Famous for its beautiful landscapes and exciting lifestyle, Miami is also known for having one of the best prices in the world to purchase houses or apartments. Having a heated up Real Estate market, the region has not been through the crisis in the industry that affected much of the United States.
Taking advantage of the falling property prices, people around the world are being lured to the U.S. to invest in the sector. With a high supply of houses and apartments, there has never been a better time to buy a property in Miami. However, it is always necessary to consult a lawyer before signing the contract, to prevent fraud in REO (property that belong to banks, government agency or loan insurer, after an unsuccessful sale at a foreclosure) and to ensure the buyer’s best interest.
As soon as the buyer finds the property he or she was looking for, it is necessary to be prepared to make a proposal and be aware of the nuances of each of the contract clauses to make sure that they are according to was promised. It is vital to highlight that the realtor involved in the transaction, often mistakenly referred to by the buyer as "my broker”, only defends the interests of the property seller. And if a mortgage broker is involved, he or she will be defending only the interests of the bank.
Regarding foreign investors, there are different forms of property deeds in the United States. An incorrect deed can result in severe consequences to the future buyer, like the impact of high tax rates, restrictions when they intend to resell the property, inventory issues and also concerning the buyer’s privacy, once in the United States information is public, easily accessible and show the personal data of the property owner. In the case of REO properties or short sales, it is essential that the lawyer also checks all aspects of the purchase.
The lawyer also said that the developer and even some brokers try to take over the negotiation and end up inducing the buyer to use their title companies. However, in this case, the client has no representation or control over their purchase.
To ensure your best interest in every detail of the investment and guarantee a satisfactory purchase, have your lawyer with you from the beginning to the end of the transaction – before signing the contract to receiving the key to your property.
About Genilde Guerra
Born in Brazil, Genilde has been working as a legal coordinator for over 15 years. With a wide range of exposure to international law, real estate and multiple facets of business, she is a licensed attorney in the United States, by the States of Florida and Washington D.C., and as well as in England and Wales.
As a European citizen, she can practice in all of EU States, plus over 40 other jurisdictions, such as South Africa, Australia, Hong Kong and Israel.
About Law Offices of Kravitz & Guerra
Located in Miami, Florida, Law Offices of Kravitz & Guerra has been serving the community for over 20 years, developing an integrated way of helping the foreign national who wishes to invest, work, study or reside in the United States.
Through a team of professionals in the areas of immigration, corporate structuring, investment and others, the offices offer the foreign entrepreneur, executive or investor support for the opening of a U.S. company or branch office, and assistance in applying for visas.