When investing in property, it is imperative to have the hand of a professional and, if need be, an entire team guiding you. Here at FloridaDoc, we are a team of experts ready to walk you through the whole process of investing in pre-construction property in Miami.
And while the process is sometimes considered complex, the pre-construction process is not all that complicated, really. Here is a simple guide on the 4 phases to expect when investing in Miami’s pre-construction property.
· Reservation Phase
The perfect time to get into an agreement!
Investing in a property during the reservation stage is the perfect time to get the best deal. At this stage, the property only exists in its presentation form and has the lowest possible price tag. This first stage is referred to as reservation because, as the buyer, you have the chance to reserve your desirable unit or units with a deposit no more than 20% of the property’s quoted price.
· Contract Phase
It’s time to make that agreement legally binding!
One to three months after making a reservation agreement, you can expect your agent or broker to deliver a hard-copy contract for you to sign. This contract contains all the legal issues and necessary information about the property you purchased. These documents are proof of your ownership of the purchased unit or units.
· Construction Phase
Let the building begin!
The groundbreaking marks the beginning of the construction process. Ideally at the points when construction begins and when it is almost ¾ ways, you will be expected to pay the next deposit installments of no more than 20% of the purchase price of your unit or units. However such details will be clearly outlined in the contract signed.
· Closing Phase
The keys to your property are now yours!
Finally, the project is now complete. This could take anywhere between 18 to 30 months. And within this period, you will be expected to consolidate the remaining percentage of your purchase payment either through a mortgage plan or cash payoff. Once all this is in place the developer can close the transactions to your unit or units and officially hand over the ownership.
Now that you know what to expect, are you ready to invest in the luxury lifestyle of Miami? Contact us today, and let us walk you through the pre-construction investment journey.