Buying a Home

Florida Real Estate - “You Need To Know”

By: Jerome S. Levin,

Florida Board Certified Real Estate Attorney

www.levintannenbaum.com

941-308-3151

IS THIS YOU? Sitting having afternoon tea my friend tells me how they lost their money in a real estate purchase in Florida because they did not get what they thought they were buying. I asked who helped you, and they said, I tried to do it on my own.

This type of disappointment can be avoided if you plan your purchase in advance through skilled and competent realtors and attorneys in Florida. The purchase of investment or personal use property requires due diligence, and reliance on the valuable advice of your team. The team is your realtor, attorney, banker, and accountant. If they all work together you will succeed.

Here are the steps recommended:

1. Retain a realtor who has been referred to you by a person you trust, or find a realtor who specializes in helping UK residents purchase property in Florida. After you interview the realtor, and feel comfortable, tell your realtor you want to add to your team a Florida real estate attorney, an accountant whose clients are UK residents, and a banker or mortgage broker, if you are intending to borrow money.

2. Hire your team and then start your due diligence relying on their advice. Find the property of your dreams or the investment which meets your financial criteria. Make sure the terms of your agreement achieve your objectives and allow you to exit the transaction if you are not satisfied after completion of your due diligence.

3. Discuss with your team the terms of payment or financing you require. Discuss whether you intend to hold title in your personal name or a company name. Your accountant and attorney can advise you on the tax implications, estate planning issues, and the protection against law suit issues.

4. During the contract period prior to closing you will work with your team to order a survey, or read the condominium documents, obtain financing, review the title policy to make sure the property is cleared of liens and mortgages, discuss how you hold title for tax planning, and review all the documents prior to signing at closing to make sure you received what you expected.

5. The attorney will act as the closing agent whose role is to handle all the monies, prepare the documents, and issue the title policy. The policy is valid for the duration of your ownership of the property, and protects you that no other parties have rights or claims on the property.

6. Discuss with your team the costs associated with buying real property. Transfer taxes, title insurance costs, banking charges, stamp taxes on the mortgage if you borrow money from a bank, survey cost, inspections, and the fees for each of your team members.

In Florida lawyers play a significant role in issuing title insurance policies and guiding their clients through the purchase and sale process. The most important advice is not to go alone on this journey, because the costs associated with your team will be well spent to assure yourself you can rest easy because you made a well prepared decision to purchase Florida real estate.