laniganpl.com/2014/07/26/help-... (Winter Park Florida) Real estate lawyer Eric Lanigan talks about things that foreign investors in Florida U.S. real estate should know before they buy property.
When you have a foreign investor in U.S. real estate there are other things that you need to consider that are critical. The most common is probably that that foreign entity create a United States or a Florida limited liability company so it is a Florida domestic limited liability company. The owners of which are a foreign entity and then the foreign entity is owned by the individual foreign investors.
Another critical issue is banking relationships. People who live here in the United States that are buying property 99% of the time they already have pre-existing banking relationships. When it’s a foreign investor coming into the United States 99% of the time they don’t have any U.S. banking relationships. In fact we find that about 80% of real estate purchases are paying all cash when they’re foreign purchasers.
There’s also the issue of visas. You know many people come, we’ve had many many people come in, they’re on a tourist visa, they want to snatch up some foreclosure properties in Florida because it looks like good deals in terms of exchange rates and the relative value of the properties and they want to snatch them up. And you’ve got to have a lot of conversations about look you’re here on a tourist visa.
One piece of advice I would give to any foreign investor coming to invest in Florida. In fact I would say any non-local investor coming to invest in this area.
Never rely on the seller of the property to be your guide.
Never rely on the seller’s realtor to be your guide.
Remember their job, their goal, is to sell the property. It is not to look out for you. You need to make sure that the person that you retain has one goal and that’s to look out for you.
Contact real estate attorney Eric Lanigan of Lanigan and Lanigan by calling 407-740-7379 for a meeting in the offices located in (Winter Park, Florida).
If you like this video and found it helpful, then you should watch this video by Eric Lanigan on Florida real estate called "Florida Property Easements Can Cause Land Disputes" • Florida Property Easem...