Teresa Bridges' Blog
Each state has different standards when it comes to buying a home. If you’re thinking of buying a home in Florida for the first time, or are new to the market, there’s things you should know. For a successful home search and home purchase, heed the following facts about buying a home in Florida:
Know The Job Of Your Realtor
Your realtor is also what is called a transaction broker. This means that they help to facilitate the transaction of the home sale. Realtors represent buyers or sellers or in some cases, both. It is your right to have this representation. Realtors are meant to work with all parties in a fair and ethical manner in order to disclose information that will affect the value of a home. Whether a home has a leaky roof or brand new kitchen floors, your realtor should know about it. A Florida Real Estate License gives one the power to be a transaction broker unless otherwise noted. There won’t be a need for additional personnel throughout the home buying process.
In Florida Attorneys Are Not Required At The Closing Table
In Florida, most real estate transactions are closed with title agents, unlike other states where an attorney is required. Title companies have attorneys on hand for consultation, but legal representation is only provided on an as-needed basis at your own expense.
Know Insurance Rules
Due to the climate in Florida, in addition to homeowner’s insurance, you may be required to obtain flood insurance as well. Depending upon how the inspection of the home goes, the home you purchase may also require higher premiums. Things that can affect these rates include the roof, plumbing, how old the electrical systems are and other safety equipment that has been installed. You should be sure to get insurance quotes for the Florida home you wish to buy well ahead of your closing date in order to get the best rates.
Buying A Foreclosed Home May Take Awhile
In the state of Florida, you should know that buying a home that has been foreclosed on can take a bit of time. Certain real estate sites often show incorrect listings, featuring homes that have already been sold or haven’t even been listed yet with low prices noted as a “foreclosure.” Foreclosure listings in the state undergo the judicial process and can take more than a year to complete. If you would like to buy a foreclosed property, you should plan accordingly.
Florida Is A Homestead Friendly State
If you own a home in Florida, you’re eligible to file for what is called a homestead exemption worth up to $50,000. You may only receive this exemption if this home is your primary residence. This exemption reduces your Florida property tax and limits the amount that taxes can increase each year. While restrictions do apply, this is not a bad perk.