What You Need to Know When Buying a House in Florida Different states have their own laws and practices when it comes to purchasing a house. In Florida, you need to know the following essentials: Using an Agent Before buying a house, condo, or any other home in Florida, work with a well-reputed real estate […]
What You Need to Know When Buying a House in Florida Different states have their own laws and practices when it comes to purchasing a house. In Florida, you need to know the following essentials: Using an Agent Before buying a house, condo, or any other home in Florida, work with a well-reputed real estate agent who can help you look for properties and manage all the complex procedures involved in the transaction. A real estate agent provides plenty of advantages, from local market knowledge to negotiating expertise and more. Best of all, they won’t charge you anything. The seller often pays the entire real estate commission (5% to 6% of the house sale price, divided between your agent and the seller’s).
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Homes – Getting Started & Next Steps
According to state law in Florida, sellers have to disclose anything about their property that has a significant impact on its value and that others cannot normally observe. Seller disclosures are crucial for you as a buyer, since sometimes, just looking at a property will not tell you certain problems its owner may have encountered while living there. On top of that, sellers of houses constructed prior to 1978 should comply with federal Title X disclosures that pertain to lead-based paint and hazards. Home Inspections However, buyers should not solely rely on the seller’s disclosures, but instead hire an independent home inspector to verify the content of the seller’s disclosure. Most buyers’ offers are based on a satisfactory inspection report to make sure that there are no material defects and other such issues as erosion; plumbing, HVAC electrical and electrical irregularities; termites and other pets; and so on. Real Estate Purchase Agreements A legal document which contains all material terms and conditions of a real estate transaction, is called a purchase agreement. It should be signed by both parties, the buyer and the seller, and include an offer to purchase or sell, an acceptance of the offer, the price of the property involved, and a reasonable and accurate property description. Title Issues A buyer needs to get a title search from a title company before they purchase a home. The title company reviews public records and other sources that may indicate any liens, easements or any other encumbrances or title restrictions affecting the property. As well, it’s worth considering getting a title insurance policy to protect the title from adverse third-party claims, or any problems the title search might have missed. Working With a Lawyer Finally, in contrast other states, Florida does not require home buyers to use a lawyer. But even if it’s not required, you may decide you need one at some point in the process–for instance, if you are purchasing property in a planned unit development with complex CC&Rs, or if you are buying a house jointly with other people and need help in drafting your co-buyer agreement.