Out of USA Buyers UK Buyers British, UK, Buyers Advice Karyn Smith Broker Associate

BUYING PROPERTY IN THE USA

If you would like a more in depth report please e-mail me happy to send it to you

Orlando, Central Florida remains the World's number one holiday destination, the renowned attractions and climate combine to draw tens of millions of visitors every year, and unlike most other holiday resorts the favorable climate also ensures that the rental season is 52 weeks per year.

There's also a lot more to Orlando, Central Florida than the theme parks - the beautiful coastline is just over an hour's drive away, there are many fabulous golf courses to suit all handicaps, endless bargains at the many shopping malls and outlets, great fishing lakes and wetlands and much, much more to discover - so there's always a very good reason to return again and again.

The vacation home ownership industry in Florida is also being driven by another critical factor. The baby boom generation is ten years, or less, from retirement. Income producing vacation homes in a retirement friendly state like Florida (no state income tax!) are an ultra attractive way to both invest and secure the retirement homestead before the prices escalate. If you think that vacation home ownership next to Walt Disney World might be for you, then do your homework

A Good Realtor Will:

Set up an appointment with a mortgage broker to help you determine your purchase price. This will also give you a through understanding of the costs involved.

Determine which property best suits your needs and take the time to educate you to the different types of property that is available to you.

Show you different areas that are zoned Short Term Rental. A vacation home must be zoned (by the County) for short-term rental if you wish it to be rented out on a weekly basis.

Prepare the offer (the sales contract) to submit and guide you through this process. I can help you negotiate not just the price of your property but terms, date of possession, the inclusion of a repair amount and the time frame it must be done in.

Arrange for any inspections you require on your home, I can help assist you to locate qualified responsible professionals who will carry out these investigations and provide you with written reports.

Be your eyes and ears if you do not live in this area to help oversee every detail in the purchase contract process.

Investment Property Analysis

Can you be guaranteed to make money with a rental property?

I believe in finding you the right property, at the right price, to begin with, and then you should have no problem in renting out your property yourself or with the help of a respected management company. I think that if your bottom line is to have a place for your own vacation, and to get the value of property appreciation over time, a vacation rental home in the Orlando area is a fine long term investment! Happy to send you my investment analysis work sheet - e-mail me

At the end of the day, if you are looking for guarantees, then perhaps you should be "saving" your money in a safe bank account, rather than "investing"!

No one can really expect to make a large annual net income from renting out vacation property, but for the person who wishes to spend a few weeks per year in the property personally; this also is a great benefit. Essentially you are getting other people to pay for your holiday home !!

Areas of Short Term Rental Homes

What To Buy ?

There are two largely separate rental markets in Central Florida's vacation home industry, the single family pool home market, and the condo/townhouse market. Both are equally profitable, so which to buy into becomes more a matter of personal choice than of economics.

Townhouses have seen a massive surge of interest in recent years in rental zones as well as for residential purposes. There have been many developers that have begun to construct town homes as they fill the middle ground between condos and single family homes or villas. They are very popular with families who want to get on the property ladder and also with the retired who are looking to downsize.

In the Orlando area there are numerous town homes available in short term rental zones and these again could fill the gap between those who want a completely hands free investment of a condo and those that want a good sized villa or single family home.

Condominiums or condos as they are more commonly known are the equivalent of European apartments/flats. With the properties and land being purchased on a freehold basis but within a communal area where there are community rules and regulations. A president, treasurer and secretary are typically elected by the owners and they will oversee the day to day running of the community under guidance of regulations and rules set down by Florida State.

Single family pool homes can be found on some resort communities, but many are on quieter, residential-style communities. The homes, having their own pools, are more self-contained, so community facilities are not so important to guests. In general, pool homes are more expensive to buy and to own, but income from rentals will be higher to compensate. Please check out my website to look at all the different communities.

Resorts

Please check out my website fro more information on each of these resorts, you will find a list on the left hand side of my home page and it lists all the sub divisions. The resorts below are gated with a clubhouse and community pool + many other features.

