I am considering purchasing a condominium in florida. It all appears to be very convoluted. Is there anyone out there who has been through the process and could give me advice on the firststeps and legal minefields out there?
I know your message was posted a few weeks ago but I have not logged in for some time as I have been really busy myself buying a property in Florida.
I am also buying a condo in Florida. I sometimes wonder if we have done the right thing but I am ok with it now.
I am not sure I can be of much help to you but what I would say is that I am using an Attorney (Solicitor) and he has proved useful on several occassions.
The other thing that worried me was rental potential and I have had varying comments from many people. I think the best thing here is if you are going to use a Management Company then it would be advisable to find one that has rented condos out before and can let you know what ratio of condo v villa they rent.
I am not sure what you mean with the legal minefield but an attorney should be able to help but if you want to ask me anything specific let me know.
Its American Dream again. Another thing I would suggest is that you use a reputable Realtor, if you want recommendation let me know.
Also would strongly recommend you do some research regarding things that would need to be paid. For instance sales tax, property taxes etc. You also need a ITIN number and need to fill in certain forms to avoid tax being withheld.
A management company should deal with all this. Would also suggest you employ a tax firm who would also give you advice.
Even though these things may be done for you I believe it is best to be street wise and know these things for yourself so that you are prepared.
'American dream' A belated thank you for your reply. I had not viewed the posting in such a long time but was pleased to receive such an informative and useful reply. I have looked into the sites you mentioned and have made initial contact. We hope to visit Florida in Oct with a view to purchase in early 2006. I hope your purchase has continued smoothly. I would be very pleased to hear of anything you may have come across in your endeavours. Regards Dave B
