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Czechs and Slovaks are in no way restricted in buying property in Florida and may own such property as either a natural person or legal entity.
The first step in the process of buying property is to open a bank account with an American bank.
The first step when investing or buying property “off-plan” (at the pre-construction stage) is a reservation contract. The buyer also pays a deposit (usually between 2000 and 20 000 USD) when signing the contract. This deposit is payable into a so-called escrow account (the equivalent of notarial safekeeping) and is usually fully returnable. A contract of purchase is prepared within 1 to 6 months. This contract includes complete documentation regarding the future property. Ten percent of the purchase price of the property (minus the reservation deposit paid) is usually payable when signing the contract, also into an escrow account. The deposit is returned in full within 14 days of signing the contract. The contract also sets out the terms and conditions of payment; the second 10 % of the purchase price of the property is usually payable within 3-6 months and the remainder is payable upon “closing” – the transfer of the ownership of the property to the buyer (the equivalent of a notarial record on the transfer of property). The buyer may be represented by an authorised person during closing. The buyer thus becomes the owner of the property on the day of closing. A mortgage must be applied for approximately 1 month before the expected date of closing.
An entry in the real estate cadastre is usually made within 1 to 3 months of closing.
When buying a property with a previous owner, the first stage after opening a bank account and selecting a property is an inspection of the property and professional estimate of the value. A mortgage is then applied for and closing prepared.
 
The estimated costs associated with buying property in Florida are as follows:
  •  the costs of “closing” (approximately 5-6 %, including the arrangement of a mortgage).
The costs associated with running property in Florida are as follows:
  •  local property tax (between 2 and 3 % of the cadastral value of the property per annum);
  • the costs of services (electricity, water, telephone, gas, cleaning, etc.);
  • property insurance;
  • tax on income from property (if the property is subsequently rented out).
The costs associated with selling property in Florida are as follows:
  • the costs of “closing” (approximately 0.5-1 % of the sale price of the property);
  • commission (approximately 6 – 7 % of the sale price of the property);
  • tax on profit;
  • FIRTPA tax (Foreign Investment in Real Property Tax - a 10 % withholding of the price of the property – the remainder is returned once tax on profit has been paid).
the costs of “closing” (approximately 0.5-1 % of the sale price of the property);
  • commission (approximately 6 – 7 % of the sale price of the property);
  • tax on profit;
  • FIRTPA tax (Foreign Investment in Real Property Tax - a 10 % withholding of the price of the property – the remainder is returned once tax on profit has been paid).

    Mediterránea will take clients through the whole process of buying property, from opening a bank account to closing, and can provide any other services required (arranging accounting, tax consultancy, etc.). Through Mediterránea buyers can even buy property or make an investment in Florida without the need to be in Florida in person.