Terra Verde Windsor Hills Paradise Palms Fesitval

Emerald Island Windsor Palms Bella Vida Windsor at Westside

Encantada Regal Oaks Regal Palms

Villas at Seven Dwarfs Club Cortile Lake Berkley

Windsor Palms Windsor Hills Reunion

Please remember that the Hotel Licenses that you receive will allow you to rent your property out to 2 persons per bedroom + 2 extras on the sofa bed. When you use it for personal use it is up to you.

Rental Income As this has so many variables, I suggest you do a little homework on the internet type in Disney Villa, Vacation Home, Holiday Condo and this will give you an idea of what different types of property rent out for at different times of the year. Remember that if an MC does the booking on your behalf they will take a commission for that booking, so the more involved you get doing the bookings the better. This is a very, very rough guide the more homework you do the better understanding you will have. The other source of information on this is Management companies, see below.

Mortgage Approval

The next step is to think about how you are going to purchase the home of your dreams. Again like Realtors, to offer mortgage information you also have to be licensed. Buying a residential property in Florida is much like buying a residential property in most parts of the world. The one main difference is acrucial one – Mortgage Brokers charge for their services in Florida.

I work with several mortgage brokers including ,I am happy to supply names and addresses.

Mortgage Interest rates are comparable to Europe and Canada You can also get mortgages here for 30+ years at fixed or variable rates. Monthly Payments on a typical 30-year fixed rate loan do not alter and this is the most popular method of financing amongst Foreign Investors. In order to qualify, you must provide the usual details on employment and annual income. A credit check may also be undertaken by a European based firm. Non Status loans are the easiest to obtain however the deposit requirement and interest rate is usually slightly higher.

Mortgage Brokers in the UK are paid either a salary and/or a commission by the lender, the bank or building society. In Florida the Mortgage Broker is paid a fee by the borrower (you) in addition to a lender commission.

The costs incurred by you, the borrower, are collectively called the closing costs. There are a number of fees and charges that make up the closing costs . These costs are paid at the en d forming part of the closing costs, Mortgage Brokers charge a loan origination fee. This fee can range in size from 1 to 10% of the actual loan amount, depending on the complexity of the case (10% is the legal maximum loan origination fee permissible). UK, European and Canadian residents, with a healthy deposit (20% and upwards), should not be charged anywhere near these higher rates. The most commonly charged fees will be in the region of 2 to 3%. Also, please be aware of Mortgage Brokers who claim there are “no closing costs” these costs are generally hidden elsewhere.

If you can bring this documentation with you it will speed the process up:

Passport and proof of UK address x 2

Proof of income:
Employed - last 3 months pay slips, P60, bank statements
Self Employed - last 2 years certified accounts, bank statements

Raising Finance

Many people raise finance for an overseas property, by refinancing their UK Property. Using the new Intelligent Finance Accounts (offered by such companies as Virgin and the Woolwich – part of Barclays) has become a very economical way of raising the deposit for your property in the US. You can also use this for additional funds for the costs you incur such as your property taxes & legal fees etc. Even a small mortgage is a good idea because in the US you can offset your property taxes (rates/local council taxes) and the interest paid on the principal or your mortgage payment against your income tax.

Buyers Closing Costs
The lender must disclose a good faith estimate of all settlement costs. A check to cover your closing costs will probably have to be a cashier’s check. The title company will tell you the required amount for whichever of the following apply:

Down payment. Loan origination fees.

Points or loan discount fees. Appraisal fee.

Credit report fee. Property tax escrow

Private mortgage insurance premium. Deed recording fees.

Escrow for homeowners insurance. Survey.

Title insurance policy premiums. Notary fees.

Inspection fees for a home inspection.

Proration’s for property taxes, rents, etc.

Prorations: Because such costs are usually paid on either a monthly or yearly basis, you might have to pay a bill for services used by the sellers before they moved. Proration is a way for the sellers to pay you back or for you to pay them for bills they may have paid in advance.

