The Ultimate Guide to Sales

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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, 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 gives you a range of advantages, from neighborhood market knowledge to negotiating ability and more. And the best news is, they won’t cost 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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Seller Disclosure
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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 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. Buyers often base their offers on a satisfactory inspection report ensuring the absence of material defects other issues like electrical, HVAC or plumbing defects, termites and other pests, erosion and the like. Real Estate Purchase Agreements A purchase agreement is a legal document containing all the material terms and conditions of the 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. Title Issues A buyer has to obtain a title search from a title company prior to purchasing a home. The title company looks into public records and other sources to find any liens, easements, or other encumbrances or title restrictions that could affect 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. Yet even if it’s not required, you may just have to get one at a particular point in the process–for example, if you are buying a property in a planned unit development that has complicated CC&Rs, or if you are buying a house jointly with other parties and need help preparing your co-buyer agreement.