If you are currently looking to buy a property in Florida, there are three specific things that you are going to need to keep closely in mind. These are:
Real estate agents who work in Florida will need to prepare a contract using any form created by both the Florida Bar Association and the Florida Association of Realtors. Both forms are basic, and assign responsibilities to both parties in the transaction. You may need to also hire an attorney to make any changes to the form if they are amended or if the terms and conditions of the agreement are different from the language that is present on the form.
Taxes are never fun, but you will need to estimate and pay your Florida property taxes if you buy a property in the state. It’s also a good idea to be prepared for the future expenses of owning a property, such as increased taxes or homeowner’s insurance.
In the state of Florida, there is a cap that is placed on the assessed value of the property, and currently it is not allowed by law to increase by more than 3% of the consumer price index, whichever is less. Since it is possible for the market value to increase at a faster rate than the cap, this will protect homeowners who would otherwise have to pay a larger property tax.
Something else to be aware about is the basic tax exemption of $25,000 off of the overall value of your property if this property is going to be your permanent residence.
Finally, you will also need to understand the process of closing a home in Florida as well. This is where you will officially assume ownership over the property, and the closing will be handled by either a title company or an attorney.
How the closing will work is the forms will be prepared by the closing agent (either title company or attorney), which includes the standard documents for transferring the title and any other documents that the lender requires, unless it is a cash deal. The closing agent will be required to explain to you the details of each form. This s not to be considered legal advice unless you hired an Attorney for this process.
This is just one of the many nuances of a successful closing that the GreatFloridaHomes Team can guide you through. As agents in the top 3% in the nation for sales, they have plenty of experience to make the process easier for you. Call us today at 954-695-7653 to walk you through this.
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