We all love living in Florida. The white sandy beaches, diverse culture, active lifestyle and idyllic climate make it the perfect destination to live, work and play. But we’re not the only ones who have found our slice of paradise. The United States, and especially Florida, have seen a boom in real estate sales from foreign investors.
This past year, 23% of all real estate sales were from foreigners, according to the National Association of Realtors. The majority of our new neighbors originate from Canada, Europe, South America and China.
For Canadian buyers, Miami is among the top 5 markets in real estate investment with 73% of purchases in Florida, Arizona and California. 28% of sales of Florida real estate comes from Europeans, specifically France, Italy and Spain. While 26% comes from South Americans, originating from Venezuela, Argentina, Brazil and Columbia. 8% of sales comes from Asia, but is much higher on the West Coast of the United States.
One of the benefits of these types of transactions is that 60% of sales from foreign nationals are in cash. This results in faster and more secured closings.
So why are foreign investors buying Florida?
Besides our enticing climate and cultural landscape, foreign nationals appreciate the attractive prices and investment opportunities that US investment property affords them. With our soft economy in recent years the exchange rate has become favorable for foreign investors. In addition, the real estate bubble of 8 years ago has made home prices attainable for most foreigners looking for an investment vacation or rental property.
Who benefits from these types of transactions?
After coming off of a soft real estate period, sales have been up, making it a sellers marketing once again. Homeowners looking to sell are having an easier time of finding a buyer these days. Further, banks holding foreclosed and short sale properties are able to clear their backlog of bank owned properties.
States, counties and cities are also seeing an influx of tax income from the sale of real estate to foreign nationals. Since these are not permanent residents, they do not benefit from homestead exemption, thus paying higher tax on the full ad valorem value.
In addition, realtors are Realtors have had an increase in transactions from these buyers and the regional economy is benefitted with the boom in retail sales with our snowbird visitors.
There is little doubt that Florida has profited from the influx of buyers from foreign countries. But this type of transaction is a bit more specialized. Hiring the right real estate attorney and title company to handle the transaction will ensure a smooth closing.
https://titlepartnersfl.com/wp-content/uploads/2016/02/Title-Partners-Final-logo-small-e1454711286626.png00RK Adminhttps://titlepartnersfl.com/wp-content/uploads/2016/02/Title-Partners-Final-logo-small-e1454711286626.pngRK Admin2015-07-14 19:20:212015-09-20 22:35:11Florida's new real estate investors
https://titlepartnersfl.com/wp-content/uploads/2015/04/in-the-biz16.jpg12801920RK Adminhttps://titlepartnersfl.com/wp-content/uploads/2016/02/Title-Partners-Final-logo-small-e1454711286626.pngRK Admin2015-04-14 20:16:242018-05-24 20:52:28In The Biz Mixer
Every day, people buy and sell property: homes, lots, commercial buildings and more. While real estate transactions take place every day, they are far from a simple handing over of property. The complexities of both residential and commercial real estate transactions requires the expertise of a qualified attorney. Here are a few examples why.
Brokered Transactions
Although an agent will guide you through the process of completing a brokered transactions, real estate agents are not trained in the fine points of all applicable laws. In fact, they aren’t licensed to provide you with legal advice. The surest way to protect yourself in a brokered transaction is to hire a lawyer who will look out for your best interest.
For Sale By Owner Transactions
For sale by owner transactions let sellers save the money that would typically go to a real estate agent. If you sell your property through a for sale by owner transaction, though, there is no real estate expert giving you advice. A misstep could leave you open to serious legal and financial consequences. In order to avoid a tragic mistake, consult with a real estate attorney during the selling process.
Closing Services
No matter how you go about completing your transaction, there are legal documents that must exchange hands. Deeds need to be signed over, and often there are other documents involved (e.g. financing documents, surveys, home warranties and disclosure statements). Any business involved in the transaction will have lawyers working for them, but these lawyers are not being paid to protect you. Because the transaction is a legal transaction, you should have an attorney who will be on your side.
Estate Transactions
Some of the most complicated real estate transactions involve estates. How trusts and wills are structured could affect both who receives what and how much the government gets. Only an attorney familiar with estate planning, taxes and property laws in your state will have the knowledge to write up documents that meet your wishes and ensure you will pay as little in taxes as possible.
