Readiness Check
Buyer Essentials
What are the very first steps I should take?
The first and most important step is to connect with a lender who can handle mortgages in Florida. Getting pre-qualified or pre-approved tells you your exact price range and what you can comfortably afford. Once you have your pre-approval, you can focus your search on properties that truly fit your needs and budget.
Title Company vs. Attorney's Office?
Both title companies and attorneys' offices can handle the closing of a real estate transaction. The key difference is that only an attorney's office can provide you with legal advice. A title company performs real estate services but cannot legally advise you.
How much for closing costs?
For buyers in Florida, you should typically budget 2% to 5% of the home's purchase price. These costs cover items like loan fees from your lender, appraisal and title insurance fees, and prepaid costs, such as homeowners insurance and prorated property taxes.
What is the Homestead Exemption?
The Homestead Exemption is a significant property tax break for residents who use their home as their primary, permanent residence. It can exempt up to $50,000 of your home's assessed value. To qualify, you must make the property your permanent residence on or before January 1st and file by March 1st.
What is the "Save Our Homes" Cap?
The "Save Our Homes" (SOH) amendment limits how much the taxable assessed value of your homesteaded property can increase each year. The increase is capped at the lower of 3% or the change in the Consumer Price Index (CPI).
Will I require flood insurance?
Your lender will require standard homeowners insurance. They may also require flood insurance if the property is located in a FEMA-designated flood zone. Even if not required, a standard policy does not cover flood damage, so checking the FEMA flood map is always highly recommended.
What inspections should I get?
Beyond a general Home Inspection, strongly consider a Wind Mitigation Inspection (for insurance discounts), a Four-Point Inspection (often required for older homes), and a Termite/WDO Inspection.
What is a property survey?
A property survey is a detailed map by a licensed professional that shows the exact legal boundaries of the property, including the location of buildings, fences, and any easements. While not always legally mandatory, it is highly recommended to avoid boundary disputes.
What is Title Insurance?
Title insurance protects you from financial loss due to issues with the property's ownership history, such as unpaid liens or forgery. Your lender requires a policy, but you should also purchase an Owner's Policy to protect your equity.
Who pays for Owner's Title Insurance?
The paying of title insurance is 100% negotiable and can be paid by the buyer, the seller, or even split between both parties.
What is the "due diligence" period?
The due diligence period (inspection period) is a specific window of time for you to do all your homework. If inspections reveal problems, you can negotiate repairs or cancel the contract and get your deposit back.
Can I buy a home remotely?
Yes! Buying "sight unseen" is common. It requires a tech-savvy agent utilizing live video tours, 3D walkthroughs, and drone views. We handle remote closings frequently.
Residency and Car Registration Deadlines?
Florida requires new residents to convert their licenses and registrations promptly: A Florida Driver's License must be obtained within 30 days. Vehicle Registration & Plate must be registered within 10 days of establishing residency.