
The Beginner’s Guide to the Homebuying Process
If you are buying a home for the first time, you may find the Homebuying Process daunting. A lot of paperwork, negotiation, and funds stand between you and your first home. Any issues that emerge along the way could delay the closing, end the transaction, or even lead to a legal dispute. Familiarize yourself with the basic steps of most closings and how the right legal team can help move things along.
Execute a real estate contract. Whether it is a standard form like the FAR/BAR “As Is” Contract, or a custom-made contract put together just for the transaction, the ideal contract will clearly cover all the terms and conditions of the transaction, as well as the duties and obligations of each party, such as who pays for title insurance, by what date you must conduct an inspection, and so on.
No matter how simple the transaction or its contract may seem, you should always have a legal professional thoroughly review every line of the contract, and if need be negotiate any differences or issues with the other party until you and the seller are ready to sign.
Deposit earnest money into escrow. Once the contract is signed and executed, you will be required to deposit “earnest money” – i.e., funds used to confirm a contract – into an escrow account. Marina Title offers escrow services that provide a secure and convenient way to deposit the funds.
Apply for a home loan. Like most home buyers, you will probably need a loan to cover some or all of the purchase price. Getting qualified for a home loan is a process in itself, usually requiring proof of income, a detailed loan application, and compliance with title insurance requirements (more on that later), to name but a few of the more common prerequisites. Fortunately, Marina Title real estate attorneys have experience helping buyers get qualified for the loan they need to close on their property purchase.
Get an appraisal. Usually undertaken by a certified appraiser, this step will determine the value of the property, which is often required by lenders in order to qualify for a loan.
Inspect the property. This is probably one of the most important steps in any transaction, since it ensures that your prospective home is worth purchasing. The contract will give a deadline by which to conduct an inspection and determine whether you want to proceed with the transaction or cancel without penalty. Even if you have agreed to buy the home “as is,” you should still examine the property for any potential issues. This can include anything from termites to structural problems or bad electrical wiring. While you can inspect the property yourself, a professional inspector is highly recommended to ensure a more thorough assessment.
Order a survey. Like an inspection, a survey will ensure that the property is being sold as represented. More importantly, it will also confirm that the boundaries of the property match what is recorded in the public records, so that there is no encroachment towards or by a neighboring property. Most lenders require a survey as well.
Have the title examined and insured. Another requirement for most lenders is a title examination, which verifies that the chain of title (i.e. the legal ownership) of the property runs clear to the current seller. Any missing or mistaken deeds, or existing judgements or liens, could leave you legally and financially liable when you take ownership. For the same reason, you should insure against any hidden title problems or claims to the property with a title insurance policy. Our title experts know how to conduct a meticulous title examination as well as draft an effective title insurance policy.
Obtain all the necessary insurance policies. These include wind, hazard, and flood insurance. In Florida, virtually all lenders will require you to have flood insurance if the property is in a coastal and/or low-lying area.
Execute the closing documents. Before you get the keys to your new home, you will need to sign several important “closing documents” that will complete the transaction. These include a Warranty Deed (which transfers title to you), Bill of Sale, Closing Affidavit, Closing Statement, and loan documents such as the Note and Mortgage. Once completed, these will be sent to the lender for approval, after which we will be authorized to close the transaction, transfer money from our escrow account, and give you the keys to your new home!
Work with Experts Who Know Florida Real Estate Closings
Marina Title has been involved in numerous successful closings. We have seen it all and can address almost any issue that may emerge during the course of your transaction. You can count on our experienced, adaptive, and multitalented team of real estate experts to help you navigate through even the most complex closings. To get started on your homebuying adventure, contact (305) 901-5628 or email info@marinatitle.com.
Testimonials
-
“Very trustworthy title company. The attorneys and staff are all very kind, professional and responsive; they took their time and explained all the details on our closing. I had a bad experience with a different tittle company in the past where the paperwork was full of mistakes. I will only use Marina Title going forward. Highly recommend.” – Guiselle
-
“A BUNCH OF KNOW IT ALL’S” and that is exactly what I need on my side! Dealing in this crazy world of Real Estate, I can always count on these top notch smarties to educate me and my clients while solving the issues as they inevitably pop up. The teams at Marina Title and the Law Offices of JURADO & FARSHCHIAN, P.L in North Miami provide a exceptional list of services. Each time I use them, I am always pleased with their results and at the end, I feel a little smarter myself! Thanks for the knowledge!” – Melton
-
“From the first time I talked to Jennie, I felt I am going to be in good hands with her representing me in a purchase of a luxury Condo in Miami. She was professional, honest, attentive, punctual and much more. She answered all my questions, revised the purchase and sale contract when needed and followed up on my transaction until it was closed. Her Escrow assistant Suzette is one of the greatest people I have worked with. She addressed my questions on the HUD statement, communicated promptly to HOA and my Insurance agent and was on top of it all. I truly appreciated someone like Suzette working on my real estate purchase. I am very greatful and would recommend her and Jennie anytime in the future.” – Sam
-
“Ever since my very first real estate deal 6 years ago, I have been utilizing Marina Title to assist me with closing other deals. Jennie and her staff is some of the greatest people you will ever meet and work with in this business. They definitely go the extra mile to make sure their clients are well taken care of. I am consistently referring people to them, because of their professionalism.” – Courtney
-
“Jennie is an excellent real estate lawyer. When we sold our condo in Miami Beach she took care of all the legal documents. She was extremely professional and knowledgeable, and always very pleasant to work with. I would definitely recommend Jennie as a real estate lawyer.” – Richard
Insights
-
February
14
2022Does Florida Require a Lawyer for Real Estate Closings?
Read More
Every day, hundreds of real estate transactions are closed between a myriad of parties across ...February
01
2022Can a Title Company Also Handle Closings in Florida?
Read More
When thinking of real estate transactions, the first thing that often comes to mind might ... -
January
14
2022Is a Title Company the Same as a Closing Company in Florida?
Read More
Florida has a robust real estate market, with a myriad of choices when it comes ...January
09
2022Understanding the Importance of Title Insurance in Florida
Read More
When you purchase real estate, you will typically obtain an insurance policy to protect your ... -
January
07
2022Get the Facts on Title Insurance
Read More
Insurance is an easy enough concept to grasp. From your car to your own well-being, ...January
05
2022Why Investors Should Seek Special Investor Title Services
Read More
Florida’s diverse and dynamic real estate market remains a sound and profitable investment in the ... -
July
28
2021Escrow Laws in Florida: What You Need to Know
Read More
Suppose you are buying or selling a property in Florida. In that case, you need ...July
26
2021How to Protect Yourself against Deed Theft in Florida
Read More
It is not uncanny to see ads for services promising to protect people from deed ... -
July
23
2021How to Stop a Foreclosure in Florida – Urgency Methods
Read More
Dealing with the foreclosure process is never an easy task. But, regardless of the reason, ...July
21
2021Why Invest in Florida Real Estate in 2021?
Read More
While other real estate markets nationwide still struggle to recover, the Florida market is so ...