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Things To Know About Florida Real Estate Closings

Things To Know About Florida Real Estate Closings


If you are the one to deal with real estate closing and you are going through a cash sale, you are in the most comfortable zone having fewer issues in your whole process of closing your home sale. Closing a home sale may differ from one state to another and you have to know the things exactly to go through along the process. In your Florida Real Estate closing, you have some legal issues that you have to keep in mind while closing. Since you are dealing with a cash home sale, you will find the process much easier. You may not need all the documents in your cash home sale, likely, you might have needed in a traditional home sale closing. This article will help you get the basic idea about a cash home sale in Florida. For direct assistance, you can contact us: Blue Eyes Properties, LLC 

 

The difference of Cash transaction in Florida:

It’s interesting to learn how often homes are purchased for cash here in South Florida. Meaning, buyers don’t obtain a mortgage or home loan; instead, they pay the entire purchase price in cash.

Routinely, buyers coming from foreign countries buy their Florida condo using cash. Buyers coming from South America, for instance, are accustomed to the practice of paying cash for real estate because, in their part of the world, this is the standard way of doing things.

The home sale statistics show that in South Florida most of the homes are sold in Cash Transaction due to a large number of foreign buyers and the buyers from another state.

 

No Lender involved:

Buying a home or condo for cash can make a big difference in a Florida closing because things are simplified and transactions are quicker: you wouldn’t have to deal with lender bank because there is no mortgage. Lenders aren’t involved to underwrite a loan and to demand things like flood certifications, income verification, review appraisals, and require that insurance policies be prepaid, for instance.

However, the absence of a lender means that the buyer needs to be that much more diligent in protecting their interests in the transaction. Banks can complicate things, but lender involvement also helps to identify potential risks and problems in a deal. 

 

Things are applicable in Florida Real Estate:

Normally in your home sale closing, if you have signed the sale contract, you wouldn’t need to be always there at the closing table. It is pretty much flexible here in Florida to close the real estate sale.

The good news is that Florida does not require everyone to be at the closing table. When you or the buyer are unavailable because you are outside the State, residential closings can be done in what is called a “mail away.”

In a mail away closing, you can send the documents to the buyer via overnight delivery, email attachment, or by fax. Funds can be provided by online transfer or by wire. Here, the buyer or your attorney or real estate agent acts on behalf of the buyer or you using a power of attorney. These situations happen all of the time and most mortgage lenders and closing agents know how to deal with these transactions. The vital key with a mail away is making sure the party signs the documents correctly, having the documents properly witnessed and notarized. 

 

Would you need advice from a real estate agent in your cash sale?

Real estate agents are generally friendly and listening folk, they speak the language, but in your cash sale closing, you may not need them at your closing. That state attorney would help you in this process and they are supposed to give you legal advice on the issues like the disclosure and title issues.

Even though there are standardized real estate’s forms, like sales contracts and property disclosures, these forms are legally binding (some forms have been approved by lawyers and realtors for use by Florida real estate professionals). However, even though real estate agents usually provide these forms to the buyer or seller — the agents shouldn’t answer questions about what the language in those documents mean or what disclosures a seller must make about a property

 

Is there any change of home sale closing in Florida?

In the past, disclosure forms used in a Florida residential real estate closing have changed dramatically. The HUD-1 form is no longer be used with first mortgage transactions, (that is the document that shows all of the costs related to closing the transaction, including the costs and expenses related to obtaining a mortgage). Instead, a new Closing Disclosure (CD) came into use (it replaces both the HUD-1 Form and the current Truth-in-Lending Disclosure form).

 

Decide if you need an attorney:

Decide if you really need an attorney. If you are the first time buyer you probably don’t know much about the Real Estate legalities, so you need somebody to help you out. You may want to hire a professional legal consultant to review any or all your documents.

 

Who pays closing costs in a cash sale?

It’s time to talk about who actually will pay the closing cost? This is where things get interesting, as there are few hard and fast rules about who pays what.  Paying for a home in cash means there’s no lender to refuse to finance at the last minute. It means the buyer can have a low credit score or lose their job and still follow through with the purchase just fine. It means there’s no external reason why the deal won’t go through.

In all but the hottest markets, that’s a seller’s dream come true. And it puts you in a position to negotiate on more than just sale price.

 

While most of the fees typically fall to the buyer in one way or another, many of them can also be paid by you if the right agreements are reached. It all depends on your specific situation and how much you’re willing to negotiate.

To sell your property to an investor in Florida you can contact us without any hesitation. Just click in this link: Blue Eyes Properties, LLC  or call us (941)216-5657

As always, if you need any assistance, buying or selling your next home, contact us at Blue Eyes Properties, LLC, (941)216-5657 and we’ll help you any way we can. You can also email us at 315homebuyers@gmail.com
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