Mortgage Escrow: Lenders may keep funds for property taxes and insurance in escrow accounts as they are paid with the mortgage, and then pay the insurance or taxes for you. You may be required to pay several months of these payments in advance at closing.

Property Taxes: This is the one closing cost that is often prorated between the buyer and seller. If the seller has already paid the annual property taxes, the buyer typically reimburses the seller for the period in which the buyer will be occupying the property. Likewise, if the taxes have not yet been paid, the seller typically reimburses the buyer for the period in which the buyer occupied the property.

If you have a mortgage, your taxes will automatically be paid with your mortgage they go into an escrow account and the mortgage company pays your taxes at the appropriate time

Mortgage Terms Explained

Loan Origination Fee This covers the administrative expenses in setting-up and processing the loan. The loan origination fee may be a percentage of the mortgage amount.

Points (optional) An option for the home buyer is to pay points to lower the interest rate at which the loan will be repaid. Each point equals 1 percent of the mortgage amount. For example: on a $150,000 loan, 1 point would equal $1,500.

Appraisal Fee The fee for having the house appraised may be incorporated into the closing costs or payment may be required by the lender at the time the loan application is submitted.

Credit Report The lender uses a credit report to determine the creditworthiness of the loan applicant. This fee is often paid when the loan application is submitted.

Interest Payment Typically the buyer is required to pay interest on the mortgage loan to cover the time between the closing date and when the first mortgage payment period begins. For example: If closing is on May 15. Your first monthly payment begins to accrue interest on June 1 with your first mortgage payment due July 1. At closing an interest payment covering the accrual period between May 15 and May 31 may be required.

Open a Bank Account

You will need to have an American Bank account to deal with your financial affairs in the USA. You will need:

· Passport & Drivers license

· Proof of address x 2 - Typically a recent utility bill or bank statement

· Cash deposit – dependant on the bank

You will also need a US address which we can provide

MAKE SURE YOU SIGN PAPERWORK THAT ALLOWS YOU TO TRANSFER MONEY OVER THE PHONE

The Next Steps

Ok you have picked your Realtor, you have raised the money for the 20/30 % down payment, you have talked to a mortgage broker and are “pre approved”.

Before you come I will set you up to look at homes on the MLS (see below for MLS details), this will give you a good idea of what is available and how much it costs. When you arrive in the USA, I will set up an appointment to take you out and show you the different types of property that are available and the different communities.

When you have chosen the home that you want to make an offer on, I will prepare a written contract that sets out how much you are offering, together with any other contingencies and conditions that you require.

It is important to be aware that this contract will be legally binding on you if the seller agrees to your terms and signs it. You do not have the option of withdrawing your offer later without losing your deposit, unless the contract includes contingencies that allow you to do so under certain conditions.

The main features of the offer, as set out in the contract, are as follows:

The price you are offering.

The amount of the good faith deposit that you will put into escrow.

The date that you wish to close on the purchase.

Any financing or other contingency - for example, if you want to make the purchase conditional on being able to obtain a mortgage at acceptable terms.

Any other conditions that you require, for example that the furnishings be included in the sale, that advance bookings convey, etc.

The amount that the seller will be committed to spend to put right any defects identified by the home inspection.

Happy to send you a copy of what the contract looks like before you come.

When you put an offer in writing, the seller has three options.

1) He can accept your offer, together with all the terms you specify, in which case you have a binding contract as soon as the seller has signed.

2)He can reject your offer outright.

3)He can come back with a counter-offer that modifies any or all of the terms that you have specified.

If the seller makes a counter-offer, the ball is back in your court. Your original offer is no longer on the table, and that cannot become binding. The new (counter-) offer will contain one or more changes from your original offer.

The most likely change will be in the contract price, indicating that the seller won't take your offer price, but this isn't always the case. Sometimes the seller will accept your price, but reject some other terms that you put into the contract - perhaps the closing date, or the allowance for repairs, or the length of the financing contingency period, or your request for the seller to contribute to your closing costs.

