There is plenty of consumer protection for those buying a property in Florida. Estate agents – known as real estate brokers – must be licensed. The Florida Real estate Commission has a code of practise and there are state laws governing professionals involved in the property market. Lawyers are regulated by the Florida Bar Association. Lawyers are allowed to do the conveyance and may also be title agents for the purpose of issuing land title insurance, however they may have to employ a separate title agent to do this. Notaries may be required to witness signatures on some completion documents.
There are currently no monetary exchange controls or restrictions, but there are foreign reporting requirements. US Customs Form 4790 must be completed by those bringing in more than $10,000. Disclosure forms are usually handled by the professional doing the transaction although the buyer has final responsibility for filing requirements.
Around 3000 British are expected to buy a home in Florida this year, even though the number of British tourists has been falling. At the peak of the market in the late 1980s more than 8000 Brits were buying each year. For their first purchase many Brits still head for central Florida around Orlando in the hope of rental income but the Gulf Coast is increasingly attractive.
Prices for a substantial home with 1330 square feet of living space and a quarter-acre plot near the Buenaventura lakes, start at round £60,000 and facilities include golf, swimming pools and tennis courts.
Buyers on developments like the Villages of Lady Lake tend to be between 45 and 55 and residents get free life membership of the golf and country clubs, several swimming pools and tennis courts. Prices start at around £40,000.
A more luxurious home in Palm Beach ten minutes from the ocean with 4 bedrooms ands 3 bathrooms set in one and a third acres with pool and a jacuzzi will cot around £225,000.
In Clearwater, near Tampa, a large ground floor apartment in a waterfront complex with pool, tennis and fitness centre will cost around £90,000.
However, it is still possible to pick up a reasonable family home for less than £30,000.