Please ensure Javascript is enabled for purposes of website accessibility

10 most important steps for buying a property

Profile Image

1Miami Realty LLC

Date Published: 2021-11-18

1. "Real Estate Advisor" is very important that they have a lot of experience, newbies tend to make many mistakes that you end up paying for, make sure they have a lot of experience especially in the area you are buying and that they get you what you need and not what he wants to sell you to earn more commission.

2. The Financier, if you are considering financing it is important to consult with your bank or with your trusted Mortgage Broker before signing any contract or even before starting the search since he will recommend the value of the property that you can qualify and so you don't waste time looking at properties that are not going to be approved.

3.The Title Company, it is important to have a clean title "that has no encumbrances or restrictions" also is responsible for finding out if there is any penalty on the property or any permission without closing and is responsible for registering the new title in the appropriate way to protect your heritage.

4. The Contract is considered the backbone of the entire transaction, there are the dates, terms, and conditions or any contingency and thus avoid unpleasant surprises at closing time.

5. The Inspection: a professional inspection indicates the physical state of the property and thus ensures that it is in good condition or not before proceeding with the transaction, in some cases the seller agrees to fix the defects mentioned in the report before closing if the buyer agrees.

6. Preparation of the documents, before reaching the closing you have to submit a series of documents required by the bank, the title company, and by the association, you also have to formally apply for the loan and apply to the association and of course, you have to have funds available in time for closing.

7. The Appraisal: it is vitally important to know if the price of the property is adjusted to the “VALUE” of the same, a professional appraiser inspects the property and determines its real value, and delivers a detailed report with apparels that validate its decision, of. This way the buyer ensures that she is paying the right price for her purchase. It is very common for the price to be adjusted to match the amount of the appraisal. Otherwise, the contract can be canceled.

8. Insurance: it is a requirement of the bank that before closing the property must be insured against all risks, if the purchase is "Cash" it is not a requirement but rather a duty of the buyer to ensure their assets against any natural disaster that may occur.

9. Review the closing documents: the closing documents are many and there is not enough time to review them at the table when signing, normally banks and title companies send a copy three days before closing to be able to review and correct any error both in the names, addresses or amounts of expenses, interests or payments in general, therefore the importance of reviewing everything in time.

10. The Closing is the cherry on the cake, where all the documents are signed, the payments are completed and the keys are delivered, everything is a joy if the 9 previous steps were fulfilled.

It seems very long and complicated? You do not know how to start or complete those difficult steps? Focus on the first step (YOUR AGENT) with his experience, he takes you by the hand step by step to make the process a pleasant day and a smooth closing.
Many "unsuspecting" buyers do not do their work well and commission one of the most important investments of their lives, such as buying their home from an inexperienced seller (Realtor), being a relative, neighbor, or friend of a friend, etc. Without knowing that this newbie can make mistakes that cost expensive or complicate the process and could cause the loss of the deposit among other consequences. Before hiring an agent, ask him about his experience and confirm with his clients about the results 
At 1 Miami Realty

You may also like

The payment method to use for the purchase of a property will depend on the amount of money you have available to invest, as well as your credit reputation. The budget you have will help you choose the area, the type of land and the dimensions of your new property.

Your future taxes and liabilities may be affected if you buy your new property with a company or buy under your own name. A Real Estate Agent can help you select the best option. It is common to observe that the use of an LLC (limited liability company) is the most frequent due to:

Brief and simplified explanation of the property purchase process:

Are you looking to invest?

Contact me