This process can continue for some time, although it is unusual for more than two counters to be put on the table before agreement is reached or one side declines to negotiate further.

Although it is preferable for all negotiations to be in written form right from the start, it isn't unusual for he agents for each party to discuss verbally any differences of opinion and to look for a mutually agreeable solution on an informal basis. This can save quite a bit of time and help get to an end point more quickly.

The key to a successful negotiation, one that ends with a contract that is acceptable to both sides, is to be as flexible as you can, and to step back a little to take a look at the deal from the other side of the fence. An aggressive, confrontational approach is much less likely to end successfully..

Again if you would like a more in depth explanation of the contract or you would like me to e-mail you one happy to do so

Inspections

The Home Inspection is an unbiased, professional assessment of the condition of the house. It provides you an expert opinion and professional report on the condition of the physical structure and various systems within a house. An average cost will be in the region of $300.00 dollars. We also suggest a termite inspection. These costs in the region of $100.00.When the inspection has been done it is then up to you and your agent to discuss any on going issues with your new home. Quite often there is an agreed amount in the contract between the buyer and seller to cover the cost of minor repairs. Your agent will organize any repairs that need to be done and keep you informed of the progression towards closing.

Money Transfer

It makes sense to maximize any opportunities to save money and one of the key ways to do this is the method you choose to exchange your dollars into sterling or the appropriate foreign currency. Currency dealers will usually offer a better rate of exchange than your bank. Please ask for details.

For the Closing

This can be done without you being here the documents will be delivered to you by Fed Ex or DHL . You will also need to identify the nearest Fed Ex office/drop to your home and find a solicitor who offers a notary service.

You will need to have your signature(s) notarized by a Notary Public. The system for notaries is very different in the UK than in Florida. The U.S. has many notaries, who often will notarize your documents for free, or for a very minimal charge, with no notice required.

Outside the US

However, there are few Notaries in the UK and they will always require a fee (usually a minimum of 50 pounds) and will generally require an appointment. Notary in the UK. Cut and paste this to your web browser http://www.facultyoffice.org.uk/Notaries2.html

Accountants

As you are a foreign investor and will be essentially running a small business in the USA, you will need to file a tax return, and this is called a non-resident tax returns (form1040NR). You can do so yourself by downloading the forms at http://www.irs.gov/pub/irs-pdf and submitting them to the appropriate address.

Happy to put you in touch with an accountant who can help you with this and apply for your T.I.N. number (see below)

New Developments

Suppose you have selected an agent to work with, but on a free day you decide to visit a new development on your own or you have requested an information pack while in Britain. You have to be particularly careful when visiting a new home in certain states, such as Florida. Otherwise it can end up unnecessarily costing you thousands of extra dollars. Developers have large advertising budgets to attract you to their show houses. The agent present at the development you visit is working solely for the builder or developer. Whatever they may say, they are not independent and do not, and indeed, legally cannot act exclusively on your behalf. A number have very extensive sales experience, including training in the psychological reaction of buyers in every conceivable scenario!

The builder's agents can be very persuasive in suggesting a whole stack of additional mod cons that you apparently require to maintain the value of the home. They are very often on a higher level of commission for these extras, which can cover hundreds of items; from sinks, tiles, carpets to even grade of paint! This is not always the case and selecting the wrong options, can actually lead to a loss if you sell the house in a short period of time. Other builders offer very competitive homes with many features included as standard, but being new to America, how can you tell which builders properties will have the best resale value in 5 years time? This is where the expertise of a Realtor working for you can help when making decisions.

If you registered when you walked onto a development or have given your personal details you may have lost your exclusive Agent representation. The commission for your agent was included in the selling price of the house. You will not obtain the property at a lower price by buying it directly from the builder, instead the builder benefits. Therefore you forgo your agent's exclusive representation of your interests. This has happened all too frequently to unsuspecting Brits, so please be careful.

