Insurance
This leaves almost no trace of the hurricanes that struck Florida in 2004 and 2005, but residents still get stuck. The cost of home insurance policies has soared. In some cases, from 200 to 400%! Some companies no longer provide in the south and the west coast. Some residents, especially newcomers, should look far to find adequate coverage. As a last resort, they can turn to the insurance company set up by the government in Florida. These increases are visible everywhere and condo fees are sometimes high because of insurance costs immeubles.Le risk of hurricanes is covered by insurance with a deductible of 2% of the "rebuild value" (cost of rebuilding well).
Other expenses
After the devastating hurricanes, many owners had to pay extra for repairs to their building. These are called expense assessments. They can be very high and many owners have had to spread their payments on agreements with their association. The buyer must check with the realtor to find out how, warns Marietta Miller of Canada Realty in Pompano Beach. Some owners have not yet finished paying their dues. "Who can amount to several thousand dollars. "Between one and another property, the amount not paid can make a difference."
Buy is not free
There are no fees of lawyers in Florida itself. The registration fees are paid by the seller and the buyer will pay a tax if it borrows. There is no cadastre in Florida (since there is no notary) is why it is advisable to purchase title insurance to protect against possible shortcomings of the registration . Basically, the costs represent 1.5% of the purchase. In the case of a purchase on credit, the costs represent about 4%.
When purchased, these amounts include:
(Amounts are approximate and in U.S. dollars)
For the seller:
Registration fee $ 600 for every $ 100 000
Title insurance 200 $ 250
Lawyer 500 to 700 $ (optional)
For buyer:
Title insurance: 0.7% of the purchase price
Inspection: $ 300
Cadastral Survey: $ 275
Lawyer 600 to $ 800
If financing through a conventional loan, there should be additional costs.
Taxes
You can deduct a portion of property taxes on the value "estimate" of a property if it is a principal residence. The owner must also be a legal resident of the State of Florida. He must also live in the property before 1 January of the year claiming the deduction. These taxes are about 2% of the estimated value of the property, a figure that varies by county (corresponding to 20% less than market value).
It must provide the following documents:
Title
Evidence of taxes paid on property
Driving license
Social Security Number and if you're not American, a resident card (the green card) for each spouse
A work permit is not sufficient to obtain a tax deduction.
After an initial claim for credit, a renewal card is sent.
Gain on sale:
In case of resale, the U.S. tax on capital gains is 15%. A gain of U.S. $ 100 000, for example, will be accompanied by a tax bill of U.S. $ 15 000. However, a regressive tax credit (which decreases as income increases) can reduce this tax.
In Canada, it must declare the capital gain in the United States. To avoid double taxation, the seller may claim a foreign tax credit equal to the amount of tax paid in the United States.
This leaves almost no trace of the hurricanes that struck Florida in 2004 and 2005, but residents still get stuck. The cost of home insurance policies has soared. In some cases, from 200 to 400%! Some companies no longer provide in the south and the west coast. Some residents, especially newcomers, should look far to find adequate coverage. As a last resort, they can turn to the insurance company set up by the government in Florida. These increases are visible everywhere and condo fees are sometimes high because of insurance costs immeubles.Le risk of hurricanes is covered by insurance with a deductible of 2% of the "rebuild value" (cost of rebuilding well).
Other expenses
After the devastating hurricanes, many owners had to pay extra for repairs to their building. These are called expense assessments. They can be very high and many owners have had to spread their payments on agreements with their association. The buyer must check with the realtor to find out how, warns Marietta Miller of Canada Realty in Pompano Beach. Some owners have not yet finished paying their dues. "Who can amount to several thousand dollars. "Between one and another property, the amount not paid can make a difference."
Buy is not free
There are no fees of lawyers in Florida itself. The registration fees are paid by the seller and the buyer will pay a tax if it borrows. There is no cadastre in Florida (since there is no notary) is why it is advisable to purchase title insurance to protect against possible shortcomings of the registration . Basically, the costs represent 1.5% of the purchase. In the case of a purchase on credit, the costs represent about 4%.
When purchased, these amounts include:
(Amounts are approximate and in U.S. dollars)
For the seller:
Registration fee $ 600 for every $ 100 000
Title insurance 200 $ 250
Lawyer 500 to 700 $ (optional)
For buyer:
Title insurance: 0.7% of the purchase price
Inspection: $ 300
Cadastral Survey: $ 275
Lawyer 600 to $ 800
If financing through a conventional loan, there should be additional costs.
Taxes
You can deduct a portion of property taxes on the value "estimate" of a property if it is a principal residence. The owner must also be a legal resident of the State of Florida. He must also live in the property before 1 January of the year claiming the deduction. These taxes are about 2% of the estimated value of the property, a figure that varies by county (corresponding to 20% less than market value).
It must provide the following documents:
Title
Evidence of taxes paid on property
Driving license
Social Security Number and if you're not American, a resident card (the green card) for each spouse
A work permit is not sufficient to obtain a tax deduction.
After an initial claim for credit, a renewal card is sent.
Gain on sale:
In case of resale, the U.S. tax on capital gains is 15%. A gain of U.S. $ 100 000, for example, will be accompanied by a tax bill of U.S. $ 15 000. However, a regressive tax credit (which decreases as income increases) can reduce this tax.
In Canada, it must declare the capital gain in the United States. To avoid double taxation, the seller may claim a foreign tax credit equal to the amount of tax paid in the United States.
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