Off-Market Investment Properties in Florida

Buying an Investment Property in Florida

The basics that change from state to state. This is general information, not legal or tax advice. Confirm the details for your deal with a local real estate attorney or title company.

Closings

Florida closings are handled by a title company or a real estate attorney. An attorney is not required.

Transfer tax

Florida's documentary stamp tax on deeds is $0.70 per $100 of the price. In Miami-Dade it is $0.60 per $100, plus a $0.45 per $100 surtax unless the property is a single-family home. The standard Florida contract has the seller pay it.

Foreclosures

Florida foreclosure is judicial: the lender must sue in circuit court, and the clerk of court holds the sale. The owner can redeem by paying the judgment amount until the clerk files the certificate of sale, or a later date set in the judgment.

Wholesaling and assignments

Florida has no wholesaling statute. Assigning your own contract is generally treated as acting for yourself, but publicly advertising the property before you own it risks unlicensed brokerage under Chapter 475.

Also worth knowing

Florida's property tax assessment caps reset when a property sells. The new owner is reassessed at full market value the next January 1, so do not budget from the seller's current tax bill.

Sources

• Florida Department of Revenue: Documentary Stamp Tax
• Fla. Stat. 201.02 (tax on deeds)
• Fla. Stat. 45.0315 (right of redemption)
• Fla. Stat. 193.1555 (non-homestead cap and change of ownership)