How to Buy a Property 

Steps to buy a property in Miami, Broward and Palm Beach (South Florida)

1. First step consists in Identifying the Product. RMG will assess you in finding the property which fulfills your expectations, either as your home or as an investment.

2. Once identified, making an Offer with an Initial Deposit (Earnest Money) between $2,000 to $5,000-. This is to guarantee the real and serious interest for the unit. This deposit stays in custody in the Escrow Account. This is an account watched by the US Government through lawyers specialized in Real Estate, providing the client total security regarding the money given as a deposit, not being able to transfer or move the money without the authorization of the client. If the Offer is not accepted, the money becomes free again and can be used in other transactions.

3. If the Offer is accepted, the client will have a period known as Inspection Period (Due Diligence) that will go from 7 to 15 days during which all the necessary visits to the property can be made as well as hiring specialized enterprises to perform a professional inspection over the status of the property. Once fulfilled this period, the client will decide whether to move forward with the operation or not. If for any reason coming up during the Due Diligence phase, something is not adequate in relation to the property, one can desist of the offer without any penalization, recovering and releasing the initial deposit.

4. If once the Due Diligence period has finished, one decides to move on, you have to reinforce the Initial Deposit with a sum that arrives to 10% of the value of the total purchase, making this way the firm Offer. It is here where the Title Company is in charge of studying the titles very deeply so as to ensure there are not any foreclosures, mortgages, etc. If everything is in the proper conditions, the Title Company releases the Title Insurance, which ensures the responsibility and will have to ensure any flaw found in the title in the future. All this period will last approximately 30 days.

5. The next step will be the Closing Date. The physical presence of the buyer will be necessary only when the purchase is being made through a loan/credit. In the case the operation is being made "Cash", one may choose to be physically present or not, being able to sign all the documents through e-mail. The closing fees will be of approximately 2% of the total purchase price and with respect to the Real Estate commission, you do not pay when buying!!! All the final accounts will be written and stated in a document called HUD or Final Liquidation for your total security and comfort.

6. Once you own your unit, REALTY MIAMI GROUP will provide integral solutions for your investment to be made in the most simple and comfortable way.

This is why if you want to rent your property, we provide Property Administration Services that includes among others:

  • Identifying the adequate tenant previously analyzing their credit history.
  • Management of the collection of your rental payments and depositing them in your bank account.
  • Expenses payment.
  • Tax Property payments.
  • Monthly closeouts for as you to see the expenditures made in the most detailed possible way.
  • Daily maintenance of your property.

Property Management Fee:

  • Fee for Rent Contracts: it equals one month rent (when it is the first rent) and half a month rent when it is renovation of an existing contract.
  • Fee for Property Management: 8% monthly over the rent value. We do not charge any fee in case the property is not rented!!!

In Relaty Miami Group we take care of everything for you, in order for you not to worry about anything!

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