Ready to Buy? The Basics of Buying Real Estate in Florida

So you’re ready to buy a property in Florida and realize your dreams of owning a piece of this gorgeous state – congratulations! But before you start picking out paint colors for your covered porch, let’s talk about the basic steps of the process. Buying property – especially if you are a first-time buyer – can be a daunting task. But there’s no need to worry, because the attorneys at Lynchard & Seely will have your back each step of the way.

Step 1: Assemble Your Team of Professionals

Even the most savvy buyers enlist the help of skilled professionals to handle the multiple steps involved in buying property. Here are a few professionals you’ll want to talk with to get the process rolling:

Real Estate Agent

There are multitudes of agents and Realtors (yes, there is a difference) out there ready to help you find your ideal property. Vet them carefully. Ask friends for referrals, and interview more than one agent. You’ll want to make sure you get along with them: you may be spending a lot of time together! You’ll also want to run a quick check to make sure their license is active and see if there have been any formal complaints against them. Talk with your agent and let them know what you’re hoping to find in a home – then let the tours begin!

Lender

Unless you’re planning to pay cash in full for your property, you’re going to need to borrow the money to purchase your home. We’ll talk more about this in Step 2.

Real Estate Attorney

A real estate attorney traditionally will get involved in the process once you’ve found a property you’re ready to bid on. Although an agent can help you with many aspects of a transaction, agents cannot give legal advice. Given the complexity of a real estate transaction, the cost of hiring an attorney is a small investment to ensure you’re fully protected. An attorney can advise on contract terms, negotiations, title, due diligence, and many more issues which may arise during the transaction. If you are purchasing Florida real estate, the real estate attorneys at Lynchard & Seely are more than happy to assist you as much or as little as you need us during the purchasing process. Check out the extensive transaction support we provide here.

Inspectors

After your offer is accepted, you’re going to need a roster of tradespeople and inspectors to help you do your due diligence on your property. Ask your real estate agent for recommendations.

Step 2: Show Me the Money

Some buyers are able to pay all cash for their homes. If you’re one of these lucky folks, you can forego speaking with a lender. But if you fall into the same category as the vast majority of home buyers, you’re going to need someone to loan you some or all of the purchase money.

At about the same time you’re looking at properties, you’ll want to be talking to lender(s) to get pre-approved for a mortgage (loan) to buy the house. A pre-approval letter from a lender can be submitted with any offer you make to show the seller you’re financially qualified to buy. There are many potential sources for funding out there: major banking institutions, brokers, individual or private lenders, and seller financers are just some examples. Find the best possible financial options for your situation by talking with your personal banker and/or agent.

Step 3: Making an Offer

So you’ve found THE property! Whether you’ve looked at one property or dozens, making an offer is an exciting and nerve-wracking step.

We cannot emphasize this enough: your offer is a VITAL step, and both your agent and your attorney should be involved. The initial purchase discussions may be your only chance to negotiate certain items with the seller, and, once accepted and signed, your offer will dictate all your contingencies, deadlines, rights, and responsibilities.

The real estate attorneys at Lynchard & Seely can draft your offer or review an offer that you or your agent have put together. We are always willing to work with your agent when needed. After the initial offer, there may be amendments to the contract that we also can draft or review.

Step 4: Doing Your Due Diligence:

Is This Property As Good As It Seems?

Once your offer is accepted, you are “under contract.” Now the real work begins. Depending on the terms of your purchase contract, you’re looking at doing inspections, title searches, securing title insurance, appraisals, surveys/ILCs and so much more.  Get your agent’s and attorney’s input on what professionals you should be hiring to do your due diligence.

Lynchard & Seely is a full service closing company for title searches, real estate closings, title insurane, and escrow services. We treat your transaction as if it was our own, and no question is too basic for us to help with.

Step 5: Closing

Once your property has cleared all the hoops and your financing is secured, the parties involved in the transaction will sit down for the closing. At this time, all the final paperwork is signed, the title is handed over, and payment is exchanged. Best of all, you get the keys to your new place!

We’ve discussed here just the basics of buying real estate in Florida.  The process IS involved, but it can also be fun when you know you’re getting the best advice possible. Let Lynchard & Seely Attorneys at Law handle the details leading up to and through your closing for the most seamless process possible. With over 20 years combined experience and knowledge we will make sure any bumps in the road are handled as quickly and efficiently as possible.

If you’re looking to buy in the Pensacola, Pace, Milton, Gulf Breeze, Navarre, Fort Walton or Crestview areas, contact us today for a free consultation to get your real estate purchase started.