Dated: 03/13/2018

Views: 442


1. Your Realtor = Transaction Broker

  • A transaction broker’s job is to facilitate the transaction

  • Transaction brokers can represent buyers, sellers or both

  • They work ethically & fairly with all parties and disclose all known facts that materially affect the value of a home

  • All Florida real estate licensees are assumed to be transaction brokers, unless other arrangements are made in writing (e.g., single agency for buyer or seller, or non-representation)

2. Attorney’s are not Required at Closing

  • Most Florida real estate transactions are closed with title agents

  • Many title companies have real estate attorneys on staff for as-needed consultations

  • You may, of course, retain the services of a licensed real estate attorney at any point in your Florida real estate transaction, at your cost

3. Insurance can be Challenging

  • In addition to homeowner’s insurance, your lender may require flood insurance

  • Homes with older roofs, or roofs that do not meet certain wind mitigation standards, may be tougher to insure, often requiring higher premiums

  • Your insurer may charge a higher rate if your home has older plumbing (e.g., galvanized pipes), outdated electrical, no hurricane straps or other issues

  • Get an insurance quote as soon as your contract is signed and finalize the details well in advance of your closing date

4. Foreclosures 

  • In Florida, foreclosure is a judicial proceeding that can take a year+ to complete

  • Foreclosure listings on Zillow & similar sites are often inaccurate, showing incorrect prices, or even showing homes that aren’t listed yet, or have already been sold

  • Tracking down a bank that may or may not own a particular REO property to “swing an offer” is virtually impossible – you must wait until it comes on the market

5. Florida is a Homestead State

  • Florida homeowners can file for a homestead exemption worth up to $50,000 (home must be your primary residence)

  • The exemption reduces the amount of property taxes Florida homeowners must pay, and limits how much their taxes can increase each year

  • You can file on line once you received you deed

Want to Advertise on this Site?

Latest Blog Posts

TOP 3 Questions To Ask Before Purchasing A 2nd Home

Top 3 Questions to Ask Before Purchasing a 2nd home1. How Much Will a 2nd Home Cost?Besides sales price, you should factor in mortgage, property taxes, insurance, utilities and maintenance.

Read More

Are You Ready For A Natural Disasters

Summer is peak season for climate-related disasters, and an alarming percentage of homeowners may be under insured to weather a natural disaster. Sixty-four percent of homes are

Read More


IS FLORIDA A Uniform Probate Code (UPC) STATE Yes Florida is one of the  only sixteen states: Alaska, Arizona, Colorado, Florida, Hawaii, Idaho, Maine, Michigan, Minnesota,

Read More

Big Things Are Coming To Clermont Florida For Real Estate Investors

With Orlando Florida being the number one Vacation spot in the world, Investors are working hard to reserve properties now! Central Florida has Millions of Vacationers coming down throughout the,

Read More