How to buy a property in Florida

How to buy a property in Florida

Searching for a property
Real estate agents in the United States can show and sell ALL properties that are for sale. There are no ”sole agent”-properties like in Sweden. The broker costs you nothing, the broker-fee is paid by the seller.
If you find a property on another broker’s website, send the link to us and we’ll show it to you. In a real estate deal it is common that the buyer is represented by one broker and the seller is represented by another broker.

Make an offer
Once we have found the house or condo (apartment) you want to buy, we will make an offer. This will be in writing where things such as day of access, the amount of the deposit etc. also will be included. The deposit will usually be paid within three days and is typically 5 – 10%.

When the offer is made, the seller’s broker requires that you can prove that you have the funds needed for the purchase, called a ”Proof of funds”, which may be a letter from your bank. It might be useful to prepare the bank for this, normally you will receive the letter by email when you are in Florida and know the acyual amount of the offer.

Home Inspection
Once the offer is accepted, you have 15 days to do a Home Inspection. It is not a requirement, but it is highly recommended to do this.

The actual payment and registration of the purchase are handled by special Title Companies.

You do not need to be present at any of the above steps but -of course- it is nice if you are.
A normal purchase process takes about 1 month before you will get access to your new home. But this can of course vary.

Costs for you as a buyer
You pay for Home Inspection, approx. $ 300 – $ 500
Half of the fee to the Title Company, approx. $ 250.
Any additional minor fees often $ 10 – $ 20.

Cost for you as a seller
Legal fees, – “State documentary transfer tax”. This varies from county to county and is paid by the seller.
The brokerage fee
Half of the fee to Title Company, about $ 250
Any additional minor fees often $ 10 – $ 20..

Annual expenses
A property tax is paid annually. It differs between different Countys but ends up somewhere
around 1 – 3%.

Other costs / fees
Buying a property in a condominium usually involves paying a condominium fee.