Our services at a glance

  • Real Estate purchase agreements
  • Verification of ownership
  • Rental and lease agreements
  • Commercial real estate use
  • Real estate and property management
  • Development of land
  • Property financing, mortgages
  • Construction supervision

We have been assisting foreign investors in real estate transactions throughout Florida for more than 30 years. We know from our many years of practice and extensive experience, unfortunately there is hardly a simple real estate transaction!

At (or better before) completion of a real estate purchase, we will explain the purchase contract to you and tell you what steps are necessary. Afterwards we carry out the closing. The closing is the formal transfer of ownership right on which the Warranty Deed is issued and the purchase price paid. We have, as in Germany the notary, a special account (Escrow Account) and make sure that the purchase price is paid on time and in full and no contractual obligations are violated. With the closing, which is also called Settlement in some states, the purchase contract is fulfilled and completed. It is important to understand that after the closing, unlike in Germany, no defects on the property can be claimed.

Procedure of a Real Estate purchase in Florida

The property purchase agreement that the broker will give you is a Florida Residential “AS IS” draft agreement drafted by the Florida Brokers Association and the Florida Bar Association. If buyers and sellers sign a real estate contract in Florida, unlike in Germany, it is effective without a notarization. The contract must only be in writing (be careful, an effective real estate purchase can even consist of records on a napkin).   By signing you are immediately under contract. If you want to submit the offer send, the signed sales contract to the seller. The seller can then accept the contract with his signature. Usually, you also provide a check of sometimes a thousand dollars to show the seller that you are serious (Ernest Money Down). As soon as you are under contract, you have to fulfill many contractual conditions (contingencies) and examine the property for defects (due diligence). If you are unfamiliar with the process of a real estate transaction in Florida, you can easily lose track and make mistakes.

Therefore we support and guide you during the whole process. We ensure that the contingencies are fulfilled by you and the other side, that you have the right insurance such as Title Insurance, and that you take advantage of your right of withdrawal in case there are any defects in the property.

When acquiring property, it should also be decided in which legal form the property is to be held, whether as a private person, as a company and / or Trust (see Estate Law). Important points should be considered for the tax and estate law. Therefore we advise our clients to provide the contract with a transfer option. Simply enter “and / or assigns” behind your name in the purchase contract and you can then easily transfer the property to another legal form.

We also recommend to our clients to conclude the purchase contract only subject to the examination by a lawyer. This can be agreed in an addendum to the purchase contract. You can check the purchase agreement – addendum attorney approval – and then fill out the addendum with the name of the lawyer.

When concluding a real estate purchase agreement, the broker often suggests “Title Agencies” for the closing. As a buyer, you can decide who closes the deal (closing Agent). Please be careful! The Title Agents offer a closing at very reasonable prices, but the Title Agencies may not legally advise you and otherwise answer any questions about the purchase. You will be on your own during the entire real estate transaction. Although the brokers in Florida are very helpful, however your broker will not be able to answer any question or provide legal advice.

If you are planning to purchase real estate in the near future and would like advice from our experiences lawyers, please do not hesitate to contact us.

IMPORTANT:

THIS INFORMATION DOES NOT CONSTITUTE LEGAL ADVICE; THE INFORMATION IS ONLY THE OVERVIEW AND IS NOT COMPLETE. EVERY REAL ESTATE TRANSACTION REQUIRES AN INDIVIDUAL ASSESSMENT AND CAN NOT BE GENERALIZED.

Address

Baur, Klein & Becker, P.A.
21st Floor - New World Tower
100 North Biscayne Boulevard
Miami, Florida 33132-2306

Contact

Fon +1 305/377-3561
Fax +1 305/371-4380
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