A Simple Plan: Homes

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, you need to know the following essentials: 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 provides plenty of advantages, from local market knowledge to negotiating expertise 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
A 10-Point Plan for Properties (Without Being Overwhelmed)
State law in Florida states that sellers should disclose any fact or condition pertaining to their property that makes a considerable impact on the value of such property and which others cannot typically take notice of. 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. 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 which details each enforceable material term and condition surrounding your 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 needs to get a title search from a title company before they purchase 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 buying a title insurance policy to shield the title from adverse third-party claims or any issues on the title that may have been skipped by the title search. 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.