New Yorkers are flocking to Miami, Fort Lauderdale, Boca Raton, and Palm Beach for sunshine, lifestyle, and tax advantages. But buying a condo or single-family home in South Florida isn’t the same as closing on a Manhattan co-op. Contract terms, insurance rules, flood zones, and association governance all work differently here. The smartest move? Partner with an experienced South Florida real estate attorney to protect your deposit, your timeline, and your long-term investment.
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1) Yes, No State Income Tax—But New Local Costs
Florida’s lack of state income tax is a major draw. Still, buyers should budget for:
• Documentary stamp tax on deeds at closing
• County property taxes that reset to your purchase price
• Insurance premiums, especially near the coast or in flood-prone areas
A South Florida real estate attorney can review your closing disclosure, verify tax prorations, and help you file a Homestead Exemption to cap future assessment increases where eligible.
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2) Title Company vs. Attorney-Led Closings
In New York, your attorney leads the process. In South Florida, title companies often coordinate closings—but they don’t represent the buyer. Without counsel, you could sign a seller-friendly contract, miss title or survey defects, or overlook association restrictions. Retaining a local attorney ensures an independent review of title, survey, condo/HOA documents, and all critical deadlines.
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3) The FAR/BAR “As Is” Contract—Read the Fine Print
Most residential sales use the standardized FAR/BAR “As Is” contract, which sets strict inspection and financing timelines and typically favors the seller. Your attorney can:
• Add riders for appraisal gaps, furniture inclusions, leaseback terms, or repair credits
• Clarify escrow dispute procedures
• Track contingencies so you don’t forfeit your deposit
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4) Flood Zones, Elevations & Insurance
Coastal living means water risk. Florida sellers now disclose flood history, but buyers still need diligence. Your attorney will check FEMA flood maps, elevation certificates, prior insurance claims, and carrier requirements—then advise on flood and windstorm coverage. This is crucial in Miami Beach, Sunny Isles, Aventura, Fort Lauderdale, and Naples, where sea-level and storm concerns can drive premiums.
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5) Condo & HOA Governance (Read Before You Waive)
South Florida condos and HOAs operate under detailed statutes and building-specific bylaws. Before your inspection period ends, have your attorney review:
• Budgets, reserves, and special assessment history
• Engineering reports/recertification (e.g., 25/30/40-year and beyond)
• Pending litigation and insurance coverage
This reduces the risk of inheriting six-figure assessments for structural repairs, recertification, or hurricane damage—issues more common in Miami-Dade and Broward coastal buildings.
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6) Buying Through an Entity for Privacy & Planning
High-net-worth and privacy-minded buyers often use LLCs or trusts. A South Florida real estate attorney (ideally coordinating with your tax advisor) can:
• Form the LLC/trust and draft the operating agreement
• Address liability protection and estate planning considerations
• Navigate differences for U.S. vs. foreign buyers
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7) Smooth Closings with Remote Online Notarization
Florida allows Remote Online Notarization (RON), so New Yorkers can often close from home. Your attorney coordinates e-signings, lender packages, wire transfers, and identity verification—and implements strict wire-fraud protocols to safeguard your funds.
Quick Checklist for NYC Buyers
• Get pre-approved with a lender familiar with Florida condos/condo-hotels
• Retain a South Florida buyer’s attorney before making offers
• Order inspection, 4-point/roof, and wind mitigation where applicable
• Review flood zone, elevation, and insurance quotes early
• Read condo/HOA docs, budgets, reserves, engineering reports
• File Homestead (if primary residence and eligible) after closing
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FAQs
Do Florida condos allow pied-à-terre or rentals like NYC?
Policies vary widely. Many Miami and Fort Lauderdale buildings cap rentals (e.g., minimum lease terms, number of leases/year). Your attorney will confirm use and rental restrictions before you waive.
Will I face a board interview like a Manhattan co-op?
Most Florida condos are not co-ops and rarely require interviews, but they can run background checks and enforce application timelines and move-in rules.
How fast do deals close?
Cash deals can close in 2–3 weeks; financed purchases often take 30–45 days, depending on appraisal, underwriting, and association approvals.
What’s different about property taxes?
Taxes typically reset to market value at purchase. Homestead (if applicable) can cap annual increases going forward. Budget for a higher first full-year bill than the seller’s.
Ready to explore Miami, Fort Lauderdale, Boca Raton, or Aventura?
Schedule a private consultation to review your contract, condo/HOA documents, and insurance exposures before you commit. We speak both “New York” and “South Florida,” so your transition is seamless. Call today 786-363-8551
