Let us represent you and we will guide you through the entire process.
"Now is the best time to buy a home in Florida." Who says that? We don't know. Sometimes it's a good time to sell. If you bought at the bottom of the market you may want to take advantage of the strong dollar to make some profit. We definitely can assist you with both, buying and selling a home, but we can not predict if it is a good or bad time.
Buying a vacation home and renting it out while you are not here. Sounds like a plan?
You may want to spend the winter time in Florida while the cold wind is blowing in your hometown further north. However, when you are gone you will still mail from your lovely vacation home - called bills. If you are looking to earn some income to offset your monthly bills, why not renting your home out? There are many options available.
Buying a Home in Florida - A step by step guide.
Work with us and we will find you 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. The information needed is seller's and purchasers' name/addresses, property's legal description, purchase price, down payment, escrow account, financing arrangements, closing date, inspection period and contingencies. The buyer submits a check (called "consideration") to make the offer "stronger." The amount of the deposit depends on the sales price and can be negotiated.
Seller agrees to the purchase offer
The Seller may agree or comes back with a counteroffer. Now the ball is in the buyer's court. He either agrees or ...counters again. Eventually, both parties will accept.
The seller must disclose any problems with the house he knows in writing. 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, the as-is contract is widely used in Florida, both parties may cancel the sales if the outcome of the inspection is not acceptable. However, in most cases, the seller is willing to pay for the repairs or renegotiate the sales price.
When you hire us, we make sure to negotiate on your behalf and get the best deal and terms for you. Call us (941 - 244 - 8341) or email us.
Title Company or Real Estate Attorney? What is the better choice?
A title company or a real estate attorney is preparing the paperwork. When you buy a house, you, the buyer, also purchase title insurance. A title search will also be performed. It 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 a couple of documents (income and assets) to the bank. Also, as a Canadian National, you may want to go to a Canadian Bank. They know better with what they are dealing, but some US Banks can provide financing as well. They may have a few more questions.
When financing is involved, the bank will require an appraisal and most likely a survey, too. Needless to say that in the meantime 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. In some locations, flood insurance is also required. 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, there is no room for negotiations. The bank requires all insurance policies.
Now, do Canadian Banks finance your new home in Florida? Yes, they do. At least RCB Bank did it in the past. However, many American Banks offer financing for English speaking foreigners as well.
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).
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". too. 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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