Looking On The Bright Side of Homes

Essentials of Buying a House in Florida In different states are different laws and practices pertaining to buying a house. In Florida, here are the most important things you have to know: Working with 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. Best of all, they won’t charge you anything. The seller generally covers the entire real estate commission (around 5{0a6e6c74e526503ea77e8fd50153deb71969f4fc21a2e865a7cae4af26a62ce8} to 6{0a6e6c74e526503ea77e8fd50153deb71969f4fc21a2e865a7cae4af26a62ce8} of the house sale price, to be 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. Moreover, sellers of structures built prior to 1978 must follow federal Title X disclosures on 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 should be signed by both parties, the buyer and the seller, and include an offer to purchase or sell, an acceptance of the offer, the price of the property involved, and a reasonable and accurate property description. Title Issues A buyer needs to get a title search from a title company before they purchase 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. 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. 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.