Real Estate - USA
TAXATION USA
A very important distinction is the difference between properties of type COOP from those of type CONDO.
The New York market is very particular to the presence of buildings COOP (Cooperative) which account for 75% of residential type buildings.
The COOP is a kind of typical property of the city of New York, where a company "cooperative" is the owner of the building, and assigns of the shares in each unit. The shareholder is given the exclusive usufruct of the unit until these remains owner of the shares.
A CONDO is instead a condominium with definitions and comparable to those we have in Europe, where you own the walls and where each apartment has its own separate legal and tax situation. This solution is the most appropriate for a foreign buyer, especially if the intention is to put the income apartment.
Procedures for Purchase - Buying property in the United States - Florida
- Tender offer: it is drawn up on forms prepared National Association of Realtor Florida, which already contains all the contractual clauses.
- Luggage deposit: an amount generally between 5% and 10% of the purchase price is to be delivered by check or hardened within a few days on the current account (escrow account) Advocate (figure that replaces the Italian Notary and is chosen by the buyer) that will keep in storage until the notarial (closing).
It 'important to know that the deposit will be lost if you do not observe the time limit set in the contract
- The buyer has 15 days to perform a technical inspection on the property and verify that there are no particular problems, should they occur may lower the offer and reopen the negotiation or can withdraw from the purchase.
- In case of purchase on the block seller must deliver all of the Condominium documents (including Rules and Regulations). Within 3 days of delivery, the purchaser is entitled to withdraw noting too many rules or restrictions.
- Balance of the price Enter always on the current account of the Advocate in charge of closing.
- The lawyer does all the legal veriche on the property and that the condo fees and property taxes have been paid - Closing: You only need the presence of the seller and not the buyer who will also sign all documents electronically and send them via the web if it were not present at the time of closing
- The Company Title charged by the lawyer prepares the instrument of transfer after the signature is recorded and becomes public (the register of property can be viewed online by anyone).
Normally in a period ranging from 1 to 2 months, it goes to the closing of the offer
The cost of closing, including verification, is approximately 1.5% of the purchase price, with the exception of new buildings where the cost and about 3% of the purchase price as inclusive of developer fees (cost of connections).
If there is a mortgage the amount that costs d 'mortgage and about 2% of the amount financed.
TAXATION
The Real Estate Tax is approximately 2% of the property value, which is revised every year. For non-resident owners the value on which this tax is calculated can not increase more than 10% per year (3% for residents).
IVIE
The Ivie, ie the tax on land held abroad under the Convention on double taxation matters is irrelevant Florida 2% higher rate than that of the 0.76% expected not remains THEN nothing to pay in Italy .
The last factor to consider is the FIRPTA (Foreign Investment Real Property Tax Act), which is subject to any foreign national not resident in the United States.
A foreign citizen who sells property in the United States, is subject to a 10% deduction calculated on the sale price.
CONDOMINIUM FEES
As for the "service charges", you have to break them down into two main categories: "Condo Fees" - generally Paid quarterly to the Condo Association to cover common expenses (Caretaker (if any), cleaning of the building, maintenance of common areas, etc. .) and in some cases also cover the property insurance;
"HOA Fees" - You pay the HOA (Home Owners Association), which generally include maintenance of common green areas, insurance for common areas, the expenses incurred for on-call entry (if any), basic cable tv .
INSURANCE
And 'advisable to take out insurance for hurricanes (generally includes insurance against theft and against damage), and insurance against flooding.
All information is purely informative and does not determine the contractual agreement.
