What You Need To Know.

Each State in the USA has slightly different rules regarding the purchase of real estate. In Florida, there are several important points to note:

A real estate brokerage is licensed by the State and managed by a State licensed broker and has a team of State licensed real estate agents that report to the broker.

Also important to know, The buyer in residential real estate usually does not pay the agent or broker, the real estate agents are paid at the completion or closing of the sale by the seller. By law, only licensed professionals can receive real estate income so the process is highly regulated to protect the buyer and seller.

In Florida, all real estate offers should be done in writing in order to be recognized. The process usually goes as follows:

Buyer looks at numerous properties and selects one that is highly desirable.

The Realtor completes a contract offer ( a pre-designed form that contains standard verbiage as approved by the Realtor Association and Florida legal representation) on behalf of the prospective buyer containing price and other terms to be offered with a time frame that the seller must respond by.

The seller may counter the offer with new terms, again in writing

This continues until both parties reach agreement and the buyer is expected to place an agreed upon amount showing a trust or escrow deposit on the property to show good faith. This deposit is held in trust for closing or completion and deducted from the remaining balance owed.

about video
about video

The Process

The process above illustrates that it is prudent to only make an offer on one property at a time as the offers are binding when both parties agree.

The process is similar when dealing with new construction and it is always advised that a buyer have a real estate agent working between them and the builder as they can assist with guidance, walk through of the property before closing and many details along the way.

The agent is paid at closing or completion by the builder but it is important to understand that the real estate agent is compelled by law to act fairly to the buyer.

Many International buyers have questions that relate to topics such as:

• How and where to open a bank account

• How to obtain financing

• International tax considerations

• Property management

• Rental income

• Immigration

• Currency exchange

Many questions can arise when purchasing property internationally. This is whyFlorida Property Agent maintains close relationships with esteemed professionals around Florida in each area of expertise and with various languages spoken.