Let us represent you and we will guide you through the entire process.
"Now is the best time to buy a home in Florida." Sometimes it's a good time to sell if you bought at the bottom of the market and now can cash in when selling your home while the US Dollar is still high and the Canadian Dollar low. We definitely can assist you with both, buying and selling a home.
Buying a vacation home and rent it out while you are not here.
If you want to spend the winter time in Florida, but looking to earn some income to offset your monthly bills, why not renting out your home? There are now many options and we certainly can assist you.
Buying a Home in Florida - A step by step guide.
You found a house you'd like to buy. We will put together a purchase and sales agreement, which contains the price and all the terms of the sale. That is seller's and purchasers' name/addresses, property's legal description, purchase price, down payment, financing arrangements, closing date, inspection period and contingencies.). Together with the written offer the buyer submits a check (called "consideration") to make the offer "stronger." The sum of the payment depends on the sales price, and the title company will put in their escrow account.
Seller agrees to the purchase offer
The Seller agrees or comes back with a counteroffer. Buyer agrees or ...counters again. Eventually, both parties will accept.
The seller must disclose any problems with the house he knows. But what about the stuff he doesn't know? Hiring a licensed home inspector is always worth the $400 he charges. He will check for common defects (roof defects, A/C problems, plumbing problems and so forth). He will put together a lengthy report about all the minor and major problems. Depending on the contract, both, the buyer or the seller may cancel the contract or maybe the seller is willing to repair or renegotiate. When you hire us, we make sure to negotiate on your behalf and get the best deal and terms for you.
Title Company or Real Estate Attorney? What is the better choice?
The title company or real estate attorney is preparing the paperwork. When you buy a house, you, the buyer, also purchases title insurance. A title search is a review of public records, looking for any problems with the title's validity before closing. The title insurance goes one step further and ensures against loss due to certain title defects that didn't turn up during the title search. Typical title issues are related to easements and liens.
Foreign National Financing
If financing is involved you have to be prepared to provide income and assets to the bank. Also as a Canadian National, you may go to a Canadian Bank or some US Banks can provide financing as well. When a bank is involved, they will require an appraisal and most likely a survey. Needless to say that the bank will keep the buyer busy with all the loan requirements (credit reports, income and asset statements, tax returns).
Before the closing takes place, the customer needs to purchase homeowners insurance and in some locations flood insurance as well. If the buyer pays all cash, he can decide if he wants to obtain flood insurance or if he wants to take the risk If financing is involved, the bank requires all insurance policies.
Now, do American Banks finance Canadians buying a home in Florida? Yes, they do. At least RCB Bank did in the past. Some American Banks offer to finance for English speaking foreigners as well
Note: When a hurricane is on the way no insurance company will underwrite new policies. They will delay the closing until the storm is through.
Don't end up sitting "High and Dry"
Now it is time to make arrangements with Florida Power and Light, the water - and the cable company (Verizon, Comcast or Frontier). Most of the time the seller will switch the account in the buyers name which saves you some money.
You're almost done
Before closing, the buyer will get a settlement statement explaining all the transaction fees and taxes (including the charges for the loan). If everything is accepted, the signing of the documents (Closing) will take place.
The closing, if one or both parties are out-of-town, can be done as a "mail away". The buyer has to bring the money to closing. If he hasn't already wired it to the title company, he may bring a cashier's check. Nowadays, title companies prefer that the purchaser wires larger amounts of money. However, the title company will give instructions and some still do accept a cashier's or certified check. Don't forget to bring a photo ID to closing. Otherwise, it is not going to happen.
Last Step of a long Process
The buyer gets the keys and a copy of all documents at closing, and he is now a proud owner of a slice of land in paradise. Beautiful!
Ready to start your home search?
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