HOW TO BUY

HOW TO BECOME A HOME OWNER

Quick Guide to Buy Your House

Buying or selling a house in Florida can be a complicated process, especially without the help of the right Real Estate broker.

Here are the typical 10 steps buyers and sellers go through when conducting a residential real estate transaction:

1.- Deposit of earnest money. When a buyer offers to purchase a home, he or she must provide “earnest money” as a deposit, which is held by an escrow agent.

2.- Home loan application. Generally, a buyer needs to find a lender for a mortgage loan to purchase the property. Getting approved for a loan in advance of a purchase will make the process go faster.

3.- Property appraisal. The buyer’s lender will have a licensed appraiser visit the property and provide an appraisal of its value.

4.- Title insurance. It is the seller’s responsibility to provide title insurance to the buyer. A title insurance agent will provide a title commitment that reflects the ownership of the home according to the public record and lists any liens or other encumbrances against the home. The title commitment will also list the requirements for the issuance of final title insurance for the property.

5.- Inspection. The buyer is responsible for having an inspection done of the property to check for any insect or other damage and ensure everything is in good working order.

6.- Property survey. A real estate surveyor is engaged to survey the property to ensure the accuracy of the property description and that there are no easements or encroachments that may adversely impact the value of the property.

7.- Insurance. Florida lenders may require buyers to purchase flood, wind and hazard insurance for the property, depending on where the property is located.

8.-Pre-closing inspection. Prior to closing, the buyer should conduct an inspection of the property to ensure any repairs previously agreed upon have been made and that the property is in the expected condition.

9.- Closing document preparation. Buyers, sellers and their respective attorneys need to carefully review all closing documents prior to the final closing.

10.- Payments at closing. The closing agent will transfer the earnest money deposit, any buyer proceeds and mortgage loan funds to the seller once the lender has provided the approval to close the loan transaction.

Congratulations! Now you only need to take the first step.

I combine my knowledge and experience in Florida Real Estate investments to represent both buyers and sellers of Florida Real Estate.

Contact me directly for further questions and I will be happy to give a free consultation at (857) 253-8207, or email at marcocarrizosa@gmail.com.