable terms for multiple transactions, using our knowledge to give you additional negotiating muscle.

What are fractional properties?
Fractional or co-ownership selling adds another string to the developer and agents' bow.

• Thought to have originated in the USA, co-ownership is becoming popular worldwide
• Not to be confused with timeshare or holiday club ownership

Co-ownership (also known as fractional ownership) is freehold property ownership that enables buyers to get a foothold in the market at a fraction of the price of buying outright.

• Typically, ownership of a property is in quarters, sixths or twelfths, effectively making the place available for the owners' use 12, eight or four weeks in every year. As with a freehold home purchase the size, location and amenities of the property have a bearing on purchase price. The exception to the rule is that the price may differ in certain months - summer, for example, often costs more
• Alternatively, many developments offer a 'rotating occupancy' policy. Effectively, each of the four owners will buy a season, for example, an owner buys the summer season, which is theirs for 12 weeks in the first year. Come year two, his quarter becomes autumn; year three winter and in the fourth year spring, with each of the other three partners rotating likewise
• Longer term co-ownership represents a good investment opportunity, as buyers get priced out of certain markets (especially prime villas and luxury apartments in the best locations), the demand for (more attainable) co-ownership prices compared to the entire freehold, should increase

Keller Williams Realty New Tampa
20701 Bruce B. Downs Blvd, Suite 200, Tampa, FL 33647