the-realestatetips

 

 

Various states have various laws and standard practices when it comes to purchasing a house. In Florida, you need to know the following essentials:

 

Using an Agent

 

When buying a house, condo, or any other home in Florida, hire a trustworthy real estate agent who can help you search for properties and take care of all the complicated procedures involved in the purchase. Florida Homes by Susan agent offers a whole array of advantages, from community market knowledge to negotiating prowess and more. Best thing is,  they won't cost you a thing. 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).

 

Seller Disclosure

 

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 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. Moreover, sellers of structures built prior to 1978 must follow federal Title X disclosures on lead-based paint and hazards. Check out https://en.wikipedia.org/wiki/Real_estate_development to learn more about real estate.

 

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. Most buyers' offers are based on a satisfactory inspection report to make sure that there are no material defects and other such issues as erosion; plumbing, HVAC electrical and electrical irregularities; termites and other pets; and so on.

 

 Real Estate Purchase Agreements

 

A legal document which contains all material terms and conditions of real estate tampa bay transaction, is called a purchase agreement. 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 has to obtain a title search from a title company prior to purchasing 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. As well, it's worth considering getting a title insurance policy to protect the title from adverse third-party claims, or any problems the title search might have missed.

 

Working With a Lawyer

 

 

Finally, in contrast other states, Florida does not require home buyers to use a lawyer. 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.