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REAL ESTATE THE PROCESS & WHAT TO KNOW HOW WILL THE PROPERTY BE USED TITLE & CLOSING FINANCE LEGAL MATTERS DEPOSITS & ESCROW PROPERTY MANAGEMENT
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COMMERCIAL REAL ESTATE AND BUSINESSES INTERNATIONAL TAXATION OPENING A US BANK ACCOUNT IMMIGRATION & EB-5 US SCHOOL SYSTEM CURRENCY EXCHANGE KEY US REAL ESTATE DESTINATIONS
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THE PROCESS & WHAT TO KNOW D E S T I N A T I O N
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access to all of the properties for sale in their area. This means that one single realtor can show a buyer every property they wish to see. In many other countries real estate agents only have a few listings each, meaning that buyers need to engage many real estate agents in order that they can see all the properties they would like to view. This is not the case in the US, as one well-chosen realtor can show every property. One of the regular errors made by overseas buyers is to contact multiple agents, and then find that they are
he first thing to bear in mind with US real estate transactions, is that the process is different to many other countries, and therefore there are things that you need to do (or avoid doing) to ensure you have the best experience. One of the most significant differences between the US real estate process compared to many other country’s is the multi-listings service (MLS). The MLS allows Realtors in the US to have
Step one for anyone interested in investing in real estate in the US is to select a qualified real estate agent/Realtor to work with, and explain their criteria. Once you have selected a good agent, the whole process becomes much easier, and much more satisfying. all advertising the same properties. Whereas, the best thing to do is to take a little time to identify and select one Realtor that you are comfortable working with, and then let them show you all the properties that match your criteria. A good real estate agent is an asset to a buyer. They are able to answer many questions a buyer may have, and even answer a few that a buyer had not even conceived, as to be a real estate agent in the US, an individual needs to pass an exam and be licensed. Many licensed real estate agents join their local real estate association and subscribe to a higher code of ethics, this make them a Realtor. Both terms are used through-out this publication.
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REAL ESTATE ///
Another important point is that a buyer does not have to pay a Realtor/real estate agent for their services – the seller pays a commission to the Realtor for a successful sale. Sometimes overseas buyers try and get properties at a discount by not using a Realtor, but this is rarely the case. In fact, using a Realtor often results in a better deal for the buyer because the Realtor can present any offer to the seller in the most advantageous way using market data to ensure the best possible purchase price or terms.
A properly qualified real estate agent should help buyers and sellers to transact real estate purchases without falling foul of any contractual pitfalls. Step one for anyone interested in investing in real estate in the US is to select a qualified real estate agent/ Realtor to work with, and explain their criteria. Once you have selected a good agent, the whole process becomes much easier, and much more satisfying. Another significant part of the US real estate transaction is how the contract works. The contract is entered into between buyer and seller at the same time as an offer is made. Typically in the US, offers are not made verbally, but in writing, and must stipulate the price the buyer is willing to pay for the property, the escrow (trust) deposit they are willing to pledge, the type and amount of mortgage they will be applying for, and the date by which they will close the transaction. If the offer is accepted, then neither party can change the terms. If either party then defaults on the contract, such as by not closing by the date specified in the contract, the ‘damaged’ party can seek recourse.
Again, a properly qualified real estate agent should help buyers and sellers to transact real estate purchases without falling foul of any contractual pitfalls. Some buyers and sellers also choose to use a lawyer to assist with the transaction, although this is optional and not mandatory.
HOW WILL THE PROPERTY BE USED?
