Despite all the economic upheaval surrounding the outbreak of coronavirus and the current geopolitical situation, the real estate market in the Sunshine State is still going strong.
In 2020, the Florida real estate market received thousands of buyers both from the US and from other countries. Buying a property in Florida, either for commercial, residential, or rental purposes, is a process that holds its share of complexity.
Hence, knowing the necessary procedures beforehand and preparing with a step-by-step approach will make a huge difference in the outcome of a transaction.
In this guide, you will discover the top tips on how to buy real estate like a professional in Florida.
Start by Hiring an Expert Real Estate Attorney
When buying a property in Florida, many people question themselves if they are legally required to hire an attorney to assist in the transaction. In the United States, many states require the use of an attorney for a real estate purchase or sale. However, Florida is not one of those states.
Regardless, an expert real estate attorney in Florida will help to uplift your performance as a property buyer, which includes:
- Using their knowledge of the area and networking to help in the transaction.
- Ensuring compliance with local laws, including tax, zoning, environmental, etc.
- Reviewing, preparing, and organizing all necessary documentation in the process.
- Helping to ensure compliance with all legal parameters required in the Florida real estate market.
- Assisting the buyer with a survey or inspection report questions.
- Providing unique insights and perspectives on necessary matters.
- Preventing potential issues that may arise in the future.
- Double-checking the terms contained in contracts and agreements.
- Helping the buyer to deal with other parties involved in a transaction (appraisers, accountants, lenders, an insurance company, etc.).
- Overseeing and conducting the transaction until the closing is concluded.
- Monitoring contractual deadlines to ensure that both parties are complying with all of their obligations.
- Overseeing payment and escrow of the required deposits.
- Helping with the negotiation of any issues or disputes that arise during the transaction.
Make a Detailed Review of Your Financial Situation
Buying a property in florida like a professional means controlling all factors involved in the transaction. It is impossible to acquire a property in Florida without having the required funds to pay for it, so you need to assess your financial health.
When purchasing a property in Florida, there are two main payment options. You can either choose to take a mortgage loan or pay all cash. In case you choose to take a mortgage loan, you will need to find a reliable lender. There are several options available in the market, so do not hurry to sign any contract before making detailed research.
Therefore, you need to pay attention to your credit score, as it will be a crucial parameter in the process of obtaining the necessary funds to pay for the new property. Make sure that all your transactions are clear, which will avoid loan rejection by lenders.
In case you decide to pay all cash for a property in Florida, the process is much simpler. However, you need to be careful with this type of move, as you need to make sure that it will not leave your finances unbalanced.
Make a Detailed Inspection Before Signing the Contract
Before signing the contract and paying for a property, you need to double-check its conditions by making a detailed inspection.
Commonly, pre-closing inspections tend to be underrated and overlooked by many buyers. Nonetheless, it is impossible to ignore the crucial role a house inspection has in the process of buying a property in Florida.
When proceeding with a detailed inspection of a property, you need to double-check the property’s core aspects, which includes:
- Construction/Building structure.
- Heating/Cooling system.
- Lighting/Electrical system.
- Pest inspection (termites, rodents, etc.).
Also, you need to check for the existence of issues such as mold, water leaking, cracks, and other types of issues. Depending on the region of Florida, moisture issues may appear more often, especially in basements.
Do not forget about the physical and aesthetical aspects of the property as well, considering factors such as:
- Property’s land size.
- Quality of the surrounding landscape.
- Quality of roofing.
- The number of bedrooms.
- The number of bathrooms.
- Existence of fireplaces, swimming pool, and other miscellaneous.
- Finishing details, including countertops, floor, and appliances.
We Can Help You to Buy Real Estate like a Professional in Florida
Undoubtedly, buying real estate in Florida is a demanding and time-consuming process with plenty of details involved.
You do not need to waste time and money with uncertainty. An expert attorney from Jurado & Farshchian can help to ensure a positive outcome for your transaction.
Get in touch with Jurado & Farshchian today by calling (305) 901-5628 or by sending us an email to Jennie@jflawfirm.com.