Buying a Florida Property – The Process

Buying a Florida Property – The Process


Once a property in Florida has been identified, the process goes as follows:

  1. An offer signed by the Buyer(s) is submitted on a FAR (Florida Association of Realtors) Residential Sale and Purchase Contract form or locally recognized contract along with appropriate addendum
  2. The offer indicates which party is responsible for the payment of the various transaction and closing fees
  3. The offer is accompanied by a copy of a Good Faith deposit check
  4. The offer is submitted to the Seller who must respond within the time stated in the offer
  5. The Seller may accept or refuse the offer as is or make a counter-offer which is sent back to the Buyer
  6. The contract’s effective date becomes the date when both the Buyer and Seller signatures are on the offer
  7. The Good Faith deposit is made to an Escrow Agent by the Buyer according to the terms set in the contract. The deposit is refundable under specific conditions specified in the contract
  8. The contract may be subject to, but not limited to obtaining a mortgage within a specified time
  9. The contract may also be subject to an inspection within a specified time
  10. The contract may also be subject to various conditions and time frames clearly stated
  11. If the property is to be financed, an appraisal will be ordered by the Lender
  12. A title search is ordered by a Escrow Agent or Attorney
  13. The Escrow Agent or Attorney will ascertain the various taxes, HOA dues, transfer and other fees
  14. Prior to closing, the Escrow Agent or Attorney will submit to the Buyer and Seller a Settlement Statement (HUD-1 form) for review
  15. The balance due at closing will be confirmed
  16. The Closing Agent or Attorney will schedule the closing date according to the date specified in the contract
  17. The cash to close can be delivered to the Escrow Agent via a certified check or a wire transfer
  18. Buyer and Seller do not need to be present at the closing. The closing can be done anywhere in the world for either party
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