The process of buying a property in Florida varies somewhat between new homes and resale properties. By far the majority of new homes are sold on a pre-construction basis so that the buyer can choose the preferred builders design and also choose the plot it is to be built on. Normally at this point a contract would be signed with a minimal deposit of up to $5,000 dependent upon the particular builder and then this would be topped up to 10% of the purchase price (a few builders are asking for 20%) within 30 days.
Please bear in mind that in the majority of cases your contract would be dependent upon you obtaining the mortgage that you stated you required. In the exceptionally rare cases where a mortgage cannot be obtained (this is usually due to a change in the buyers circumstances) then the contract is rescinded and all monies paid to date are returned. Once the building is complete then an inspection for snagging (this is known as a walk through) will be required and we are more than happy to carry out this on your behalf. However, we would recommend that for a small cost we arrange for a professional surveyor to inspect the property on your behalf as well.
The closing (financial completion) will then take place. A licensed title company acting objectively and independently for both seller and buyer will forward all the necessary documentation to you for signature and this will be needed to be returned with the balance of funds wired to the title company. The title company will then distribute all the funds, closing has then taken place and keys are either released to you or ourselves as your agent.
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