Purchase Agreement
As is the case in Italy negotiation is launched officially signing a proposed purchase - Purchase Agreement - submitted by the broker of the buyer to the broker by the seller.To give legal validity to the contract, the submission of the offer shall be paid an initial deposit - Earnest Money - to be held in custody in special accounts Guarantee - Escrow Account - one of two brokers, or alternatively Advocate "title company". The latter two figures are different legal providing both services similar to those of the Notary in Italy.
When all changes are countersigned, negotiated during the negotiations, it affirms the acceptance of the contract and then begin the official date - Effective date - which is authentic to calculate the timeframe of the contract. Often the acceptance of the contract provides for an adjustment of the deposit is paid up to a maximum of about 10% of the value of the contract. The standard contract for purchasing residential automatically incorporates several provisions that act as a safety mechanism to ensure that the buyer and must be fully met before moving on to the deed.
Otherwise the buyer may terminate the contract without penalty and refund the entire deposit.
Some of the most common clauses included in most standard contracts:
- possibility of termination without cause up to 15 days after signing the contract for the purchase of property for new construction
- possibility of verification techniques in the light of which can either terminate or renegotiate the price in the case reveal structural damage;
- possibility of making the purchase obtaining a mute in explicit terms in the contract or if the value of the report prepared by the bank does not reach the values of the contract
- ossibility terminate if they are not like the rules of the house rules must be communicated to the purchaser;
- opportunity to rescind if the seller is unable to produce an act of coming free from any obligation and prejudicial transcript by the date of the deed - Clear Title -. In case there are constraints, the contract often involves a specific time - Healing Period - to resolve any matter suspended.
Closing Agreement
U.S. proof of land ownership is evidenced through the production of these documents such as representation and 'the deed. " When a person is' unable to prove legal ownership of the property is said to have the "Title" of that property. This certificate is valid only if it occurs after an overview of hypo-land by a lawyer who will issue an official opinion (opinion of title) When the seller transfers the deed, through the act of sale (warranty deed) the ownership of the property and indicating the absence of constraints and adverse transcripts - Clear Title that if there were to be settled so the property can be transferred. In the event that there are doubts about the documents produced by the seller to prove the lawful property the buyer may sign a "Title Insurance" which is an insurance policy equal to the value of the property, for any damages as a result of disputes or if any defect not revealed by documentary research and could emerge as a result of the deeds. The signing of documents can also be done remotely and in case of buying in cash is the only document signed by the buyer will be the Closing statement sent by fax - which in Florida has legal value. In the case of a loan or mortgage bank these documents may be signed at the headquarters of a U.S. consulate abroad in order to prove the authenticity of the signature.Tax Purchasing
In Miami Beach property transfer taxes are calculated:- for a cash purchase, there are no fees payable by the buyer;
- for a purchase with funding provided taxes are calculated out of the registration of the loan and that together account for 0.55 cents per $ 100 or part thereof.
Expenses deed
All costs related to buying both the seller and the buyer are summarized in detail and agreed on a summary document called Journal Closing Statement or HUD-1. which is enclosed with the deed.The costs for the deed may vary depending on the parcel rates of the lawyer.
As an example for an apartment to $ 1,000,000:
- Closing doc preparation fee $ 750
- Title insurance - lifetime - $ 5000
- Miscellaneous expenses $ 150
- Legal assistance (optional) $ 750 - $ 2.500
If purchased with mortgage costs grow significantly because of the cost of providing the bank and may have an incidence of about 3% of transaction value.