Some agents offer free inspection flights, and/or accommodation. Many clients ask are they worth taking? The saying, " there is no such thing as a free lunch" holds true. Who pays for the flight? The cost must come from somewhere. If you take an inspection flight, the company you go with can hold all the cards. They select the properties you will be shown. They determine your itinerary. Do they show you a good selection of resale properties, including those with lower rates of commission? This may not be a motivation if the commissions are higher on new properties. A good agent will spend considerable time in finding the best value properties to meet your requirements. The value to you of that time in obtaining the most suitable property at the lowest price will be far in excess of those flights

Visas

Currently no visas are needed for UK citizens to enter the USA as tourists and the length of stay allowed is three months. You can apply for an extension to six months from the embassy.

Coming to live in the USA is another matter and can get quite complicated. One would need to talk to the US Embassy or an immigration lawyer to check on the various ways of immigrating I am happy to give you several names of immigration specialist one of whom I used to successfully re locate to Florida. If you would like more information on immigration and visas please do ask.

Property Management

If you are not planning on coming to live in the US, you will need to have a Property Management Company often referred to as an MC take care of your home for you. The Property Management Company will make sure your home is looked after; they will take care of the garden, pool, pest control and get your home cleaned after guests have departed. They will take care of your guests should they have a problem and will be on call 24/7 to deal you guest’s needs.

In Florida, short term rentals are strictly governed by State rules and regulations. Some rules also vary between counties. Details, such as licensing, maximum occupancy, signage, and emergency lighting are covered. A good property management company will make sure that your property complies with the rules, and is well taken care of. They can help you get the best return on your investment.

I strongly recommend that you have some sort of personal involvement - the more involvement you have, the more likely you are to increase your return. For example, don't just leave the renting of your property to your management company. Try and get some of your own bookings through friends, colleagues, a little website of your own, etc. This will increase the number of weeks your property is rented and therefore will increase your bottom line. We always find that people who do this are much more successful. It is YOUR investment!

Typically, charges will run about $300-$400 a month, which will include weekly pool cleaning, weekly grass cutting, monthly spraying for bugs, plus the company's fee for filing the required monthly sales and tourist tax returns on short term rentals, in addition to generally keeping an eye on the property for you and in many cases, making sure your bills are paid.

In addition to your management fees, you will have utility bills and you will pay for cleaning of the property, each time a guest moves out (usually every one or two weeks). I recommend that you personally make sure your mortgage is paid and also, if your management company is paying your bills, that you get a detailed copy of all of your bills.

Management companies have no state or federal regulatory bodies. Be certain you do your homework thoroughly before contracting home management.

Only the items written into a signed management contract are legally enforceable. Make sure that the company's responsibilities and associated fees are clearly spelled out.

I work with several companies happy to share their information with you just e-mail me

MLS - Multiple Listing Service

Multiple Listing System is a real estate listing service that combines the listings for all available properties in an area, except For-Sale-By-Owner (FSBO) properties, in one directory or database.

The MLS allows me to put in certain criteria such as an upper limit for price, how many bedrooms/bathrooms you want, does it have a pool and is it in the area you are looking. I can then update you , by e-mail, as new properties become available or if there is a price change on a property that is currently for sale.

In general, MLS access is restricted to licensed real estate agents. Those agents pay a fee to view the listing database.The general public only gains access to a portion of the overall listing database via a portal or other website

Deposit on a Property When you have found the home that you would like to buy, I will write up the contract (the offer) and send it to the agent who is listing the property, and they in turn will present it to the owner. At this time it is usual to place a good faith binder deposit of $3000 to $5000 dollars. If the seller does not accept your offer on the property then the deposit will be returned to you. The deposit is held in “Escrow” (see note below).