Recognizing the use that is intended for the property is an integral part of the decision making process, and it should be one of the first decisions made. In most cases, buyers from overseas fit into one of three categories. Buying purely for investment Buying to use as a vacation home A hybrid between the choices above If buying purely for investment, a buyer should remember to make decisions only with their head. If buying to use as a vacation home, it is expected that much of the decision will be made with the heart. If the decision is actually a hybrid of the two, then the buyer must recognize that some compromises will most likely need to be made, as very few properties will satisfy all criteria, and the buyer will need to establish what is more important to them. investUSA360
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In some parts of the US, there is a demand for shortterm rental properties, i.e. renters will be willing to pay to use the property for a vacation for just a few weeks. These types of properties are very attractive to overseas buyers who wish to use the property themselves, but also generate some rental income to help pay for the property. Care should be taken by the buyer who is looking for this type of property, as in some areas of the USA there are restrictions which prevent shortterm rental. A good real estate agent will be able to advise as to which areas do allow short-term rental.
TITLE & CLOSING
‘Title’ to a property in the USA refers to the legal proof of ownership of the property. Title can be taken in many different ways. It can be a single person, it can be multiple persons, or it can be in the name of a company or institution. There are many reasons which may affect how title is taken, not least of which
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may be the wishes of the owner as to what should happen to the ownership of the property following their death. Before taking title to a property, it is advisable to speak to a qualified professional to discuss the options and the eventualities with regards to this important aspect of home buying. Closing is the point at which ownership of a property actually switches from the seller to the buyer. In most cases this is handled by a Closing Agent whose job it is to ensure all the papers are correctly signed and recorded. If all parties (buyer and seller) are in the US at the time of closing, then this activity usually takes place at the office of the closing agent. However, when overseas buyers (or sellers) are involved, there is often a method used which is referred to as ‘mailaway’ closing. In these circumstances, the paperwork is packaged by the closing agent and physically sent via international courier to the overseas party. The overseas party then needs to get the documents signed
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in the presence of an official in their country (usually a Notary Public). Once signed, the papers must be couriered back to the closing agent within a short timeframe in order to complete and record the change of ownership. This is a well established method and is tried and tested. In many cases, the overseas buyer is requested to sign the papers at their local US Embassy.
FINANCE
In many cases, overseas buyers choose to purchase their US property with cash reserves. However, if needed, there are many banks and other financial institutions in the US willing to lend funds to overseas buyers to enable them to purchase US-based property. The terms of loans offered to US buyers tend to differ from those offered to non-US residents, and this is mainly based upon the perceived increased risk the banks face when lending to clients based thousands of miles away, and who may have little in the way of a track record with US lenders. Lending institutions normally compensate for this perceived risk in a few different ways, such as by limiting the Loan-to-Value (LTV), increasing the interest rate charged, or requiring the borrower to provide cash reserves equal to specific number of monthly repayments. In typical market conditions, LTV’s can range from
50% to 70%, interest rates can range from 4% to 7%, and cash reserve requirements can range from 3 repayments to 12 repayments. Of course, these amounts vary from bank to bank, and also upon changes in market conditions. The best way to establish what terms of mortgage you can qualify for is to meet with a mortgage specialist who will be able to do a pre-approval for you.
The best way to establish what terms of mortgage you can qualify for is to meet with a mortgage specialist who will be able to do a pre-approval for you. A pre-approval is not a loan commitment, but it does give a very strong indication as to what amount and terms of loan you can qualify for, and as a result is often used by buyers to demonstrate to sellers that they are credit-worthy. In fact, in certain market conditions, sellers will ask to see a loan pre-approval before they will enter into a contract with them. In most cases, if a buyer is ultimately unable to get a loan, as long as they made a concerted effort to obtain one, and abided by all other aspects of the contract, they will be released from the contract without penalty.
LEGAL MATTERS
As discussed earlier, some buyers and sellers of US real estate choose to involve a lawyer within the transaction. The lawyer will work for one side or the other, i.e. buyer or seller, but not both. Their job will be to act in the best interest of their represented party, advising on matters such as the terms of the contract, or investUSA360
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the best way in which to assume title to the property. It is not mandatory for either buyer or seller to engage a lawyer in order to transact real estate, however many lawyers will advise that it is best to do so.
