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Frequently Asked Questions
Q. ) Who pays closing costs?
A. ) It ‘s negotiable, but it depends on a many factors, including: market
conditions, your offer price and terms of the contract.
Q. ) How soon do I need to apply for a loan once the contract is accepted?
A. ) Within 3-5 days of the acceptance date. Preferrably before you look for a
property this will be done.
Q.) How much earnest money should I submit with the offer?
A.) Approximately 1-2% of the purchase price.
Q.) When can we close on the home we are purchasing?
A.) Generally, 20-60 days after acceptance of the offer.
Q.) Do I get the property inspected?
A.) Yes, we highly recommend it!
Q.) What if something turns up during the inspection?
A.) You have the right to negotiate the repair or remedy, or withdraw the contract.
At the Closing
Q.) What’s a closing?
A.) In Florida the closing is
conducted by a title company who transfers title from seller to buyer. You
will have anopportunity to discuss all aspects of the closing in detail before the event.
Q.) What do I need to bring?
A.) Here's what you'll need:
1. A picture I.D for each purchaser.
2. Receipt for the first year's premium of a Home Owner's
Insurance policy.
3. Additional documentation the lender may require, such as proof of sale of an
existing residence, deposit verifications, proof of sale of a car, copies of tax returns.
4. Certified funds for money due at closing, in accordance with
Florida's law and the law firm's policy. The title company will advise the
amount.
Your title agent will
receive the loan package from the Lender in time to provide you with figures prior to
closing. The figures are on a Settlement Statement (HUD-1). In the event your figures
change before the actual closing, the title agent will probably accept a personal check
for the difference at the closing table.
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