Florida Buyers Guide
Welcome Reservation Paperwork Title Company Bank Account Closing Process Transfer Payment
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Completion Property Management Management Accountancy Team Index
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Reservation
No doubt at this point you have already worked alongside your dedicated property consultant to pick out an apartment and formally reserve it in your name. You have completed the booking form and emailed back a copy of your ID to complete the reservation process. If you are transferring domestically, you should typically be notified within 24 hours of
your deposit transfer of it being received here with us. If transferring internationally please allow 3-5 working days. You will receive confirmation of receipt of your funds via email for your records and safe-keeping. This completes the booking process and as a purchaser, you can relax and leave the ball in our court for a couple of days.
Paperwork
Upon receipt of your reservation
purchase price and terms of sale.
documents, we submit everything over
Please initial in the corner of every
to our US office who will revert back
page and sign /witness where
to us typically within 3-5 business days
prompted on the final pages.
with the initial purchase paperwork.
This document can be emailed back to
This paperwork outlines the apartment
your property consultant to complete
you are purchasing along with the
this stage of the process.
This paperwork outlines the apartment you are purchasing along with the purchase price and terms of sale.
Title Company
In the US, title companies act as an escrow agent intermeditary
When completion occurs and the sale is confirmed, you
between buyer and seller so that all funds are held securely prior
receive an immediate confirmation of closing and electronic
successful completion. They carry out thorough title searches,
completion document (this is also known as a HUD document).
title clearance and title insurance policy checks to ensure the
Simultaneously, your funds are disbursed to the seller.
efficient and secure transfer of real estate from one buyer to
The initial work on the transaction takes around 7 days
another. Once we have submitted your purchase paperwork back
and once complete, the title company will email both Benoit
to the US office, it is then counter-signed by the seller and sent
Properties and you the investor to confirm a convenient
onto the title company who can begin work on the transaction.
completion date.
Bank Account
To save on international banking charges and to keep the whole ownership process simplified, we recommend clients set up a US bank account for the depositing of all rental income and expenses. Benoit Properties have an established relationship with Seacoast Bank and we can work with investors to set up bank accounts in the USA from overseas. The whole process can be done within 48-72 hours working closely with us and Seacoast Bank by completing the initial application form and returning it back via email. You will also be required to email over two copies of your ID (typically passport and main credit card copy). Notes on the form: You will see on the form various prompts for social security numbers and other nonapplicable fields for international clients. Please leave any non-relevant fields blank. Once completed, you will receive confirmation from Seacoast Bank of receipt along with initial transfer instructions to fund your new account. You are required to transfer an initial $1000 deposit to activate your account, which can be withdrawn once you have a running balance.
Saita Jahur | Client Advisor 6752 Conroy Windermere Road Orlando, FL 32835 rabina.patan@SeacoastBank.com O: 407.514.8600 | T: +1407.514.8600 | F: 407.299.5988
Closing Process
Ahead of the agreed completion date, purchasers will receive closing paperwork which outlines all of the figures and final balance to complete. This document should outline the relevant deposit paid to date, along with all closing costs (circa <3%) involved with the purchase. Buyers need to initial and approve these documents on the corner of each page and where prompted. Note: Your property taxes on your property are paid annually and are typically worked out between Nov-Nov. Therefore for buyers closing in June, you will see a property tax credit on your closing statement. This is normal and effectively credits you for the portion of time the previous owner owned the apartment across that tax year. When taxes are due on the property you would therefore pay for the entire 12 month period. Benoit Management LLC can pay your taxes on your behalf if you authorise them to do so.
Transfer Payment
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Once all closing documents are signed and returned, you will be provided transfer instructions for your balance payment. Please transfer your balance payment with enough time for funds to arrive with the title company in the USA on the relevant ompletion date.
Completion
Once the title company has confirmed receipt of your balance
of and print a few copies for safekeeping. This is essentially your
payment, completion can occur and title transferred into your
proof of ownership and will need to be supplied when you
name. This happens simultaneously with your funds being
eventually come to sell the property. Please email a copy of
disbursed to the seller and ensures your security throughout the
these documents to your property consultant. You will receive a
transaction. You will receive an email copy of your completion
hard copy of deeds within 6-8 weeks.
statement (HUD document) which you should save a copy
Property Management
Benoit Properties operate a licensed Florida property
∙ Licensed community association managers
management company, Benoit Management LLC
∙ Free rental analysis
specialising in long term condominiums, single family
∙ Eviction protection and processes
homes and townhouse rental.
