Frequently Asked Questions

What if I am not a United States Citizen or Resident?

If you are not a US resident or citizen you may still purchase property in the United States, but there are several variables which you must consider before doing so, such as:

• Will you be living in the property?
• How long do you intend to keep the property?
• How will you purchase the property? (cash or financed)
• And many more.

Moreover, you should call our office and schedule a conference or a meeting in order for an attorney to assess your situation fully and in order to be able to advise you of all your options, such as:

• Taking Title with a Florida Land Trust
• Forming an off-shore corporation or LLC (usually somewhere in the Caribbean) and taking title under the business entity.
• Forming a corporation or LLC in the State of Florida and taking title under the business entity.
• And many more…

What if I am purchasing the property from a developer?

You always have the option of choosing your closing agent and/or attorney.  Please contact our office and an attorney will review your contract and advise you accordingly.  It is prudent to have an attorney review your contract before your sign it.

When will the closing take place?

Unfortunately, our ability to close your loan is contingent upon our receipt of the closing instructions and the closing documents from the institution handling your mortgage.  Processing your file takes anywhere from a few days to several weeks, depending on the complexity of title issues and property type.  Once our office has finished processing your file, we will alert then lender and we (and you) must wait until the lender provides us with the information mentioned earlier.  Our office will maintain communication with you and make every effort to accommodate your schedule and strive to provide at least 24 hours notice.

 Where will the closing take place?

Our office is located in Coconut Grove, Florida.  The street address is:

3006 Aviation Avenue, Suite 2B
Coconut Grove, Florida 33133

What if I am unable to attend the closing?

Closing documents may be sent to you via UPS, US mail, fax or email to you prior to closing.   In some cases we can arrange to close the file in your residence or place of business.  Please call our office to possibly accommodate any of these special requests.

 

 

 

I am married. Will my spouse have to attend the closing?

Florida is a Homestead state. This means that unless you are purchasing an investment property your spouse will need to attend the closing, provide proper identification and be prepared to execute documents. If you are obtaining a mortgage and your spouse is not on the loan they will still need to attend the closing, provide proper identification and be prepared to execute documents.

Why do I need homeowners insurance?

If you are getting a mortgage on the property, it is a requirement of the lender that you have insurance on the property. Insurance will need to be obtained as soon as possible. Paid receipts are to be faxed to our office. If you are purchasing a condo, townhouse or villa, please check with your Homeowners or Condo Association to see if insurance is included in the dues.

Do I need flood insurance?

Many properties are located in a flood zone. If you are getting a mortgage and your property is in a flood zone, you must have flood insurance. Through the survey company, we will provide your insurance agent an elevation certificate which is necessary to determine your flood insurance premium.

What is a survey and why do I need one?

A survey is the measurement by a surveyor of real property which delineates the boundaries of a parcel of land. A survey additionally delineates the exact location of all improvements, encroachments, easements, and other matters affecting the title to the property in question. Most lenders require a survey as a condition of the loan.   If you are seeking a loan for a refinance, then a copy of your most recent survey must be presented to our office for review.

How are title insurance costs calculated?

Title insurance rates are regulated by the State of Florida.  Our office prides itself in charging the “minimum required by law”.  The formula for calculating title insurance is very complicated on account of the many variables which affect a premium (i.e. endorsements, prior policy, special lender requirements etc.)  However, below is a formula you can use to calculate the approximate amount of your title insurance.

$5.75 per thousand dollars of the sales price up to $100,000, and $5.00 per thousand dollars of the sales price from $100,001 to $1,000,000.

For an exact figure of how much you should expect to pay at closing, please call a member of our firm- we will be more than happy to calculate your premium over the phone.

Besides the property taxes I must pay yearly, what taxes are associated with the purchase/sale of property?

Though it varies by county, below are the formulas for Miami-Dade County:

• Buyer
• Intangible Tax/Stamps:           $.20 for every hundred dollars of the mortgage
• Documentary Tax/ Stamps:   $.35 for every hundred dollars of the mortgage
• Recording of the mortgage:    $10 for the first page, and $8.50 for every additional page (most mortgages and its relevant riders are 20 pages long)

• Seller: 
• Deed Tax/Stamps:      $.60 for every $100.00 of the sales price.

 

 

What is prior policy and what is its purpose?

The purpose of a prior policy is to obtain a reissue credit. This grants the holder of the policy a discounted title insurance rate if the following requirements are met: (1) the Owner’s policy of title insurance is NOT more than three years old if the holder is selling the property. This time limit does not apply if the holder is refinancing the property. (2) The insured named on the prior policy must be the same as those involved in the current transaction. (3) The prior policy must be delivered to the title company at the same time the order is placed. (4) The prior policy does not need to be issued by the same company that is issuing the new policy. (5) Only an Owner’s Title Policy may be used for a prior policy. Commitments and Loan Policies do not qualify.

What do I need to bring to closing?

You will need to bring…

• Funds for closing in the form of a cashier check payable to Garcia & Associates PL
• Photo Identification: a valid state issued driver’s license, passport or state issued identification card.  This identification is required for all parties signing any documentation at closing.
• If you are married you will need to bring your spouse.
• If you are moving into a condo or planned unit development that requires an approval, you will need to bring the original approval to the closing if one has not been provided to us prior to the closing date.       

Please call a member of our Firm to communicate any other information/documentation you may need to bring to closing in addition to the aforesaid.