Various states have various laws and standard practices when it comes to purchasing a house. In Florida, below are the most important things you should know:
Working with an Agent
When buying a house, condo, or any other home in Florida, find a highly regarded real estate agent who can help you find properties and tackle all the convoluted 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).
Seller Disclosure
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. Additionally, sellers of houses constructed before 1978 should comply with federal Title X disclosures pertaining to lead-based paint and hazards. Watch https://www.youtube.com/watch?v=2C-oHhU3D2Q to know more about real estate.
Home Inspections
However, buyers should not solely rely on the seller’s disclosures, but instead hire an independent home inspector at floridahomesbysusan.com/ to verify the content of 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 legal document which contains all material terms and conditions of a real estate transaction, is called a purchase agreement. 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 party must first secure a title search from a title company before buying a home. The title company scans public records and other sources for liens, easements or other encumbrances or title restrictions that have a bearing on 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. 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, click here!
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