∙ Leasing consultants, available 7 days a week ∙ Proven marketing plan
We offer a complete range of services for all of your
∙ Yard signs (where allowed)
real estate investment needs. Below are just a few of
∙ Annual property review reports for owners
the services that we offer.
∙ Attorney prepared leases ∙ Direct deposit ∙ Monthly statements ∙ End of year statements and 1099 reporting statement ∙ Licensed and insured vendors
Property Management
Tenant screening on every adult application to include: ∙ Eviction search ∙ Criminal background check ∙ Residential verification ∙ References ∙ Employment verification ∙ Credit history ∙ Check writing ability and social security fraud alerts ∙ Qualifying the right tenant through the right procedure makes a difference Eviction search ∙ Criminal background check ∙ Residential verification ∙ References ∙ Employment verification ∙ Credit history ∙ Check writing ability and social security fraud alerts ∙ Qualifying the right tenant through the right procedure makes a difference
Management Set Up
At this stage in the purchase, your property consultant can make the necessary introduction to our sister company, Benoit Management LLC who can manage your property from the ground. Please email travis@benoitproperties.com and your property consultant your electronic completion/HUD document along with your new bank account details.You will receive a welcome email from Benoit Management along with an agreement for you to sign and return back allowing them the ability to manage the condo for you on your behalf. Once they have this from you, they will then supply you with a unique user-name and log-in so that you can access our management platform. The platform is great as it enables you to log on 24 hours a day and view your statement online in real-time, giving you accurate and up to date performance of your investment as and when you require it. Important to know too that when we set this up for you; you will receive an automated message from our management software providing you with your unique temporary log in details. This can sometimes fall into junk mail or spam folders. With this in mind, please keep an eye on your
Travis Stone
mailbox over the first couple of days so that you can identify it and log
Travis@benoitproperties.com
agreement and not receive your log-in within 4-5 days, please email
Off: (239) 431-6906
Benoit Management LLC should not require daily contact and you can
www.BenoitManagement.com
in the first couple of months, we recommend that you monitor things
Benoit Management LLC
in without any problems. Should you return your manag ment
2180 Immokalee Road, Suite 313 Naples, FL 34110
me/call me so we can resend it. Once everything is up-and-running,
Cell: (239) 898-3172
sit back and relax as they handle everything on your behalf. However
www.BenoitProperties.com
closely and inform us if something does not quite look right.
Accountancy Team
The US tax regulations for non US Citizens and US Citizens $
expatriated for tax purposes can be quite complex. Once things have settled down and you are seeing money flowing in and out of your new account; we recommend that buyers contact our accountancy partners to set up an ITIN number (Individual Tax Identification Number). Setting this up early has several benefits and ensures that you are tax compliant from the offset. Also by having accurate accountancy records from the beginning, you can use these to your advantage when you eventually come to sell the property or reclaim any tax relief. Mike Bodah of Florida Accounting Associates is in place to assist our clients from start to finish. Mike has over 30 years experience in helping non U.S. citizens comply with those regulations and is able to certify that all required documentation needed to receive an ITIN has been submitted to us and then obtain an ITIN with minimal submission of documents to the U.S. Government. This is a great time saver for our buyers and ensures you are fully complaint with the least amount of effort. Florida Accounting Associates are a useful resource throughout ownership and can assist in all of your accounting needs. Mike Bodah | Florida Accounting Associates, PA Certified Public Accountants FAAPACPA.COM
Address:2443 Pine Wood Circle, Naples, FL 34105
Mike@faapacpa.com | P: 239.263.9609 | F: 239.263.8120
Index
Benoit Properties UK 2.11 Jactin House,
Accoutant
24 Hood Street,
Mike Bodah | Florida Accounting Associates, PA
Manchester,
Certified Public Accountants
M4 6WX
FAAPACPA.COM
Phone: +44 (0)161 250 5300
2443 Pine Wood Circle, Naples, FL 34105
Email: info@benoitproperties.com
Mike@faapacpa.com | P: 239.263.9609 | F: 239.263.8120
Travis Stone Benoit Management LLC 2180 Immokalee Road, Suite 313 Naples, FL 34110
Bank Account
Off: (239) 431-6906
Rabina Patan | Client Advisor
Cell: (239) 898-3172
6752 Conroy Windermere Road Orlando FL 32835
Travis@benoitproperties.com
rabina.patan@SeacoastBank.com |
www.BenoitManagement.com | www.BenoitProperties.com
O: 407.514.8600 | T: 800.706.9991 | F: 407.299.5988