Essentials of Buying a House in Florida
In different states are different laws and practices pertaining to buying a house. In Florida, here are the most important things you have to know:
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 offers a whole array of advantages, from community market knowledge to negotiating prowess and more. Best of all, they won’t charge you anything. The seller generally covers the entire real estate commission (around 5% to 6% of the house sale price, to be divided between your agent and the seller’s).
The Beginners Guide To Options (Chapter 1)
The Essentials of Properties – Getting to Point A
Based on state law in Florida, sellers must disclose any facts or conditions true to their property that have a considerable impact on its value and which others cannot easily notice. Seller disclosures are critical for you as a buyer, because just looking at a property may not be enough to show you what exact problems were encountered by its owner with 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.
Buyers must not rely solely on the seller’s disclosures though, but must hire an independent home inspector to check the information provided in the seller’s disclosure. A lot of buyers base their offers on a satisfactory inspection report to ensure the absence of material defects and to identify the presence of such issues as termites and other pests, erosion, electrical, plumbing and HVAC irregularities, and so on.
Real Estate Purchase Agreements
A purchase agreement is a legal document which details each enforceable material term and condition surrounding your real estate transaction. It must be signed by both the buyer and the seller, and include an offer to buy or sell, an acceptance of the offer, the sale price, and an accurate and sufficient property description.
A party must first secure a title search from a title company before buying 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, as opposed to other states, Florida does not require home buyers to involve a lawyer in the transaction. However, even if it’s not required, you may just decide to get one at a certain point in the process–for instance, if you are buying property in a planned unit development with confusing CC&Rs, or if you are jointly buying a house and need help creating your co-buyer agreement.