What does “as is” mean?
A home listed or purchased “as is” simply means a buyer has the right to request inspections but the seller is not responsible for doing repairs.  An “as is” home can be anything from a truly fix-it-upper to a great home in good condition.

Why should I get pre-qualified?
Two reasons.  First, you know in advance your lending limit and your monthly payments.  No surprises after you found your dream home.  Second, a preapproval letter puts your offers in a better light when a seller faces more than one contract.  You are a ready, willing, and able buyer with the preapproval letter in hand.

How much money should I put down?
This will depend on your financing and your contract terms.  Typically, a seller will request a small amount down ($2,000 to $5,000 depending on the purchase price of the property) at the time the contract is signed.  A second deposit becomes due approximately 10-14 days later when inspections are completed and accepted.  This second deposit typically is 10% of the purchase price.  Again, these deposits depend on any financing and the contract as negotiated.  More reason to get prequalified for a mortgage and know your lender’s expectations!

What is a deposit or escrow?
Whether called a deposit, escrow, or down payment – all mean the same thing.  Funds placed toward the purchase of the property.  In Florida, the real estate broker has finite time line requirements for depositing your funds.  Your check or money order WILL be deposited within a few days and the deposit verified to the broker and to the seller of the property.  In other words, YES your check will be cashed immediately!

Am I required to hire a lawyer?
In Florida, closings are handled by either a lawyer or a title company.  Unlike some states, Florida does not require a lawyer be present at a closing.  You may, however, consult with or hire your own attorney for the process.

Who pays the realtor?
Typically, the seller of the property has hired a realtor to market their home and therefore pays their commission.

What are closing costs?
The term “closing costs” encompasses various expenses.  If obtaining financing, your closing costs will include such items as loan origination fees, survey costs, appraisals, and so forth.  Your lender will itemize these for you.  Non-lender fees include home owner association dues, prepaid insurance, shared title insurance costs, and so forth.  Your realtor can outline these fees in advance of your home shopping experience.

What is a contingency?
A contract with a contingency means there is some stipulation that must be met before the closing can move forward.  For example, you may sign a contract for a home contingent on receiving mortgage approval.  Without the mortgage approval, you cannot move toward closing.

Do I have to be here for the closing?
Absolutely not!  Many buyers are from out-of-state and found their Florida dream home while on vacation.  The contract was signed, inspections underway, and the buyer is back at work in another state.  It is not uncommon for closing paperwork to be sent via overnight mail.  When all the paperwork is processed, the keys are then sent your way for your new Florida address.

When do I get to move in?
Typically you have possession of the property after the closing is completed and funds have changed hands.  At that time, you will be given the keys to your new address.