Title Company The Title company will pull together all the paperwork for the transaction. They will research the title and issue Title insurance (See below). In the State of Florida, we do not generally use lawyers for Real Estate transactions. All the necessary documentation is typically taken care of by the Title Company; they are used to doing thousands of transactions, most of which are standard. If you feel you would like a lawyer to represent you please ask for a list of names.

Title Insurance The Title Company will also be issuing your Title Insurance policy. Most people will be unfamiliar with the concept of Title Insurance, but it is a system that has been in use in the States for years. Title insurance is a type of insurance that helps protect against losses that could occur if you discover after closing that someone else can claim ownership of your property.

Title Search Is a close examination of all public records that involve title (deed) to a piece of real estate. The person conducting the search looks at past deeds, wills, and trusts to make sure the title has passed correctly to each new owner. The examiner tries to verify that all prior mortgages, judgments, and other liens have been paid in full. A title search should uncover potential problems, such as rights others may hold (right of ways, view easements, power line easements, mineral rights), claims by prior undisclosed heirs, and pending legal actions. If you would like a more complete description please ask.

Escrow also known as settlement or closing, is the process in which an escrow company, Title Company, or other third party overseas the transfer of ownership to from the seller to the buyer. The third party agent holds and organizes any funds and documents until all the details of the transaction have been fulfilled. Escrow opens when good faith money (deposit) has been deposited into an escrow account along with the contract for sale and purchase signed by both seller and buyer. Your agent will take care of this for you.

Closing Costs If you are using a mortgage to purchase your home, there will be closing costs -typically you need to budget 3% to 5% of the sales price to cover these. Your mortgage advisor will go through the costs very carefully with you. If you are paying cash then you would be looking at closing costs of about 1.5% of purchase price (this is for State and County Fees).

Taxes Just like home, the government asses the property you purchase for taxes; this covers services such as trash removal, schools and road works. Your Realtor with tell you the tax on the home you choose. Tax is due in November and when you close you will pay these pro-rated for the part of the year that is left.

Utilities In today's age of computers and high tech, your utility bills can come directly from your own bank account that you set up here in Central Florida. You can also pay online or by credit card from the UK – it only takes a small amount of time and it really is important for you to keep control over your assets and money. That way if you decide to change management companies you don’t have to go through the hassle of re setting up your accounts.

To set up accounts you will need to leave a deposit with the utility company – your Realtor will give you a list of the different companies you need to contact.

H.O.A – Home Owners Associations When you buy a house, a condo or a town-home you may be subject to join an association which will have rules and regulations that govern what you can or can’t do with your home. Associations as a rule are a good thing as it protects your investment making sure that other houses in your sub division can’t be painted purple for instance. There will usually be a cost involved that may be shown as a monthly, quarterly or yearly fee. These can be quite an expenditure if you community has a lot of amenities that have to be looked after.

T.I.N. (Tax Identification Number) An accountant can help you apply for this at a cost of approx $50.00 per person. You will need this to apply for a license to rent your home out. Also if you have not got one and sent in your tax returns when you sell your home the government will withhold 10% of the sale price. Happy to explain this in more detail.

Income tax If you are renting out your property, you will only pay US income tax on your net profit from your rental activities. This is your rental income; less all the expenses of running your property; less your US mortgage interest (UK mortgage interest is not tax deductible).

With a US mortgage interest deduction, you may find that your taxable income is so low as not to be a problem. When you pay cash, or have a UK mortgage, your taxable income is greater by several thousand dollars per year. In any case, you would probably be taxed at the lower rates, which are currently 10% and 15%. We strongly recommend that you consult with an Accountant, either here locally, or in your home country.

Sales and Tourist Tax Rentals for less than 6 months (to one individual) are subject to a Florida State sales tax of 6%, a local tax of between .5% and 1% and also a County tourist tax (between 4% and 5%, depending on the County).You or your property management company will originally register for these, then, each month; you must file and declare the rents you have received. You must file monthly even if you have had no rents that month.

How Do You Choose A Realtor ?

