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1)
Please ensure that you will have full title to the property on
completion and that the appropriate documents are available for the
lender.
2) With new properties, find out the date the property will be
registered in your name(s), as the lender cannot lend on the security
of the property until it has been registered.
3) Whilst all reasonable steps will be taken to secure the loan on your
overseas property as soon as possible, delays may occur due to the
Florida legal and administration system.
4) Check with the representative of FloridaForSale.eu that you are aware of the costs
charged by the legal & government authorities for purchasing a
property in Florida, noting that the lender will have their own legal
costs for assigning the loan (the cost of which they will normally
advise when they issue the mortgage offer).
5) In the USA we use Bonded Title Companies. They will check and clear title on yours and the Lenders behalf.
6) Please be aware that the Lawyer/Notary may be incorporating within
his charges, costs for assigning the mortgage and you should establish
with the Lawyer/Notary the actual cost before proceeding with a loan
application.
7) It is advisable to arrange your mortgage finance before agreeing to purchase a property.
8) It is essential that you take the appropriate independent legal
advice before signing the sales contract or paying a deposit, if
purchasing a foreign property, as would be expected if you were
purchasing in your own country. The bank will require a copy of this
document to be forwarded with the relevant application form. However
you are able to sign this contract with the clause “subject to mortgage
finance” as the contract, once signed is legally binding.
9) All Florida mortgages should have a suitable life assurance policy
assigned to them. It is not mandatory but strongly advisable. A bank
account will be required.
10) All loans are offered in Sterling, Euros or US Dollars only – check for maximum loan to value for each currency.
11) Properties can be purchased either individually, in joint names, a
maximum of four people or in the name of either a US or Offshore
Company.
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