Moving to the ‘Sunshine State’ of Florida or buying property there for rental is a dream for many people; the weather is almost tropical and there are miles of stunning beaches and crystal-clear waters. Florida also boasts fantastic city life, with more attractions than anywhere else in the United States. It also offers convenient access to UK airports and the UK itself is a mere eight hours away.

As a result of the property slump in the US, property developers have been facing difficult market conditions in which to sell their properties. Many US citizens are choosing to hang on to any investment capital they may have or simply cannot release the equity with which to invest in property. Coupled with the dollar’s poor performance against the pound, the market is ripe for UK investors who wish to buy property in Florida at very reasonable prices.

Currently, there are no restrictions on UK citizens buying a house anywhere in US. However, there are restrictions as to how long a person can spend in the US. Thorough research into the residency laws and how they apply to your particular circumstances can pay dividends. Green cards and work visas are not always as straightforward to get hold of as you might first think, so it is worth checking out how likely you are to be granted one before even considering buying property in Florida.

Then there is the location to be taken into account. The Atlantic coast offers some of Florida’s most desirable and, consequently, expensive locations yet there are still some bargains to be found in the current economic climate. The Atlantic coast covers the areas of St. Augustine, Daytona Beach, Fort Lauderdale, Miami, Florida Keys and Key West. Doing some research into the areas you are most interested in will allow you to become familiar with the local property markets and increase your awareness of where the best bargains are to be found.

Another key aspect to buying property in Florida is to familiarise yourself with the buying process, which is markedly different to the system used in the UK. Property in Florida is listed on a central database that is available to all estate agents, removing the need to visit individual agents. Estate agents (realtors) tend to work as the buyers or seller’s agent, so it is worth trying to find a realtor with experience of dealing with British purchases.

Once the price is agreed, the buyer usually makes a goodwill deposit before a formal offer is made in the form of a purchase contract. Once it has been signed, it is legally binding, although most contracts have a clause allowing either party to withdraw within specific circumstances. A 10% deposit is then paid into an escrow account. A title insurance company can then check public records and insure the property against any third party claims. Once this has taken place, the outstanding balance can be transferred into the escrow account and completion can be finalised.

This example has only dealt with a direct purchase. In the event that a mortgage is needed, more legality comes into play that can trip up anyone unfamiliar with the legal intricacies of US property law. It is often a better idea to hire the services of an overseas property specialist and use their experience and expertise to ensure the whole process runs as smoothly as possible.

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