1. Can I Buy the property without physically presenting ?
- Yes. You can purchase the real estate (pre-construction Condominiums and pre-construction homes, as well as resales of condo units and homes) via electronic mans of communication. Our office will prepare all necessary documents and will e-mail you them or mail them at your physical address for a signature. You will need to wire the money towards the purchase. In fact our web portal was created in order to simplify the purchase experience of real estate and provide Buyers with the option to Buy condominium unit from the luxury of their home or office by clicking “I’d Like to Buy” red button on the unit they like and filling up the form. We will do the rest.
2. Do I need to physically present in order to sign the Reservation agreement for pre-construction?
- No. The Reservation agreement can be mailed to your address in your country. Some developers even allow electronic signatures (signed online via the link). No need to even print it – you will receive the link where you simply click on the specified fields from your computer. The system automatically validates your signature via e-mail address provided and IP address of your computer.
3. Do I need to physically present in order to sign the Purchase Contract for pre-construction property?
- No. This is similar situation with the reservation agreements. The Contracts can be mailed to your address in your country. Some developers even allow electronic signatures (signed online via the link). Please, keep in mind – most of the pre-construction real estate in Miami area sold to foreign nationals from all over the world. There is a system in place to resolve all issues relation to purchase for Buyers not able to present during the purchase.
4. How do I pay initial reservation Deposit?
- Deposits are normally required to be paid via wire transfer to the Developer’s Title company escrow account.
5. Do I need to have a US bank account to wire initial deposit (and all future payments) toward the pre-construction reservation and purchase?
- No. The money can be wired from any country. Some restrictions apply by government.
6. Can I reflect any other reason in the payment memo when wiring the deposits?
- No. The regulations are very specific and strict about it. Title companies require to state specifically the Buyers name, Development and unit number that is being purchased on each and every wire transfer. If that information is not listed - the wire will automatically be send back to the same account it was initiated from. No exceptions. Title companies are not responsible for the additional bank or other fees inquired by such return.
7. Can a wire transfer be sent from any account that has different name from the Buyer’s name on the Purchase Contract?
- Yes. It is normally allowed as long as the Buyers name, Development name and unit number are stated on the wire transfer in the memo section. But this really depend on the Title company used by the Developer and regulations and policy they are following. We encourage checking with us before the purchase contract is executed.
6. Can I cancel Reservation agreement and get my deposits back?
- Yes. Normally developers allow canceling Reservation agreement and refunding your deposits back. Our company legal expert will explain you details of your agreement with the developer at the time of signing if necessary.
7.Can the deposits be wired any other currency than US Dollars.
- No. All wire transfers have to be in US dollars. Normally, at your request, your bank will convert your money to US dollars at the current exchange rate on the day of transfer so the Developer’s Title company will receive your deposit in US Dollars.
8. In the event I decide to cancel the reservation agreement, can my deposit be refunded to me in cash or check?
- No. All the money returned and refunded by the Developer’s title Company in the same way they have been received. If the money were received by out of country wire transfer – they will be sent to the same account they came from.
9. In case I cancel our reservation agreement, can my deposit be wired to my account, but in another bank?
- No. All the money returned and refunded to exactly the same bank account they have been received from.
10. How long does it take to receive my deposit back after cancellation of reservation agreement?
- Normally, as per reservation agreements deposits to be returned within 30 days. In most cases - with a week or two.
11. Can I cancel the Purchase Contract and get my deposits back?
- It really depends on the contract signed. But Florida Laws gives the Buyer of pre-construction property a chance to cancel the contract and get his/her deposit back without any penalty within 15 days from signing it (rescission period). After 15 days most likely the Buyer will lose his deposit if decides to cancel the Purchase Contract with the Developer.
Please, feel free to contact us with any questions you might have in regards to purchase or sale of real estate in Florida and our experts or legal advisors will be happy to get them answered for you.
Looking forward to work with you
Thank you
AskGrand.com Team