I In Florida all Realtors ® are licensed by the State of Florida and it is a 3rd degree Felony to practice real estate without a license. To obtain a Realtor’s license it is nnecessary to attend Real Estate School and pass the schools exam followed by a very ririgorous State exam. This license has to be renewed every 2 years – this ensures your Rrealtor is up to date with current laws and practices.

Once you have joined the Board of Realtors® you are able to access the Multiple Listing System (MLS). This is a web-based system that lists nearly ALL properties currently for sale in Florida. All Realtors have access to the same properties therefore unlike in the UK you only have to deal with one Realtor (me of course!!). You should find a Realtor that you feel you trust and can work with to sell your home. Ask your Realtor what extra exams they have taken to make them more knowledgeable.

I specialize in STR homes

Why Choose a REALTOR® With a GRI Designation

Selling property is a complex and stressful task. At the same time, real estate transactions have become increasingly complicated. New technology, laws, procedures, and the increasing sophistication of buyers and sellers require real estate practitioners to perform at an ever-increasing level of professionalism. So it's more important than ever that you work with an agent who has a keen understanding of the real estate business. The GRI program has helped the best and the brightest in the industry achieve that level of understanding.

GRIs are: Nationally recognized as top performers in the real estate industry

· Professionally trained - Knowledgeable - Dedicated to bringing you quality service

A GRI can make a difference. When you see the letters "GRI" after an agent's name, you can count on receiving the knowledge and guidance you need to make your transaction go smoothly. In short, you can count on getting the best service available from a real estate professional.

Why Choose a REALTOR® With an ABR Designation?

ABR" stands for "Accredited Buyer Representative." The ABR designation reassures extensive classroom training, a formidable written examination, and substantial experience in buyer representation. An agent with the ABR designation is fully committed to the real estate buyer, and has specialized training in understanding buyers' needs and representing them in the negotiation process.

The ABR designation is administered by the Real Estate BUYER'S AGENT Council (REBAC) which is a part of The NATIONAL ASSOCIATION OF REALTORS .

Why Choose A Broker Rather than an Agent ?

Brokers are more experienced, with better training, more education, so we are more resourceful. I am always on a search for excellence; I look for new ways to do business, never satisfied with the "we've always done it that way" mentality. I Work Hard

I am a highly professional individual offering a wealth of knowledge and experience in the real estate industry. I am decisive and goal oriented, I set realistic priorities. I have years of experience successfully buying and selling homes in the local market, I own and invest myself. People don't talk about it a lot, but finding the right real estate agent can be the difference between a happy, stress-free home buying or selling experience, and an unhappy, stressful experience

Understanding How Realtors Get Paid

In all Real Estate transactions there is a listing Real Estate Company and a selling Real Estate Company. All commission money at closing of a Real Estate transaction is paid to the listing Real Estate Company and disbursed by the Listing Company Broker. The amount or percentage of commission for the sale of the property is set by the listing broker (with the approval of the home owner or seller) and published in the MLS along with the listing. The commission split between the selling broker and listing broker is also determined by the listing broker but generally the listing broker keeps 50% of the commission and pays the selling broker 50% of the commission.

After the commission money is received by the Listing and Selling Brokers, they in turn pay the sales agents involved in the transaction. The amount that the sales agent receives is determined by the employment contract the sales agent has with the Real Estate Company. Real Estate Agents are independent contractors and receive no other financial benefit other than the sales commission.

I owned and managed two short-term rental properties whilst living in the UK so I do feel I am able to share my experience with you. I promise to give you honest and unbiased opinions based on my years of ownership and management.

After your purchase I will be more than happy to pass on my “Marketing your Own Villa” brochure and add your web page to my personal website www.VacationFloridaHomes.com This is also a source of information on all things Orlando!! If you have any questions at all, I will be delighted to answer them for you.

Click Here for a British Glossary of Terms

karyn smith realtor Cell : 321 939 7671

Karyn Smith Broker Associate

Licensed Realtor ABR® GRI. ALHS.ICREA, TRC

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