benoit properties - florida buyer's guide

Buyer’s Guide

Welcome toBenoit Properties

Congratulations on your decision to buy a property with us here at Benoit Properties.

I am always thrilled to welcome new customers on board and its great to be working with you. As a company we look forward to assisting you throughout the purchase process and ongoing into ownership.

In the enclosed welcome package you will find a comprehensive guide on the purchase process when buying with us in the USA. Your property consultant will be working with you throughout the whole process and will make all ne-cessary introductions every step of the way although the guide is there to give you some insight into what happens at each stage of the purchase. We also include useful contact numbers and partner companies in this guide for your ease of reference.

We rely heavily on repeat buyers and positive word-of-mouth and we work daily to deliver the strongest level of service we can. With this in mind, we are always keen to improve and your feedback is always valued. Should you have any suggestions or comments (either good or not so good) as UK Director I would be grateful to receive them and respond to you personally - [email protected].

Once again, thank you for choosing Benoit Properties. We look forward to a long and successful partnership with you.

Kind regards,

Matthew LavinMatthew LavinDirector

Benoit Properties International LTD

www.benoitproperties.com

UKoffice: +44(0)161 250 5300 USoffice: +1 239 431 6906 [email protected]

Initial reservation

Purchase paperwork drawn up and approved

Bank account set up

Balance paid to title company escrow

Completion Occurs (roughly 21 days)

Management team instructed

Accountants appointed

Recommend friends and family!

Summary of Purchase process


No doubt at this point you have already worked alongside your dedicated property consul-tant to pick out an apartment and formally reserve it in your name.

You have completed the booking form and emailed back a copy of your ID to complete the reservation process. If you are transferring domestically, you should typically be notified within 24 hours of your deposit transfer of it being received here with us. If transferring internatio-nally please allow 3-5 working days. You will receive confirmation of receipt of your funds via email for your records and safe-keeping. This completes the booking process and as a purcha-ser, you can relax and leave the ball in our court for a couple of days.

Upon receipt of your reservation documents, we submit everything over to our US offi-ce who will revert back to us typically within 3-5 business days with the initial purchase pa-perwork. This paperwork outlines the apartment you are purchasing along with the purchase price and terms of sale. Please initial in the corner of every page and sign / witness where prompted on the final pages. This document can be emailed back to your property consultant to complete this stage of the process.

[email protected] USoffice: +1 239 431 6906 UKoffice: +44(0)161 250 5300

Initial Reservation

Purchase Paperwork



In the US, title companies act as an escrow agent/intermeditary between buyer and seller so that all funds are held securely prior successful completion. They carry out thorough title searches, title clearance and title insurance policy checks to ensure the efficient and secure transfer of real estate from one buyer to another.

Once we have submitted your purchase paperwork back to the US office, it is then counter-sig-ned by the seller and sent onto the title company who can begin work on the transaction.

When completion occurs and the sale is confirmed, you receive an immediate confirmation of closing and electronic completion document (this is also known as a HUD document). Simulta-neously, your funds are disbursed to the seller.

The initial work on the transaction takes around 7 days and once complete, the title company will email both Benoit Properties and you the investor to confirm a convenient completion date.

Title Company



To save on international banking charges and to keep the whole ownership process simplified, we recommend clients set up a US bank account for the depositing of all rental income and expenses. Benoit Properties have an established relationship with Seacoast Bank and we can work with investors to set up bank accounts in the USA from overseas. The whole process can be done within 48-72 hours working closely with us and Seacoast Bank by completing the initial application form and returning it back via email. You will also be requi-red to email over two copyes of your ID (typically passport and main credit card copy).

Notes on the form: You will see on the form various prompts for social security numbers and other nonapplicable fields for international clients. Please leave any non-relevant fields blank.

Once completed, you will receive confirmation from Seacoast Bank of receipt along with initial transfer instructions to fund your new account. You are required to transfer an initial $1000 deposit to activate your account, which can be withdrawn once you have a running balance.

Rabina Patan | Client Advisor6752 Conroy Windermere Road Orlando FL [email protected] | O: 407.514.8600 | T: 800.706.9991 | F: 407.299.5988

Ahead of the agreed completion date, purchasers will receive closing paperwork which outlines all of the figures and final balance to complete. This document should outline the relevant deposit paid to date, along with all closing costs (circa <3%) involved with the purcha-se. Buyers need to initial and approve these documents on the corner of each page and where prompted.

Note: Your property taxes on your property are paid annually and are typically worked out between Nov-Nov. Therefore for buyers closing in June, you will see a property tax credit on your closing statement. This is normal and effectively credits you for the portion of time the previous owner owned the apartment across that tax year. When taxes are due on the proper-ty you would therefore pay for the entire 12 month period. Benoit Management LLC can pay your taxes on your behalf if you authorise them to do so.

Bank Account

Closing Process



Once all closing documents are signed and returned, you will be provided transfer instruc-tions for your balance payment. Please transfer your balance payment with enough time for funds to arrive with the title company in the USA on the relevant completion date.

