(Note to our American clients: The following information is primarily intended to be a very brief guide to our foreign clients on what they have to anticipate when purchasing real estate here in Florida.)

Florida licensing requirements and legislature are designed to protect you, the consumer. Another part of protecting you is a standard "Contract For Sale and Purchase" as it has been developed by members of the Florida BAR and the Florida Association of Realtors. view a blank copy here
This "Contract For Sale And Purchase" contains information about the anticipated transaction, such as parties to the contract, information on the subject property, rights and obligations of the parties to this contract, certain deadlines and so on. And of course most importantly a date for the closing of the anticipated transaction.

The contract also specifies details about an escrow deposit which the buyer pays at time of writing an offer to underline the sincerity about the purchase desire. Such deposits are typically held by a title company in their respective escrow account until closing.

Prior to closing the buyer has the right to inspect and/or investigate a variety of things involving the subject property. For instance a survey can be ordered to ensure no encroachments across the property lines are present, a home inspection can often determine if the subject property is in good condition or if repa irs are required. More particularly a home inspection can be a very cost effective tool to avoid expensive pitfalls like a like leaky roof and so on.

Should any inspection reveal deficiencies then such deficiencies should be addressed immediately in writing as far as getting them resolved or the buyer should have the right to terminate the purchase contract for a full escrow deposit refund. It is crucial to work within outlined deadlines as otherwise the seller may have the right to retan the escrow deposit as liquidated damages.

On the day of closing the buyer shall receive Title to the subject property for the payment of the agreed upon purchase price as well as any other applicable fees. A detailed accounting for all amounts shall be provided in form of a Closing Statement.
Part of the detailed breakdown is also the proper allocation of Real Property Taxes and so on to ensure that each party buyer and seller receive proper credits and/or debits as the time of ownership for the year of the purchase warrants.
Any funds required for the buyer to close need to be remitted by Cashiers Check, personal checks will not be accepted.

Also on the day of closing the buyer should exercise his right to a Final Walk Through to ensure that the property is being turned over just as agreed upon in the initial contract or any additional written addenda that were made part to the contract.

In most instances the accounting for all funds as well as the conveyance of the property title are being handled by a local title company and should always include a title insurance to the benefit of the buyer. This title insurance policy protects the buyer against claims that could perhaps arise from a prior owner or mortgagee that feels might still have a claim to the subject property. If financing is involved your mortgage company will require the issuance of a separate policy to protect their interest in the property (at the buyers expense). in our local market is more common than not for the seller to provide such policy to the buyer at the sellers expense.

The actual ownership gets conveyed through a deed, which gets recorded at the county's Clerk of Court and will then be public record. Please note that there are different types of deeds, a title company can provide more detailed information.