DEPOSITS & ESCROW
In typical circumstances, a contract to purchase a US property is backed up with a pledged, earnest money deposit. This is normally a check or wire transferred funds to the closing agent to accompany a contract. This demonstrates that the buyer is serious about their purchase, wishes to enter into an agreement with the seller, and wants to prevent the seller from selling the property to anyone else. In most cases the funds are held by the closing agent in an ‘Escrow’ account. An escrow account is in effect a trust account that belongs to neither the buyer or the seller, but is there to be dispersed in accordance with the terms of
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PROPERTY MANAGEMENT
A key aspect of owning a property in another country is to consider how it will be look after and maintained. Also, if you are expecting to generate income from the property by renting it out, consideration needs to be given to how those prospective tenants will be sourced. Property management companies can be found in most areas of the US, with the more popular areas boasting many companies in this field. Most property management companies that deal with overseas owners have 2 distinct divisions in their company that work in tandem to achieve the best results for the property owner. The first is in the area of maintenance. This is ensuring that the property condition does not deteriorate, or at least as little as possible (all overseas property owners should be concerned with this). The second area is that of generating rental income (if that is what the overseas owner wants). A good management company will balance these two, often-conflicting demands, to ensure that the goals of the owner are achieved. The reason the two activities can some-
Buyers who are considering leaving their property in the hands of a property manager should interview a few potentials, and compare the pros and cons of each situation. the contract it accompanies. So for example, if the contract closes as planned, the escrow deposit will go to the seller as part of the closing funds. If on the other hand, the buyer is unsuccessful at obtaining a loan, the deposit will be returned to the buyer. If either party defaults and does not satisfy their obligations under the terms of the contract, the other party may be able to claim the deposit as liquidated damages. There are many variations to this scenario, and so the best thing to do is to engage a real estate professional to help you, and put you in the most advantageous position when buying or selling US real estate.
times conflict is that renters generally produce wear and tear on a property, and therefore create maintenance requirements. The property manager’s job is to determine the most profitable use of the property, which isn’t always by maximizing the number of renters. For example, renting a property for $1,000 per week for 20 weeks may be more advantageous than renting the same property for $500 for 38 weeks. Not only because the overall income is higher, but also because the potential wear and tear on the property is reduced. Buyers who are considering leaving their property in investUSA360
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the hands of a property manager should interview a few potentials, and compare the pros and cons of each situation. Some property managers are better with certain sorts of properties, or better in certain geographical areas than others. In addition, companies will have different methods of charging for their services, either in terms of flat-fees, or commissions, and these should be kept in mind by the owner, and considered in view of their own personal aspirations for the property in question.
COMMERCIAL REAL ESTATE AND BUSINESSES
Investing in Commercial Real Estate and Businesses is quite different to investing in Residential real estate. Often the purpose of ownership is very different, as is the methods of valuation, and the risk factors. When considering
commercial real estate as an investment, it is advisable to seek out a specialist in the field. The same goes for investing in a US business. In both these cases the appropriate specialist will be able to guide you through the process of purchase and help you to avoid the common pitfalls. Finding a commercial agent is step one and this is not a one size fits all scenario. Most commercial agents are specialized in a specific property type such as shopping centers, office buildings, hotels, warehouses & industrial. Having an idea of the types of investment and areas of interest will help determine the potential agents that you should work with. When purchasing commercial property, It is highly advisable to enlist a team of independent experts including a real estate attorney and an International tax attorney.
INTERNATIONAL TAXATION
WHEN INVESTING IN THE USA, UNDERSTANDING THE IMPACT OF THE INTERNATIONAL TAXATION SYSTEM IS PARAMOUNT TO ENSURING A LUCRATIVE EXPERIENCE. Like most countries, the US taxation system has it’s own nuances and vagaries that make it unique. Furthermore, these characteristics sometimes differ depending upon which country it is working in tandem with. For example, some countries operate an international tax treaty with the USA, meaning they recognize each others systems, and have controls in place to stop investors being ‘double-taxed’. However, some other countries do not have such treaties in place with the USA. Anybody receiving income in the USA is supposed to report that income to the IRS (the US internal tax 18
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authority), and to apply for a ITIN (International Tax Identification Number). However the rules for taxation can be quite complex depending upon the sort of income being received, and it is often advisable for a foreign national to take advice from a qualified international tax specialist. One of the best places to find a suitably qualified international tax accountant or attorney is at an international investment expo, such as the Investir USA Expo series. Often the cost of hiring an accountant or attorney is easily outweighed by the funds that can be saved by the investor due to negotiating the US tax system correctly. It is advisable to consult with an expert prior to entering any contracts as tax considerations may dictate the method and structure used to take title to a property.
