Slade Residence
Ref:
20097
Type:
Apartment (New)
Location:
Tampa, Florida, USA
Price: 212080.62 to 426460.82 EUR (285900 to 574900 USD)
Size: 845 m2 to 1278 m2
1 bedroom, 1 bathroom
Recommended, portfolio
Pool
Terrace
Developer
will give a two year rental guarantee and will pay real estate taxes
for the first two years and maintenance fees for the first year after
closing
Development
The development group at The Slade acquired the land so
reasonable approximately 5 years ago that he is able to sell the units
at price per square foot of $400 and under, depending on the floor
plan. Any new build project that will go up in Channelside going
forward will have to sell for $475 or higher due to land costs alone.
The plot of land that this project sits on will not be replicable as
there are no more available. All of the parcels that remain available
are much smaller which will force developers to build higher with
significantly higher densities.
In a recent interview with Donald Trump, he quoted that the US Property
market is at a very dynamic point and stated bluntly that investors are
seeing some incredibly lucrative opportunities to make a lot of money
right now. With the consistent growth and regeneration of Downtown
Tampa – there is no better place to invest. Upon
completion, this Channelside area will be one of the most desirable
addresses in all of South Florida.
Location
Tampa is a United States city in Hillsborough County, on the west coast
of Florida. It serves as the county seat for Hillsborough County.
One
of the big advantages about this project is that it is in the
Channelside District. This area is one of the most
premium locations
in all of Tampa and is right in the middle of a huge regeneration that
begun 2-3 years ago. Being 2 blocks from
the sea port, this area has
all been warehouse over the last 100 years and is now being
redeveloped. Directly across from The Slade there
is a proposed 5
star hotel going up, name not released but Marriot and Hyatt have been
mentioned.
A Guide to Buying Property in the USA
The legal process for buying real estate in the US is very different to that in Ireland so it is essential to secure the services of a US lawyer. Each US State can have its own laws and taxes and it is advisable to try to secure a lawyer in the State in which the property is located.
Step 1
Once you have found a property you are interested in you will generally be asked to sign a reservation form and to pay a booking deposit. A) You should check if this deposit is refundable or not. B) You should immediately instruct a lawyer to act on your behalf. C) If you are taking out a mortgage you should start this process as quickly as possible.
Step 2
You will be issued with a reservation contract. You should send this to your lawyer immediately to review. In this contract a time frame will be given for you to sign and return. You should make yourself familiar with this. You should also check if a payment is due and for how much this is for. Once you return your signed preliminary contract to the developer/agent you have entered a legally binding contract to pay for your property in full.
Step 3
Signing of final purchase deed. You must have a lawyer for this purpose. Time frame for final signing will be in the reservation contract. When you have signed the final purchase deed, congratulations, you are registered as the new owner of the property in the land registry in the US. Shortly after this you should receive your Title Deeds and keys to the property.
Closing Costs
At the time of signing the final deed of purchase you will have standard closing costs to pay in addition to the purchase price of your property. These will include property transfer taxes, notary fees, registration fees and legal fees (may be paid at a different time). These fees can vary greatly from State to State so specific advice should be sought from your agent with regard to this.
What your lawyer should do
Your lawyer will check your contract for compliance with the laws of the country you are purchasing in.
Your lawyer should:
A) Review of preliminary contract to ensure compliance with laws of relevant USA jurisdiction.
B) Carry out due diligence on the developer of the property to check planning permissions, land registry, building permits licences etc.
C) Undertaking negotiations with developer on any issues which need to be changed or included.
D) Report on the contract as a whole highlighting any clauses included which you might want to negotiate, and any clauses which are missing which should be included to provide you with further comfort.
E) It is of utmost importance for your lawyer to ensure all land registration deeds and title deeds over the property are fully checked, and also that the land on which the property has been built has been designated as allowable for foreign ownership.
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