Buying Real Estate In Florida

1.Pre- Approval

Prior to viewing properties, obtain a Pre-approval( Credit report review and income verification) for a mortgage loan, if you are financing your purchase. I will assist you in determining what price range you should be shopping. Cash transactions require proof of funds.

2. Buyers Consultation

We will compile a list of property needs and preferences to create parameters  for what properties to search for. 

3. Preview Properties

 After we identify your preferred properties. I will set-up showings through the listings brokers and we will preview the properties together. We recommend no more than 5 showings at a time.

4. Contract of Sale & Purchase

After determining which property you wish to purchase, I will prepare the contract for purchase and sale. Contract variables could be subject to change.

6. Submit an Offer

 After we submit your offer to the listing agent, he/she will present it to the seller who will either submit a counteroffer, decline the offer, or accept the offer.

7. Acceptance

After negotiating all of the terms of the offer, and the contract has been signed by all parties you will then be “Under Contract”. The day on which this occurs is the contract effective date(CED)

8. Transaction Coordinator

Upon going “Under Contract” my transaction Coordinator will join our team. She is the expert in matters of coordinating all deposits, inspections, permits, repairs, insurance rates, title work, surveys, and the closing disclosure review.

9. Earnest Money Deposit (EMD)

Within three days of going under contract, you will provide the Earnest Money Deposit(EMD) to be placed into escrow. It will be held until closing at which time will be put toward the purchase of the home (Except with a VA Loan often the Title Company doing the closing will hold the deposit in escrow.

10. Inspection Period

Inspections may include General Home, 4 Point(required for older homes). Wind mitigation, Termite/Wood, Destroying Organisms, Pool Equipment, Irrigation, Plumbing, Mold, Radon, A/C, Septic, and Permit Inspection.

11. Loan Application

If applicable, apply for your loan according to contract terms (usually within 5 days of CED). You will be asked to provide proof of income, tax returns, W-2’s or 1099s, account statements for down payment, current mortgage statement, as well as additional documentation.

12. Property Insurance

Obtain property insurance quotes including flood insurance, if required. My transaction coordinator can assist you with this process.

13. Loan Commitment

Obtain a written loan commitment as outlined in the contract and provide it to the seller. After delivery of the loan commitment. If you breach the contract, the EMD is lost ( including if credit review prior to closing prevents the mortgage from finalizing due to reckless behavior). If the loan commitment is not delivered by the deadline, then the seller can withdraw from the contract without penalty and must return the EMD

14. Appraisal & Survey

The appraisal and survey will be ordered by the lender and title company, respectively. If the seller has a current survey, It should be provided to you within 5 days of CED.

15. Title Insurance

You must purchase insurance on the loan amount to insure the lender should there be a conflict with the title. Owner’s title insurance is also taken out for the new owner on the entire purchase price. This policy is usually paid for by the seller as agreed upon in the contract. The title company coordinates this process.

16. Utilities

Arrange for the transfer of utilities; installation of phone, internet and TV; and garbage and water service.

17. Walk Through

You and I may complete a walk-through of the property prior to closing. All personal belongings should have been removed (unless otherwise agreed upon) and the property should be in a similar condition as it was upon entering into the contract.

18. Closing

Payments may be executed with a certified check made payable to the buyer and endorsed to the title company at closing, or funds may be wired to the title company directly for a small fee. The lender will wire the loan amount for purchase arrangements that can be made for closings to be transacted by mail. Closing cost may include Mortgage Interest, HOA Fees, Property Taxes, Insurance, Lender Loan Fees, Title Charges, Government Charges- Intangible tax, documentary stamps, and doc stamp taxes, etc.

19. Deed

The deed will be recorded at the County Clerk’s Office. The Deed, mortgage, and owners title policy are delivered a few days after closing.

20. Homestead

Homestead ‘permanent residence’ properties at the county building at 1800 27th Street, if qualifications are met. This will give you a reduction in the property taxes for your new home.