Advice for New Yorkers Buying Real Estate in South Florida
New Yorkers are flocking to South Florida for warmer weather, a lower tax burden, and a more relaxed lifestyle. Yet purchasing property in the Sunshine State is not the same as closing on a co-op or condo in Manhattan. From contract structure to flood insurance, South Florida real estate follows its own rules. Partnering with an experienced South Florida real estate attorney ensures you protect your investment and avoid costly surprises. Below are the top considerations every New Yorker should keep in mind.
- No State Income Tax but New Obligations
Florida’s lack of state income tax is a prime attraction, yet buyers must understand local obligations like documentary stamp taxes on deeds, higher insurance premiums in coastal zones, and county property taxes that reassess at purchase price. A real estate attorney can review closing estimates, verify tax prorations, and discuss strategies such as homestead exemption filings that cap future assessments.
-
Title Company vs. Attorney Closing
In New York your attorney drives the transaction, orders the title search, and sits at the closing table. In South Florida closings are often handled by a title company that does not represent the buyer. Without an attorney you may sign a contract containing one-sided contingencies or miss hidden title defects. Hiring a South Florida real estate attorney ensures independent review of title, survey, and association documents.
-
The “As Is” Contract
Most South Florida residential deals rely on the FAR/BAR “As Is” sales contract. Unlike New York’s attorney-drafted agreements, this standardized form favors the seller and sets strict timelines for inspections and financing. Your attorney can add custom riders to address appraisal gaps, furniture inclusions, or repair credits, and will monitor deadlines so you never forfeit your deposit by accident.
-
Flood Zones and Insurance
Coastal living comes with water risks. Florida now requires sellers to disclose flood history, yet buyers must still conduct diligence. An attorney will examine FEMA flood maps, elevation certificates, and past insurance claims, then recommend specialized coverage or negotiate price adjustments. This step is critical for properties in Miami Beach, Fort Lauderdale, or Naples where sea level concerns drive premiums.
-
Condo and HOA Governance
South Florida’s condo landscape is governed by extensive statutes and countless association bylaws. Before the escrow period expires, your attorney should review budget reports, reserve studies, and pending litigation that could trigger special assessments. This protects you from inheriting six-figure repair obligations for building recertification or hurricane damage.
-
Entity Formation for Privacy and Tax Planning
High-net-worth buyers often prefer holding property through LLCs or trusts to limit liability and keep personal information off public record. A South Florida real estate attorney who is also versed in tax law can coordinate entity formation, draft operating agreements, and advise on federal estate tax considerations that differ for U.S. and foreign citizens.
-
Closing Logistics and Remote Signings
Florida allows remote online notarization, making it easier for New Yorkers to close without leaving home. Your attorney can schedule e-signings, wire transfers, and coordinate with lenders across time zones while ensuring compliance with Florida’s increasingly strict wire fraud protocols.
Bottom line: Buying in South Florida offers unparalleled lifestyle and tax benefits, yet it demands local expertise. A knowledgeable South Florida real estate attorney guides New Yorkers through unique contracts, flood disclosures, association rules, and title pitfalls, turning a complex process into a secure investment. Before you trade skyline views for palm trees, secure legal counsel that understands both worlds.
Contact us to schedule a private consultation.