The Buying Process for Foreign Nationals paying cash– no financing

Below is a summary of the steps in buying a property (after the property is found)

1.       Make a written offer and get it accepted.
2.       Make an initial deposit – usually around $5000 (for properties between $200,000 and $600,000) with your attorney within 3 days of the contract being accepted – I can recommend the attorney that we always use, unless you already have one.}
3.       The contract acceptance date is referred to as the Effective Date.
4.       You will have a property inspection to determine if there are any problems with the property – typically you have 10- 15 days from the Effective Date to do that. The seller is not required to fix anything but you can
                   a.      try to negotiate to get work done or get a credit}
                   b.      accept the property as is
                   c.      or cancel the contract and get your deposit back before the end of the inspection period.
5.       You will make another deposit typically in 10 days from the Effective Date of about the balance of 10% - (less the first deposit) – of the purchase price.
6.       We would have the actual closing/settlement – where the money is transferred to the seller and the ownership is transferred to you – in about 30 days from the Effective date (the exact date is a term of the contract). Your attorney handles all of this.

In additions to the purchase price, there are closing costs of approximately 1 to 1.5% of the purchase price. These are all typical, customary and usual. If after a discussion with your attorney you decide to take ownership in the name of a LLC  there may be additional charges.
You will be led through the process by me, our office manager, and your attorney’s office so don’t worry about being overwhelmed.

You do not have to stay in Miami the entire time. Actually if you saw this property or other properties that you liked and hadn’t secured an accepted contract, you could go back home and we could do everything long distance. 


Ralph E. De Martino -- Aura Cecilia Rengifo ,
Ocean International Realty
5151 Collins Ave., Suite 227
Miami Beach, FL 33140

Phone 305.695.1105
Fax 305.328.4690