Florida is a beautiful state and many people dream of having a home in Florida. But without proper knowledge about the rules and laws in Florida, it is difficult to buy or sell a house. Certainly, the help of a real estate attorney is required to go through the whole process. To make it simple for you, this article consolidates the process that the buyers and sellers go through while the real estate transactions take place.
1. Depositing “Earnest Money”
Earnest Money is an amount that is paid to confirm a contract. In Florida, if a buyer confirms and offers to purchase a home, he must deposit the Earnest money that gives him additional time when he is seeking financing.
2. Application of Home Loan
When a buyer plans to buy a property in Florida, getting approval for a home loan in advance is important to speed up the whole process. Hence, the buyer who is in need of financial support needs to find a lender to get a loan.
3. Property Appraisal
As soon as the buyer applies for assist your search a mortgage loan, the lender provides the appraisal of its value by appointing a licensed appraiser.
4. Title Insurance
Title Insurance is necessary to protect the real estate owners and lenders against any property loss. Hence, it is the owners’ responsibility to deliver title insurance to the buyer. A title insurance is the one who provides the commitment. It reflects the ownership of the property in accordance with the public record.
Inspection is the responsibility of the buyer. Inspection is done on the property to be bought so that estimation can be done any damage to the property and also the working condition of the facilities.
The next step is to do the property survey. This is done by a real estate surveyor and is done to check the accuracy of the description of the property. This is done to check for encroachments and other legal issues that might negatively impact the property’s value.
Insurance needs to be purchased for the property as it is required by the lenders in Florida in the event of flood, wind and any other hazard. The insurance depends on the place where the property is located.
8. Inspection prior to Closing
It would be essential for the buyer to inspect the property before closing the deal to ensure that all the agreed upon repairs have been made and the property is in a condition as desired by the buyer.
9. Closing Document
Preparation of the closing document is an important part of the buying and selling process. It needs effort to be put by buyers, sellers and their attorneys and it needs a careful review of the document before closing the deal.
10. Final Payment
The earnest money deposited will be with the agent and will be transferred at this point in time. Also, after the lender has approved to go forward with the transaction, the loans funds are also transferred to the seller to close the deal.
Things to know Before Buying a Home in Florida
It is essential to know about the laws of the land before buying a home there. That is why, one need to contact a good Realtor who can understand the local laws, market conditions, the surroundings and the facilities. Here are few important things that need to be considered before buying a home in Florida.
Current Market Conditions
Real Estate business across the US is fluctuating in the past few years. Though the market prices are on the rise, the key to buying a house is to buy it at the right price. Hence, studying the past, present, and future of the market will ensure that you buy the property at a right price.
As Florida is affected by floods and hurricanes, make sure to buy a home that can withstand the test of time and do not forget to invest in a homeowners’ insurance. Not sure of taking the right one? Take the help of any insurance agent.
Do not rush to finalize a home. A thorough home inspection is needed before you finalize on the property.
Deed Protected Community
The fine print will tell whether the property is in a deed protected community. If your style is hindered by such community restrictions, you need to think twice.
Hiring a Real Estate Agent
Buying a home in Florida is not as easy as it sounds to be. The whole process is made easier if a reputed Realtor is hired.
Here are few important things that need to be considered before buying a home in Florida.Not sure of taking the right one? Take the help of any insurance agent.
Copyright © 2017 by dmdind.com - All rights reserved.