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OPENING A US BANK ACCOUNT WHILST YOU DON’T HAVE TO HAVE A BANK ACCOUNT IN ORDER TO OWN A PROPERTY OR HAVE OTHER INVESTMENTS IN THE US, IT IS ADVISABLE TO DO SO, AS IT ENABLES YOU TO RECEIVE AND MAKE PAYMENTS WITH RELATIVE EASE.
Opening a bank account in the USA is relatively straight-forward, particularly if you are physically present at the bank’s offices. In most cases, all that is required is proof of who you are, and a small amount of US currency to deposit in the account. The proof required is typically a valid and current passport from your country of origin, and a utility bill from your home in
the country you reside (such as an electricity bill, or a bank statement from your regular bank). If you are not intending to reside full time in the US, it is advisable to select an account that gives you on-line access so that you can manage your account from overseas. The US banking system differs from overseas banking systems in a few ways, and so it is a good idea to request the bank to give you full details of how to wire funds to the account (ABA routing number etc) to make things easier. If you want to open a bank account, but are not going to be visiting the US in order to open one, it is still possible to do so, although, not all banks offer this facility. If you are visiting a overseas property expo in your own country, such as Investir USA Expo, there will be experts on hand who can assist you to locate a bank that will open an account without you being present. investUSA360
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IMMIGRATION & EB-5
The US government has developed many types of immigration visas to enable people from other countries to legally live and work in the USA. Most of them require some type of investment from the applicant, and many enable the applicant’s entire immediate family to enter as well (so long as the children are under 21 years of age).
There are some visas that leverage on an existing business that the applicant my already have in another country, such as the L-1 visa. This visa enable business owners in a foreign country to set up a branch of that company in the US, and transfer themselves to oversee the US operation on a permanent visa. The business in the other country must remain operational, and continue to produce income. The L-1 visa needs to be renewed periodically and normally requires a professional immigration attorney to assist with the process. Another example of a popular visa type for investors is
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the EB-5 visa. ‘EB’ denotes ‘Employment Based’ and the visa is issued on the basis of the applicant providing a sizeable investment (minimum $500,000) into a qualifying US business with the result being the creation of a specific amount of jobs for other US nationals. There is a limit to the number of EB-5 visas issued each year by the US government. The process for obtaining and maintaining a US visa can be quite daunting, especially if you have no direct experience in the field. The most appropriate first step in obtaining a US immigration visa is to consult with a qualified immigration attorney. You will often find very credible immigration attorneys exhibiting at international investment shows, such as the Investir USA expo series. A conversation with a qualified professional can often clear up uncertainties, and enable you to select a realistic and achievable method of obtaining a US immigration visa.
