Basics of Buying a Home 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
When buying a house, condo, or any other home in Florida, hire a trustworthy real estate agent who can help you search for properties and take care of all the complicated procedures involved in the purchase. A real estate agent gives you a range of advantages, from neighborhood market knowledge to negotiating ability and more. Best thing is, they won’t cost you a thing. 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).
Smart Tips For Uncovering Houses
What Has Changed Recently With Houses?
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 extremely important for you as a buyer, because simply just looking at a property will not be enough to reveal what issues its owner has encountered with it. Additionally, sellers of houses constructed before 1978 should comply with federal Title X disclosures pertaining to lead-based paint and hazards.
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. Signed by both parties (buyer and seller), it must include an offer to buy or sell, an acceptance of the offer, the price of the property, and a correct and sufficient property description.
A buyer has to obtain a title search from a title company prior to purchasing 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. Also consider getting a title insurance policy to protect the title against adverse claims by any third party, or any issues on the title that the title search may 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. 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.