Once the title company has confirmed receipt of your balance payment, completion can occur and title transferred into your name. This happens simultaneously with your funds being disbursed to the seller and ensures your security throughout the transaction. You will receive an email copy of your completion statement (HUD document) which you should save a copy of and print a few copies for safekeeping. This is essentially your proof of ownership and will need to be supplied when you eventually come to sell the property. Please email a copy of these documents to your property consultant. You will receive a hard copy of deeds within 6-8 weeks.

Transfer of Completion Payment

Completion



Benoit Properties operate a licensed Florida property management company, Benoit Management LLC specialising in long term condominiums, single family homes and townhouse rental.

We offer a complete range of services for all of your real estate investment needs. Below are just a few of the services that we offer.

● Licensed community association managers● Free rental analysis●Eviction protection and processes● Leasing consultants, available 7 days a week● Proven marketing plan● Yard signs (where allowed)● Annual property review reports for owners● Attorney prepared leases● Direct deposit● Monthly statements● End of year statements and 1099 reporting statement● Licensed and insured vendors

Tenant screening on every adult application to include:

● Eviction search● Criminal background check● Residential verification● References● Employment verification● Credit history●Check writing ability and social security fraud alerts● Qualifying the right tenant through the right procedure makes a difference

Property Management


At this stage in the purchase, your property consultant can make the necessary introduc-tion to our sister company, Benoit Management LLC who can manage your property from the ground.

Please email [email protected] and your property consultant your electronic com-pletion/HUD document along with your new bank account details.

You will receive a welcome email from Benoit Management along with an agreement for you to sign and return back allowing them the ability to manage the condo for you on your behalf.

Once they have this from you, they will then supply you with a unique user-name and log-in so that you can access our management platform. The platform is great as it enables you to log on 24 hours a day and view your statement online in real-time, giving you accurate and up to date performance of your investment as and when you require it.

Important to know too that when we set this up for you; you will receive an automated mes-sage from our management software providing you with your unique temporary log in details. This can sometimes fall into junk mail or spam folders.

With this in mind, please keep an eye on your mailbox over the first couple of days so that you can identify it and log in without any problems. Should you return your manag ment agree-ment and not receive your log-in within 4-5 days, please email me/call me so we can resend it. Once everything is up-and-running, Benoit Management LLC should not require daily contact and you can sit back and relax as they handle everything on your behalf. However in the first couple of months, we recommend that you monitor things closely and inform us if something does not quite look right.

Travis StoneBenoit Management LLC

[email protected] Immokalee Road, Suite 313 Naples, FL 34110Off: (239) 431-6906Cell: (239) 898-3172

www.BenoitManagement.com | www.BenoitProperties.com


Management Set Up


The US tax regulations for non US Citizens and US Citizens expatriated for tax purposes can be quite complex. Once things have settled down and you are seeing money flowing in and out of your new account; we recommend that buyers contact our accountancy partners to set up an ITIN number (Individual Tax Identification Number). Setting this up early has se-veral benefits and ensures that you are tax compliant from the offset. Also by having accura-te accountancy records from the beginning, you can use these to your advantage when you eventually come to sell the property or reclaim any tax relief.

Mike Bodah of Florida Accounting Associates is in place to assist our clients from start to finish. Mike has over 30 years experience in helping non U.S. citizens comply with those regu-lations and is able to certify that all required documentation needed to receive an ITIN has been submitted to us and then obtain an ITIN with minimal submission of documents to the U.S. Government. This is a great time saver for our buyers and ensures you are fully comp-laint with the least amount of effort.

Florida Accounting Associates are a useful resource throughout ownership and can assist in all of your accounting needs.

Mike Bodah | Florida Accounting Associates, PACertified Public AccountantsFAAPACPA.COMAddress:2443 Pine Wood Circle, Naples, FL [email protected] | P: 239.263.9609 | F: 239.263.8120

Accountancy Team

Benoit Properties UK

The Courtyard Royal Mills 112, 17 Red Hill Street, Manchester, M4 5BAPhone: +44 (0)161 250 5300Email: [email protected]

Benoit Properties USA

2180 Immokalee Road, 3rd Floor, Naples, FL 34109Phone: +1 239 431 6906Email: [email protected]

AccoutantMike Bodah | Florida Accounting Associates, PACertified Public AccountantsFAAPACPA.COM

2443 Pine Wood Circle, Naples, FL [email protected] | P: 239.263.9609 | F: 239.263.8120

Bank AccountRabina Patan | Client Advisor6752 Conroy Windermere Road Orlando FL [email protected] | O: 407.514.8600 | T: 800.706.9991 | F: 407.299.5988

Travis StoneBenoit Management LLC

2180 Immokalee Road, Suite 313 Naples, FL 34110Off: (239) 431-6906Cell: (239) [email protected]

www.BenoitManagement.com | www.BenoitProperties.com

Index

benoit properties - florida buyer's guide

Documents