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Buying Process

Buying a home will likely be one of the largest financial transactions you will
ever make.
Understanding the buying process and work with a professional real estate agent will make the process more enjoyable and less stressful.

The negotiation

As your real estate agent I will work for for you to get the best deals. After finding the best property for you we will deal with the negotiation phase that includes :

  • Market value of the house
  • Condition of the house
  • Financing terms
  • Circumstances surrounding the sale
  • Loan pre-approval
  • Earnest money

The contract

The offer is made in writing, through the realtor, accompanied by a deposit (refundable if the bid fails).

Contract setting :

  • Offered price
  • Money deposit on the escrow account
  • Financing terms
  • Offer validity
  • Closing date
  • Inspection terms
  • Various addendums
  • Disclosures: Lead Paint, HOA, Condo, etc.
  • Closing instructions

Once the offer drafted, initialed and signed, it is sent to the seller’s agent.
This will be renewed as long as the offer is not accepted by the seller.
Once the contract is mutually accepted by both buyer and seller, through agents, and everyone has agreed on the price and terms and conditions, the offer becomes final contract.

The deposit

Upon acceptance of the offer, you have between 3 and 10 days after the date of acceptance of the offer (unless otherwise specified in the contract) to pay the deposit.

The inspection

An inspection is usually conducted within 10/15 days after the acceptance date. An independent company prepares a detailed report on the condition of the property (plumbing, roofing, electricity, etc., at your expense, price depending on the size and age of the property). This report provides an estimate of repair costs in the event of apparent problems. As part of a contract “As is”, contract is contingent to the inspection, so the buyer can withdraw the contract without cause and recover his deposit in its entirety.

Financing

Usually you have 5 days to apply for a loan, after the date of acceptance.
Of course it’s better to be pre-qualified or pre-approved before doing an offer.

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Closing Process/Title Insurance

During the closing the “Title Company” will:
– Represent the buyer in the transfer of ownership.
– Perform research on the validity of title and make sure it is free of liens
– Insure title
– Synchronize the payment through Escrow account.
Once doubts are removed about the title, the “Title Company” sends a document called “HUD”, which summarizes the amounts payable by the buyer and the seller and the date of the final signature.
The transfer of the balance will be made a week before the “closing”.

Previous the “closing”, a walk through the property will be conducted to insure the good condition.

When buying a condominium unit, you legally have 3 days on receipt of a number of documents (documents and Minutes meetings, the most recent financial statements, your rights … ) to cancel your contract. After this period, no withdrawal will be possible, unless the result of your inspection allows you or if you have inserted a suspensive clause of obtaining credit.

HOA Application
When you are buying an apartment or a home it’s common to deal with an Home Owner Association (HOA). You have to apply and the Association will investigate your criminal history and credit history. The Association requires a period of 2 to 3 weeks to run the study .

Following investigation, the Association shall issue a “Certificate of Estoppel” indispensable for the final signing. You will be interviewed in the office of the association or by phone if you can not attend.
The closing agent will :

  • Request a title report and policy
  • Draft the deed and/or other necessary documents
  • Arrange to pay off existing loans when necessary
  • Prorate taxes and insurance between buyer and seller
  • Compute interest in loans
  • Record the appropriate documents
  • Disburse the documents and money to each party involved

Sales Recording

When the final transfer of funds to the seller is made by the “Title company”  you’ll own the property.
After registration with the Florida Administrative Center, you will receive the “Title Company” final act of your purchase.

ACQUISITION COSTS

It’s essential to know who pays for what? and how much ? For more information about the costs refer to the following pages.

Seller costs

Buyer costs