Buying Real Estate in Florida - Sellers & Buyers Realty USA, Inc.

Buying Real Estate in Florida
Licensed Real Estate Agency Laws: Two Forms of Agency are: Single Agents representing the Buyer, serve the Buyer's interest; whereas Single Agents with Listings serve the Seller's interest. Transaction Brokers provide a limited form of representation but can't discriminate against either a Buyer or a Seller.
Making an Offer to Purchase: Once a property has been selected, an Offer to Purchase is presented to the Listing Agent or to the Seller if the latter is not represented. Various conditions are financing, survey, what is included, purpose, assignable contract, possession and closing date. In many cases a Property Inspection, Termite Inspection and Surveys are required. Usually the Offer allows a time period for acceptance and includes an Earnest Money deposit. The deposit is retained in an Escrow Account and if the offer is not accepted, the monies are normally returned. (Sellers & Buyers Realty USA places all deposits with a Bonded Title Company and does not maintain an Escrow Account.) Counter Offer: Many times the Seller may present a Counter Offer. In which case the Buyer's Offer is automatically void. The Buyer may accept or make a Counter to the Counter Offer. In turn, the Counter Offer is void unless the Seller accepts. A Buyer may withdraw an Offer prior to notification of acceptance. Closings: Real Estate Closings are conducted either by Title Companies or Attorneys. Here in Charlotte County, the closing costs; State Documentary Stamps costing 70 cents per $100 of the Sale Price, and the Title Insurance are usually paid by the Seller. Other counties vary. Sometimes the Buyer pays or both the Buyer and Seller share the costs. This is negotiable, so make sure you ask. Title Insurance & Taxes: If there is a lender, Title Insurance is usually required. The Buyer may also obtain a Title Policy for an additional sum, often a wise decision. In many areas, Property Taxes are paid at year end, so there is usually a Tax Pro-ration involved in the Closing Statement. Closings may be conducted entirely by mail if the participants are not available. Just prior to the Closing, the Buyer and/or the Buyer's Agent may do a "walk through" of the property. Closing Statement: Before Closing the Buyer will be given a Closing Statement advising the total of monies required. In turn, the Buyer must have a Bank Cashiers Check for the required amount to present at Closing. Foreign Buyers are advised to convert their monies to US Dollars at an early date as sometimes Foreign Currency Rates may fluctuate against the Buyer. Mortgage Financing: Conventional financing is available up to 30 years at either fixed or various floating rates for shorter terms. There are many different mortgage options and loan programs to choose from. Sellers & Buyers Realty USA would be pleased to provide a list of Attorneys, Accountants and Financial Sources to facilitate your real estate transaction. Non USA Resident Buyers should consult with Attorneys or Accountants experienced in serving International Clients prior to entering into any agreements.

Buying Real Estate in Florida

Licensed Real Estate Agency Laws: Two Forms of Agency are: Single Agents representing the Buyer, serve the Buyer's interest; whereas Single Agents with Listings serve the Seller's interest. Transaction Brokers provide a limited form of representation but can't discriminate against either a Buyer or a Seller.

Making an Offer to Purchase: Once a property has been selected, an Offer to Purchase is presented to the Listing Agent or to the Seller if the latter is not represented. Various conditions are financing, survey, what is included, purpose, assignable contract, possession and closing date. In many cases a Property Inspection, Termite Inspection and Surveys are required. Usually the Offer allows a time period for acceptance and includes an Earnest Money deposit. The deposit is retained in an Escrow Account and if the offer is not accepted, the monies are normally returned. (Sellers & Buyers Realty USA places all deposits with a Bonded Title Company and does not maintain an Escrow Account.)

Counter Offer: Many times the Seller may present a Counter Offer. In which case the Buyer's Offer is automatically void. The Buyer may accept or make a Counter to the Counter Offer. In turn, the Counter Offer is void unless the Seller accepts. A Buyer may withdraw an Offer prior to notification of acceptance.

Closings: Real Estate Closings are conducted either by Title Companies or Attorneys. Here in Charlotte County, the closing costs; State Documentary Stamps costing 70 cents per $100 of the Sale Price, and the Title Insurance are usually paid by the Seller. Other counties vary. Sometimes the Buyer pays or both the Buyer and Seller share the costs. This is negotiable, so make sure you ask.

Title Insurance & Taxes: If there is a lender, Title Insurance is usually required. The Buyer may also obtain a Title Policy for an additional sum, often a wise decision. In many areas, Property Taxes are paid at year end, so there is usually a Tax Pro-ration involved in the Closing Statement. Closings may be conducted entirely by mail if the participants are not available. Just prior to the Closing, the Buyer and/or the Buyer's Agent may do a "walk through" of the property.

Closing Statement: Before Closing the Buyer will be given a Closing Statement advising the total of monies required. In turn, the Buyer must have a Bank Cashiers Check for the required amount to present at Closing. Foreign Buyers are advised to convert their monies to US Dollars at an early date as sometimes Foreign Currency Rates may fluctuate against the Buyer.

Mortgage Financing: Conventional financing is available up to 30 years at either fixed or various floating rates for shorter terms. There are many different mortgage options and loan programs to choose from.

Sellers & Buyers Realty USA would be pleased to provide a list of Attorneys, Accountants and Financial Sources to facilitate your real estate transaction.

Non USA Resident Buyers should consult with Attorneys or Accountants experienced in serving International Clients prior to entering into any agreements.