Steps to a Successful Purchase
Step One: An Idea!
Congratulations! You have already made it to the first step of your journey by visiting our website! The information
included on this site should help to answer some questions and provide you with an introductory overview of buying a villa
in Florida. Further information such as builder brochures, pricing, financing, availability, etc. can be forwarded to you upon
request.
We are one of Florida's most established vacation home companies and our membership in many local, state, and national associations
embodies our commitment to professionalism and the highest industry standards.
Step Two: Your Visit to Florida
Once you have chosen Florida Choice, you can now arrange a visit to Florida. We offer daily departures through all scheduled
airlines and would be happy to tailor a viewing trip for you. We feel that four to five days will allow you sufficient time to
view the various properties, arrange proper finances and make a final selection.
Upon your arrival, one of our licensed agents will meet you at the location of your choice and assist you in the search for the
perfect home. Alternatively, you may be traveling on your vacation and we would welcome the opportunity to arrange an appointment
with you at your convenience. Our sales agents are available seven days a week.
Step Three: Thinking Things Over
Our agents will guide and arrange site visits of various properties that fit your specific needs. It is at this point that you will
begin to understand the aspects of home buying, including location, prices, square footage and more.
The first day of viewing may send your head spinning, but try to relax! Once you have pinpointed a few specific homes that you are
interested in, we can revisit them at your convenience.
Step Four: Contract
Once you have made your final decision, the builder's representative will calculate the basic cost of the home to include your selected
upgrades, pool design, lot selection etc. At this time, you will sign a sales contract and move forward with your purchase. The sales
office will produce a price sheet and schedule of deposits and mortgage payments based on the total purchase price and an estimated date
of completion. Generally the builder will require an initial deposit to secure your price and reserve your lot. Although each builder
has different requirements, another deposit will be required within 10-30 days, usually equaling 15-20% of the total price.
In the unlikely event that your mortgage is not approved, all deposits paid are fully refundable generally, the final cash deposit is not
due until closing when your home is complete. However, each builder will differ and each contract may change the payment structure.
Step Five: Decorating and Furniture
Should you require help in choosing color selections for your new home, matching tile, carpet, cabinets etc., our in-house Interior Decorator
will be happy to assist you. This service is free of charge to you.
Should you wish to purchase Custom Furnishing Package, we will arrange a meeting with the interior decorator. Your furniture package will
include everything your need for your home to be a turn-key operation, including linens, plates, utensils and more. Furnishings included
in the packages are tasteful and classy, providing a very comfortable setting for our guest. Our Tour Operators and Travel Agents often
comment on the high standards of a Florida Choice home, as this is one of the elements proven to encourage guests to come back.
Step Six: Financing
With a copy of your contract in hand we will introduce you to a mortgage broker who will prepare an application for your financing (we can of
course make an appointment for you prior to a contract for a discussion).
As a guide, most Florida home purchases are financed through a US mortgage. Although you are able to finance from the UK, the US mortgages
tend to be flexible, making them more attractive to the buyer.
Financing from 80% of the total purchase price may be obtained, although opting for 70% which requires less financial documentation is easier
for approval. Interest rates may currently be fixed for up to 30 years and have generally no redemption penalties should you decide to repay
the mortgage early.
Step Seven: Bank Account
It is essential that you obtain a US bank account. We have no particular preference of the institution and will assist with this process. A
bank account may be opened with photo identification and as little as $20 to get you started.
Step Eight: Meeting Our Staff
During your stay it is also a good idea for you to meet with a member of our Florida Choice Management Services staff to discuss the management
and rental services we offer for your investment home.
Please refer to our complete Management and Rental Services package for more details.
Step Nine: Construction Process
During the construction we will communicate with you on a regular basis, sending you photographs so you can track the building progress. We will
also ensure your mortgage company processes your loan as smoothly and quickly as possible. Throughout this time, it is so important that you
maintain communication with your Florida Choice agent. With our experience, we can help to ensure the process is moving along smoothly.
The County Building Inspector is required to pass each stage of construction so don't worry because he is also watching out for you.
Prior to closing or completion, we are requested by the builder to conduct a walk through (snagging) on your behalf - assuming you are not in
Florida yourself.
At this meeting with the builder we will check the finish of the home and document any items requiring attention for the builder. Most times there will
be another scheduled walk of the home to show that the items have been completed. We will make every effort to ensure the house is finished to a high
standard that would meet with your approval.
The builders we work with are very good with regard to repairs or replacements of all items under warranty during the first year, and normally no job
is too small for the eager Customer Service Department.
Step Ten - Prior to Closing
Your closing date will be scheduled by the builder and you should be notified about one month prior to that date. There are few small items that need
to be addresses at this time.
A Homeowners Insurance policy must be in place before you close. You will need to contact an insurance agent and request that a policy be drawn up
for your property. There are a few basic questions that you will need to answer. You will then have to sign and pay for the policy before it becomes
active. A Florida Choice representative will help you with this.
You will also need to be sure that your money for closing has been transferred over to your US bank account. Be aware that it may take up to four
business days for the wired amount to reach your US account.
Stay in close contact with your mortgage company and inform them of the date of the closing. If there is any additional information that is requested
of you from the lender, you will want to be forthcoming and send required documents over as quickly as possible so as not to delay your closing.
Contact your furniture company, informing them of your closing date and pay any outstanding balances to allow for a quick installation time.
Finally, now is the time to work closely with Florida Choice Management Services to get everything in order for the management and rental of your property.
You will want to be sure that all of the required documents are signed and that your initial deposit has been made. Our professional staff members will
coordinate with the necessary companies to prepare your home for rentals or for your arrival.
Step Eleven-The Closing
You may choose to arrive in Florida to close on your home or the title company will mail a closing package to you at home. Your mortgage company will have
ensured the property is appraised (valued) and meets the lenders required valuation.
The Title Company (who acts as an impartial third party between the builder and the buyer) will have conducted title searches to ensure you receive a clear
title. You will incur closing costs of approximately 2 to 5% of the purchase price. This will include Government Taxes, Title Registration, Mortgage
Registration and Title Insurance. You are often required to contribute toward a mortgage escrow for taxes and insurance. This contribution will be applied
to taxes and insurance in the future, thus preventing unexpected out-of-pocket expenses.
A full statement of costs detailing the purchase price, mortgage, fees, etc., will be issued to you. If you require a mortgage, you will need to make an
appointment with a certified notary as the documents need to have an official stamp. It is a good idea to locate a notary in your area before you receive
the closing documents and ask if they have any special requirements.
Please be aware that your closing documents are dated and extremely time sensitive. It is a valuable lesson to ask any questions that you may have and be
sure that you understand the process and what is expected of you. This will make your closing process a simple one.
After your signature is applied to the relevant papers, the documents are returned to the title company and your closing costs have been made, the keys
are yours!
There is a World of Choice, Make Yours Florida Choice!