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US SCHOOL SYSTEM
THE REGULATIONS FOR EDUCATING FOREIGN NATIONAL CHILDREN IN THE UNITED STATES DIFFERS TO MANY OTHER PLACES IN THE WORLD. ACCESS TO EDUCATION IN THE UNITED STATES DEPENDS ON A NUMBER OF DIFFERENT FACTORS. For example, if the child is an immediate family member of a family that has successfully obtained a US visa, then access to education is relatively easy. (See the section on immigration visas in this magazine). However, if the family does not have a valid visa, then access to education for children is much harder. There is the possibility to apply for a student visa, so a child/young adult can travel to the United States with the express aim of attending a college there, and receiving an education. Certain rules apply in order to qualify for such a visa, and these are touched upon in the Visa section of this magazine. In the US, schools are generally split into 2 categories; Public Schools and Private schools. Public Schools are funded through the government tax system, whereas Private Schools raise their own funding, mainly through tuition fees. If a student is a permanent resident of the US (due to having a green card etc.), then they are entitled to enter the Public School system. However, in most cases, they are required to go to the school designated as a result of where they live. As such, many people make decisions as to what neighborhood they want to buy a house in based on what Public School it will enable their child to go to. This tends to apply less in Private Schools as the student is funding their own tuition, and therefore, has the choice to travel to whichever private school they like. In the US, there are universities that specialize in specific fields such as arts, media, entertainment etc. Many of these schools have an international program which assists potential students from overseas to obtain the necessary visas and other information. If you are attending an expo such as the Investir USA expo series, there is often an expert on hand to assist you with these and other questions. 24
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CURRENCY EXCHANGE Of all the decisions made when investing in the US, the one that is often overlooked is how to handle the currency exchange. Significant savings can be made by investors who engage an expert to handle this aspect for them. There are some countries that practice ‘currency control’ such as Brazil, Morocco, and the Bahamas meaning specific methods need to be adhered to in order to move funds across borders. But even in those countries that don’t, such as Britain, Canada, and Germany, thousands of dollars can be saved as a result of selecting the correct method, and company to use to transfer currency. Companies that operate in the field of currency exchange make their profit by adding a small margin to
the exchange rate. However, some companies apply a larger margin, meaning they get a good profit, whilst the investor receives a smaller amount of dollars. Depending on the size of the transfer, even a relatively small difference in the margin charged by the exchange company can result in a large difference in the amount of dollars realized in the US – often many thousands of dollars. The best way to maximize the amount of dollars you can get from your transfer is to meet with a qualified and licensed currency exchange company. If you are attending investment expos, such as the Investir USA Expo series, seek out a currency exchange professional exhibiting at the show and ask for some advice. investUSA360
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KEY US REAL ESTATE
DESTINATIONS
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OVER THE PAST DECADE, THE IMPACT OF OVERSEAS INVESTMENT IN THE USA HAS CHANGED THE ECONOMIC LANDSCAPE SIGNIFICANTLY, PARTICULARY IN THE REAL ESTATE MARKET. FURTHERMORE, OVERSEAS INVESTORS HAVE BECOME MUCH MORE ADVENTUROUS AND VARIED THEIR CHOICE OF INVESTMENT, AND THEIR CHOICE OF DESTINATION. HERE IS A GUIDE TO SOME OF THE MOST POPULAR REGIONS TO CHOOSE FROM.
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CENTRAL FLORIDA
From quaint tree canopied downtowns to world class attractions, the bustling up and coming high tech, simulation, and medical industries, Central Florida is rapidly becoming a world class business mecca with a strong focus on family and quality of life. The region, including Orlando, Kissimmee, Winter Park and dozens of towns and cities, each with its own personality comprise the Central Florida region. There is something for everyone and every lifestyle and it is always an extremely popular destination for the purchase of vacation or holiday homes. The real estate market is once again a hot commodity.
SOUTHWEST FLORIDA
FLORIDA MIAMI
There is a cool sophistication to Gulf Coast living that embraces alfresco dining with salt water breezes, great company, and an international flair. From haute entertainment to flipflops, it all belongs as work and play seamlessly intertwine!
SOUTHEAST FLORIDA
Is one of the United States’ – and the world’s – most Often referred to as the gateway to South America, popular vacation spots. Many destinations often claim this region embodies it all – from laid back family to offer s o m ething f o r e v e ryone, b u t M i a mi o ff er life, s a global business hub, waterfront or golf course multiple attractions for everyone: The trendy nightlife living, to the hot and sexy South Beach condos. of South Beach, the eye candy of the Art Deco disThere is more than meets the eye and a world of trict, the bustle of Calle Ocho and the high energy of possibilities. Little Havana. Many overseas nationals choose Miami to invest in, not just because they enjoy the city for themselves, but also because they recognize the enduring appeal of the city, and want to take advantage of the income opportunities it can provide.