If you don’t currently have legal representation for your real estate transaction, seek the guidance of a qualified counselor before continuing in the transaction. Doing so might just save you from making a costly mistake.
https://titlepartnersfl.com/wp-content/uploads/2015/02/photodune-5077930-two-businessman-shaking-hand-s2.jpg400800RK Adminhttps://titlepartnersfl.com/wp-content/uploads/2016/02/Title-Partners-Final-logo-small-e1454711286626.pngRK Admin2015-02-12 22:00:072015-02-13 00:26:22The complexities of real estate transactions can require a qualified attorney
Florida’s new real estate investors
UncategorizedWe all love living in Florida. The white sandy beaches, diverse culture, active lifestyle and idyllic climate make it the perfect destination to live, work and play. But we’re not the only ones who have found our slice of paradise. The United States, and especially Florida, have seen a boom in real estate sales from foreign investors.
This past year, 23% of all real estate sales were from foreigners, according to the National Association of Realtors. The majority of our new neighbors originate from Canada, Europe, South America and China.
For Canadian buyers, Miami is among the top 5 markets in real estate investment with 73% of purchases in Florida, Arizona and California. 28% of sales of Florida real estate comes from Europeans, specifically France, Italy and Spain. While 26% comes from South Americans, originating from Venezuela, Argentina, Brazil and Columbia. 8% of sales comes from Asia, but is much higher on the West Coast of the United States.
One of the benefits of these types of transactions is that 60% of sales from foreign nationals are in cash. This results in faster and more secured closings.
So why are foreign investors buying Florida?
Besides our enticing climate and cultural landscape, foreign nationals appreciate the attractive prices and investment opportunities that US investment property affords them. With our soft economy in recent years the exchange rate has become favorable for foreign investors. In addition, the real estate bubble of 8 years ago has made home prices attainable for most foreigners looking for an investment vacation or rental property.
Who benefits from these types of transactions?
After coming off of a soft real estate period, sales have been up, making it a sellers marketing once again. Homeowners looking to sell are having an easier time of finding a buyer these days. Further, banks holding foreclosed and short sale properties are able to clear their backlog of bank owned properties.
States, counties and cities are also seeing an influx of tax income from the sale of real estate to foreign nationals. Since these are not permanent residents, they do not benefit from homestead exemption, thus paying higher tax on the full ad valorem value.
In addition, realtors are Realtors have had an increase in transactions from these buyers and the regional economy is benefitted with the boom in retail sales with our snowbird visitors.
There is little doubt that Florida has profited from the influx of buyers from foreign countries. But this type of transaction is a bit more specialized. Hiring the right real estate attorney and title company to handle the transaction will ensure a smooth closing.
Brunch & Learn
UncategorizedA great turnout at the April Brunch & Learn!
In The Biz Mixer
UncategorizedA great time was had by everyone at the In The Biz mixer. Be sure to join us next time!
The complexities of real estate transactions can require a qualified attorney
UncategorizedBrokered Transactions
Although an agent will guide you through the process of completing a brokered transactions, real estate agents are not trained in the fine points of all applicable laws. In fact, they aren’t licensed to provide you with legal advice. The surest way to protect yourself in a brokered transaction is to hire a lawyer who will look out for your best interest.
For Sale By Owner Transactions
For sale by owner transactions let sellers save the money that would typically go to a real estate agent. If you sell your property through a for sale by owner transaction, though, there is no real estate expert giving you advice. A misstep could leave you open to serious legal and financial consequences. In order to avoid a tragic mistake, consult with a real estate attorney during the selling process.
Closing Services
No matter how you go about completing your transaction, there are legal documents that must exchange hands. Deeds need to be signed over, and often there are other documents involved (e.g. financing documents, surveys, home warranties and disclosure statements). Any business involved in the transaction will have lawyers working for them, but these lawyers are not being paid to protect you. Because the transaction is a legal transaction, you should have an attorney who will be on your side.
Estate Transactions
Some of the most complicated real estate transactions involve estates. How trusts and wills are structured could affect both who receives what and how much the government gets. Only an attorney familiar with estate planning, taxes and property laws in your state will have the knowledge to write up documents that meet your wishes and ensure you will pay as little in taxes as possible.
If you don’t currently have legal representation for your real estate transaction, seek the guidance of a qualified counselor before continuing in the transaction. Doing so might just save you from making a costly mistake.