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United States · USD

Buyin Miami

Miami purchases close through a licensed title company or closing attorney, with Florida offering zero state personal income tax and fee simple ownership for foreign buyers.

New YorkLos AngelesChicagoAustinSeattle
County records path
HOA & insurance checked
3D map
50state codes — there is no one US market
Titleinsurance, not a notary, protects the buyer
FIRPTAwithholding hits foreign sellers, not buyers
No SSNneeded to take title as a foreign buyer
What a purchase really costs

$750,000 home in Miami

Owner's title insurance (≈0.5%)
$3,750
Lender, escrow & appraisal (≈1%)
$7,500
Attorney, recording & prepaids (≈0.3%)
$2,250
Cash needed at closing
$763,500

≈ +1.8% over the price. There is no national property code. Transfer tax is a city and county question — New York adds a buyer mansion tax above $1m, Chicago charges the buyer 0.75%, Texas charges nothing and takes it back in annual property tax. Since the 2024 NAR settlement, buyer-agent compensation is negotiated in writing rather than assumed from the listing.

Rentals run on rules

The rent side, in three lines

  • Deposit caps, notice periods and eviction timelines are state law — one to two months is common, but New York and Florida are not the same statute.
  • Rent stabilization is local: New York City has it, Miami and Austin sit under state preemption against it.
  • Insurance is the variable that reprices a building — Florida wind and flood can move faster than the asking price.

HOA and condo documents are the yield. Read the reserve study and the special-assessment history before the inspection.

Cities

Six metros, six closing customs

The buyer-side transfer tax is the fastest way to see how local this market is: 1%+ in Manhattan, 0.75% in Chicago, zero in Austin and Seattle where the seller pays instead.

Neighborhoods

Areas in Miami

Premium districts with price anchors, walk and transit scores.

Florida condominium purchases require strict review of the Structural Integrity Reserve Study (SIRS) and milestone building inspections mandated under Senate Bill 4-D for buildings 30+ years old (25 years within 3 miles of the coast).

Closing costs for buyers typically run 1.5–2.0% in cash transactions (title insurance, escrow, recording fees) plus prepaid property taxes. Property taxes in Miami-Dade average around 1.8–2.0% of assessed market value annually.

FAQ

Do foreign buyers pay extra property taxes in Florida?
No. Florida levies no transfer tax on buyers (documentary stamp taxes on deeds are seller-side) and no state income tax. Federal FIRPTA applies upon future sale.
What is the HOA reserve requirement in Florida condominiums?
Florida law mandates fully funded structural reserves for roofing, plumbing, electrical, and structural components, eliminating developer waivers.

All markets: sivrce.com · Georgia marketplace: sivrce.ge · Prices and availability are published only when a verified listing exists. Market currency: USD.