This is what you should consider before buying a property

Buying a property is not an easy task, but with the following steps, we will make this process easier for you:

1. Choose a good real estate agent: Make sure your real estate agent has experience and knows the characteristics of the area and the type of property you want to buy.

2. Determine your financial capacity and how much money you have available: Before buying, you need to know how much money you have available for the down payment, closing costs, monthly mortgage payments (if you take out a loan), maintenance, and annual property taxes. If you decide to buy in cash, the funds must be in a U.S. bank, or you must transfer the funds before you start searching for the property you're interested in.

3. Decide your personal needs: It’s important to determine whether your purchase will be a full investment property (for rental) or a primary or secondary residence. You should also choose the area where you want to buy, the number of bedrooms, bathrooms, the size of the property, and common areas such as gardens, a pool, a gym, valet parking, etc. Additionally, decide whether you want to buy a condo, townhouse, or single-family home. After analyzing your personal needs along with your financial capacity, you can begin the search.

4. Start searching for your property: Today, there are many ways to search for properties, but the most efficient is still with the help of a real estate agent. The agent conducts a search based on your criteria, area, and the price you are looking for, and presents them to you for visits and decision-making.

   In Miami, unlike in several countries in Latin America and Europe, real estate agents have access to a property listing database called the MLS (Multiple Listing Service). Here, real estate agents and various real estate companies collaborate and compensate each other, creating a large database with thousands of properties for sale or rent.

5. Make an offer for the property you want: After finding the property you were looking for, the offer is prepared with a purchase contract. But before making the offer, your real estate agent will inform you of all the details of the purchase, the estimated property taxes from the county, maintenance or HOA fees (if the property is in an apartment building or a private community), and can also assist with the application process and the community's statutes and rules.

   The real estate agent must present a fair offer that the seller is more likely to accept. The purchase offer is made with an earnest money deposit, usually between 5% and 10% of the purchase price, which is deposited into an escrow account with a real estate attorney or title company. This attorney or company can be the one involved in the transaction or a third party.

6. Begin the property transfer process: Once the buyer and seller sign the contract, the process of transferring the title to the property begins. The purchase contract will include several dates that must be met exactly as stipulated to avoid penalties or contract cancellation.

7. Closing: This is the agreed-upon day in the contract when the seller, buyer, real estate agent, attorneys for both parties, and a notary public meet at the title company handling the closing. The buyer must have transferred the remaining funds to the title company’s account at least one day before the closing date or bring a certified check issued by a local bank.

   When buying property in the United States, there are charges associated with the transfer, called closing costs. These are additional to the purchase price and the majority must be settled on the day of the closing.