How I Became An Expert on Houses

What You Need to Know When Buying a House in Florida In different states are different laws and practices pertaining to buying a house. In Florida, you need to know the following essentials: Working with 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. A real estate 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 generally covers the entire real estate commission (around 5% to 6% 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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According to state law in Florida, sellers have to disclose anything about their property that has a significant impact on its value and that others cannot normally observe. 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. On top of that, sellers of houses constructed prior to 1978 should comply with federal Title X disclosures that pertain 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. 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 purchase agreement is a legal document containing all the material terms and conditions of the 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 scans public records and other sources for liens, easements or other encumbrances or title restrictions that have a bearing on 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 Lastly, unlike some states, Florida does not require home buyers to hire 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.