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Basics of Buying a Home in Florida Various states have various laws and standard practices when it comes to purchasing a house. In Florida, here are the most important things you have to know: 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 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 typically pays the whole real estate commission (5%-% of the house sale price, split equally between the seller’s agent and yours).
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Lessons Learned About Properties
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 critical for you as a buyer, because just looking at a property may not be enough to show you what exact problems were encountered by its owner with living there. Additionally, sellers of houses constructed before 1978 should comply with federal Title X disclosures pertaining to lead-based paint and hazards. Home Inspections Buyers must not rely solely on the seller’s disclosures though, but must hire an independent home inspector to check the information provided in 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 has to obtain a title search from a title company prior to purchasing 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 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, in contrast other states, Florida does not require home buyers to use a lawyer. Yet even if it’s not required, you may just have to get one at a particular point in the process–for example, if you are buying a property in a planned unit development that has complicated CC&Rs, or if you are buying a house jointly with other parties and need help preparing your co-buyer agreement.