The buying process in the USA follows strict legislation. In order to clarify the procedures and explain some of the terminology, we have compiled a list of frequently asked questions and answers.
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The short answer is that every HOA, or homeowners association, is responsible for setting its own fees and the exact fee structure will therefore vary from property to property. The homeowners association board (comprising of the building's residents) will decide on how much members contribute each month.Read more
You can typically expect your first rental cheque 30 days after the tenant has taken up occupancy of your property in the USA. It's important to point out that, in keeping with rental regulations for the state of Florida, rent paid upfront at the start of the tenancy must initially be kept in the same account as your tenant's bond payment.
As a buyer in the USA your rights are protected just as they would be in any other industrialised country. You are protected both by statute law and by the terms of your sales and purchase contract. Provided you don't breach any of these agreements you have no reason to worry about your money not being safe.
Section 8 is a housing association programme currently in place in the USA and most other US cities. It is essentially a subsidy programme for tenants who, for whatever reason, need financial assistance to pay their rent. Though the exact specifications of Section 8 will differ from state to state, tenants will usually pay 30% of their rent themselves, with the local authority contributing the remaining share. In this sense it can be likened to the Local Housing Allowance system in the UK.Read more
Reputation and experience are the key things to look for when selecting the right property management company in the USA to entrust with looking after your home. Be prepared to pay a little more for a good outfit; this is not a time to be cutting corners and going for the budget option.Read more
A sales and purchase agreement, often known as an SPA, is a standard contract used in many different types of business transactions in the USA, though most commonly applying to the real estate trade. Simply put, it is a legal declaration that the seller is entitled to sell the property and the buyer has the right to buy it. It is a crucial part of legally buying a property; if you aren't asked to sign one of these we'd advise you to withdraw from the transaction as it may not be legitimate.Read more
Nothing in life is simple, as they say. However, this could just be the one exception. Prime Asset Investments have been organising sales of Florida properties to UK buyers since 2008. To date, not one of our clients has ever encountered problems when transferring money to the USA or to any other city in the United States.Read more
All buy-to-let investors should be prepared for a regular turnover in tenants and periods where their property will be unoccupied. The gaps between occupancies will be determined to a certain extent by the length of the rental period stipulated in the tenancy agreement. That said, however watertight the rental contract, there is no guarantee that any tenants will see out the full length of their tenancy.Read more
As is generally the case throughout the United States, the eviction process in the USA is extremely quick by international standards. Though rarely implemented nowadays, landlords have the option of taking advantage of what's known as the three-day rule which gives them the option of beginning eviction proceedings after just three days of payment being overdue.
The truth of the matter is that if you're getting hung up on the aesthetics of a property then you are being distracted from your core objective. Many people make the rookie mistake of investing in a property based on how if looks. This is what those in the industry like to call "curb appeal".Read more