Legals & Taxation
According to a Sunday Times publication " Buying a property in Florida is as safe as buying a property in Cardiff".
However, we at buyright florida ltd realize that anybody buying a single or portfolio of homes abroad, needs to take quality and independent financial, legal and taxation advice. They also need this advice to be plain and easy to follow and offer value for money. Much of the process of purchase for closing is done in Florida by a title company who will do much what a solicitor does in the uk, such as title search and conveyance work.
Florida qualified lawyers are usually used for contract work, if the buyer feels necessary and for trust and wills advice.
We continually look for the best relationships for our clients and refer to service providers based on client feedback and service satisfaction. Such a provider is www.bennettlaw.co.uk where Kevin Burk is a UK solicitor and Florida lawyer based in Bristol.
Legal Support
We will supply our clients with contact details of Florida registered lawyers based here in the UK and based in Florida. For a small fee, they will advise you on your own personal position as to whether you own property in your own name, jointly or through a trust or company.
How you hold your property can have legal and taxation benefits that can save you thousands of pounds.
The lawyers can also assist you with signing and deliberation sale contracts and affect your closing documents and Title deed insurance. Florida real estate law is well organised and through the use of Escrow agents for deposits of monies, rather than direct to the builder and title insurance, which can provide buyers with a guarantee over the title to a property, the purchase procedure here is well regulated.
It may also be beneficial to add your Florida property to your UK Will or have a Will made in Florida. Both of which are very simple tasks during your purchase process.
Taxation Support
When purchasing your home, you simply apply for a taxpayer identification number in the USA (we can assist you with this simple procedure). It is important that owners of Florida property file annual tax returns with the IRS and that you or your management company pays sales tax on rental incomes.
We can refer you to Florida based accountants who will provide this service for approx $350 per year.
Florida Tax Specialists - Dee-Jay & Associates Inc
There can be great tax advantages for owning property in Florida, compared to other areas of the world, following taxation advice. It is our advice that you talk with a lawyer and tax specialist together outlining your own position and longer term needs.
For example, there is a 1031 exchange programme available that may suit some owners wishing to sell a Florida property with a gain and wishing to roll that Florida based gain into another similar (ie buy to let rental property) property purchase.
The amount of taxation of gain associated with owning a property in Florida also diminishes in percentage locally and ownership of property for 12 months is considered long term and could save you paying the IRS a substantial amount.
Please contact us to discuss the referral process.
Disclaimer:
Buyright Florida Properties offers no financial, legal or taxation advice. We sell real estate in the USA through links with developers and real estate agents. All our clients are requested to seek their own independent financial, legal and taxation advice before purchasing a property, and in doing so will conduct their own financial due diligence towards the purchase. Our company or its employees or agents do not offer financial products or advice, but offer access to property purchase opportunities and third party agents through a referral process.
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