NORTH FLORIDA
From the Panhandle on West to Jacksonville on the East, this region includes our State Capital of Tallahassee, two of the State’s largest Universities and a quaint mix of old Florida and big business!
TAMPA BAY REGION
Gulf Coast living with idyllic surroundings and sandy beaches never far off. Known for the area’s arts, shop-ping and culture, one of the busiest international cargo and cruise ports and a gateway to global trade partners. 28
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SAN DIEGO
San Diego recently reacquired its fame with its lavishing zoo, spectacular city life, and it’s beautiful beaches. In this city many very well known faces reside here for its beautiful weather and comforting surroundings. Living in this city gives the feel of a booming diverse melting pot.
SANTA CRUZ
CALIFORNIA SAN FRANCISCO
One of the smallest, yet most important parts of California. San Francisco tops the charts with its golden gate bridge, costal front, and popular American football team the 49’ers. This city is a vibrant place with a flavor of it’s own and a hotspot for real estate investors worldwide.
Santa Cruz has many things to offer along with the rest of California, this city is not as busy as the other metropolitan cities but lifestyle is top of mind. Outdoor life is spectacular and a fantastic property market makes this a very desirable area.
LOS ANGELES
The weather here is warm with cool breezes and this coastal city needs no introduction. From the entertainment industry to a bustling world class business mecca, real estate is always in demand. Whether looking for ocean or mountain view, this diverse city has it all.
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AUSTIN
TEXAS DALLAS
Is a very booming city in the state of Texas. Dallas is the 9th largest city in the United States and home to more than 5,700 companies including Texas instruments, AT&T, Nokia, and many others. The real estate market is vibrant and with a great climate, this city is full of prospect.
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Austin is a very unique place to live due to its immaculate city life, and its scenic regions. Austin consistently ranks as one of Americas best cities to visit according to Forbes magazine.
HOUSTON
Everything is bigger in Texas, this includes its people, culture, and of course its port; the biggest in Texas. This area has a warm climate with a nice breeze due to its coastal access. This is the 4th largest city in United States in population. From recent census, Houston has 5.95 million citizens, making it the 6th largest city in a metropolitan area.
SAN ANTONIO
In the heart of Texas, San Antonio has wonderful waterways and an attractive outdoor, social way of life. It isn’t all play though as San Antonio a very popular city for business.
ILLINOIS CHICAGO
Chicago is an international city known for manufacturing and big business. The property market is booming and life is always fast.
NEVADA LAS VEGAS
Here in Nevada is one of the most well known areas in the United States. Las Vegas is a city of dreams due to its fantastic night life and unique people. Many people have seen wealth come and go in this city but there is no denying its charm and glamour and the appeal of its real estate market is no exception.
NEW YORK NEW YORK CITY
I want to be a part of it, New York, New York! This city speaks for itself and known around the world as a financial and cultural capital of the nation, and the biggest gateway city to the United States. The business opportunities are almost endless in this bustling city with its real estate market globally sought after and always in high demand.
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LENNAR OFFERS OPPORTUNITIES IN THE MOST DESIRED LOCATIONS ACROSS THE U.S.
HOMES STARTING FROM THE MID $200’S USD LENNAR IS LOCATED IN 19 STATES AND OVER 40 U.S. MARKETS INCLUDING:
Orlando • Miami • Ft. Lauderdale • Tampa • Houston • Greater NY Metro Area • and many more!
THE TIME IS NOW — DON’T MISS OUT ON EXCITING OPPORTUNITIES!
QUALITY. VALUE. INTEGRITY.
EMAIL US AT ORB@LENNARHOMESUSA.COM Copyright 2016. Lennar Corporation, Lennar, and the Lennar logo are registered service marks of Lennar Corporation and/or its subsidiaries. Prices are subject to change without notice. This is not an offer in U.S. states where prior registration is required. Void where prohibited by law. Equal housing opportunity. 4/16
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