Property Management
If you are only here sporadically, you should hire a property manager. A property manager will conduct regular checks of your property during your absence (is the air conditioning running, are there insects in the house, are the pool and garden maintained correctly etc.). The property manager also takes care of the mail, orders repairs (after consulting with you), takes care of any tenants, and takes care of cleaning and checking the house after you leave.
We work with several property management companies and would be happy to put you in touch.
Insurance Application
Before the transfer of ownership, you should also take out insurance for the house. In addition to covering damage from fire, storm, theft, etc. homeowners’ insurance also includes liability insurance. Homeowners insurance does not cover damage due to flooding (rising water). For this, you need a separate flood insurance.
We work with an insurance agency that will be happy to put together an insurance package that suits your needs.
The insurance paperwork should be signed a few days before closing. This gives you the opportunity to include the insurance amount on the title insurance settlement statement that you receive a few days before the property transfer.
If the property was built before 2002, it is recommended to submit an inspection report (wind mitigation report) to the insurance company. For apartments, you can usually get this inspection report from the asset management company; for houses, you can get an inspection for about $100. In many cases, the inspection saves 30-50% on the insurance premium.
Purchase Settlement and Closing Report
Approximately 10 days before closing, the title company will send you the documents to sign as well as the actual settlement statement. This settlement statement contains all payments to be settled between buyer, seller and third parties.
At the bottom the buyer finds the remaining amount to be remitted to the title company prior to the transfer of ownership. The settlement includes but is not limited to the following items:
- Purchase price
- Splitt of property taxes between buyer and seller for the current year
- Division of development fees for the payment period
- Payments to the development for the property transfer (transfer costs)
- Settlement costs, title insurance and land registration costs
- Incidental loan costs
- Insurance premiums, if applicable
This package will also include other, slightly less important documents. We will be happy to go over these documents with you in person or by phone.
All documents will have to be signed and returned to title company by email or fax. This step requires no originals and no notarization. Only loan documents need to be notarized.
Now it’s time for the final payment. This amount must be received by the title company via wire transfer. Checks will not be accepted.
Important: As a rule, you can’t wire money from a U.S. bank account, unless you are there in person. If you transfer the money to your American bank account before the closing, make sure that you are either there for the closing or the bank is able to make a transfer without you being present.
One last check
The day before closing, it’s a good idea to do another inspection of the house. The seller is obligated to keep the house in a well-maintained condition. You should also verify that all items included in the contract remain in the house.