Steps in the process of buying a property

Navigating the New Times: Simplified Guide to Buying a Resale Property

In the modern era, the process of purchasing a resale property has evolved, but certain key steps remain fundamental. Here's a brief and simplified version to help you better understand the path to your new home:

Step 1 - The Offer: Your First Step Toward Your Dream Home

After choosing the property that captures your heart, the next step is to make an offer. This is the moment you let the seller know you are interested in buying and at what price. Your guide in this process will be the real estate agent, who will assist you in creating the offer document. Make sure to include the mortgage pre-approval letter if applicable. For cash purchases, attach a bank statement supporting the funds you will use.

Step 2 - Offer Acceptance: Making Things Official

If the seller accepts your offer, the legal gears will start turning. Instruction will be given to a "Title Company" to prepare all the necessary documentation for the property transfer, handled by specialized attorneys. Here, the buyer needs to make a reservation for the property, usually paying between 5% and 10% of the total offer amount. This money is placed in an escrow account known as the "Escrow Money Deposit." It's important to note that this process may vary if it's a pre-construction property.

Step 3 - The Closing: Sealing the Deal

Once the attorneys have thoroughly researched the property title and confirmed there are no additional liens, the closing day will be scheduled. In this ceremony, the final payment of the remaining property amount will be made, and the official title transfer to the new owner will take place.

Important: A resale property implies it has had previous owners and is not a new construction. While these steps are essential, keep in mind that the exact process may vary, and it's always advisable to seek guidance from certified professionals before embarking on this exciting journey. Welcome to your new home!

Jorge Liloy

     
I am a licensed real estate agent in the state of Florida # SL 3353102 since 2016 and with the designations E-PRO and MRP, I am associated with the Association of Realtors of Miami, as well as the Association of Agents of Broward, Palm Beaches and St. Lucie Real Estate. I work with local and international investors. My business is based on dedication, building customer trust, and I have the ability to adapt to all of their real estate needs. "As the real estate industry evolves to become more innovative and efficient, so am I." As a Florida resident for over 20 years, my knowledge of the region's geography can help you in all your residential real estate pursuits. In addition, I offer exceptional real estate services to make sure you feel confident in your decision to hire me. I have the 100% support of my team at LPT Realty, which is the most cutting-age company today. I believe in working hard with integrity to achieve your goals. All investors are welcome. LPT Realty is my broker and I am part of the most successful team in the United States. "The most complete team of knowledgeable agents in the United States." The LPT Realty Team utilizes the most comprehensive real estate education and training that aligns with the most modern customer service philosophy, applications and technology. One of my specialties is selling pre-construction developments to international and local clients for investments. I am bilingual growing with Spanish and English as my second language, married with two children. I focus on South Florida with the addition of Orlando, Tampa, West Palm Beach, Boca Raton and Jacksonville, FL.