Read these 7 Closing on Miami Real Estate Tips tips to make your life smarter, better, faster and wiser. Each tip is approved by our Editors and created by expert writers so great we call them Gurus. LifeTips is the place to go when you need to know about Miami Real Estate tips and hundreds of other topics.
Here's a good Miami real estate closing tip: if you find a problem with your Miami property, don't ask the seller to fix it, ask for cash at closing. You may think you want the seller to repair the roof, replace the boiler or have the floors refinished, but in reality, that doesn't make a lot of sense.
Not only could it delay your closing date, but your seller wants out of this home so how much effort are they going to make towards getting the best service or highest quality replacement?
If you have cold hard cash in hand from the closing, you can make sure you buy the appliance you want, hire the contractor you trust or you can be secure in the repair that you made yourself. Not only will a negotiation like this mean a faster closing, but you'll have the peace of mind that the problem won't come back to haunt you in six months or a year.
Closings can be delayed in any real estate market. This is no different when purchasing Miami Real Estate. When a closing is delayed, it usually has something to do with the buyer's mortgage. In order to ensure that this doesn't happen to you, be diligent about providing your lender with all the documentation needed to give you final loan approval. A lender won't prepare the loan documents for you to sign until all the lender's conditions for approval have been satisfied.
When it's time for the closing on your florida home, you will be signing a lot of paperwork. This is nerve-wracking for many people because they are signing papers that are unfamiliar even if they are crucial to protect everyone involved in the transaction. Ask the closing agent to provide you with a copy of all the documents that you will need to sign in advance of your signing appointment. This may not be possible due to time constraints. But, if you can review the documents in advance, the signing will go more smoothly.
When you are under contract and ready to sit at the closing table, you should really know your responsibilities and be prepared. The seller in a Miami real estate transaction is responsible for:
Even though you have paid for an inspection of your new florida home, it pays to perform one yourself. Schedule a final walk-through of the property to make sure that it is in substantially the same condition as it was when the seller accepted your offer. If possible, ask the seller to do an informal walk-through with you to show you all the idiosyncrasies of the house. It might take you years to discover these on your own. An informal walk-through can prevent unwelcome surprises down the road.
If you are under contract for your Miami condo or Miami home, be smart, and don't buy anything big on credit until you close. Think of it this way, when you got pre-approved for your mortgage, your income to debt ratio was scrutinized carefully. If you change that ratio substantially, it could jeopardize the bank's ability to underwrite your loan.
It's sort of like baking a cake - you aren't going to turn the oven up or down in the middle of baking, are you? So be careful to keep a financial status quo during your home purchase. You'll sail through your closing and you can buy whatever you want once that deed is securely in your name.
The buyer is responsible for what seems like a lot more than the seller in a Miami real estate transaction. The burden of securing financing and orchestrating the paperwork for the purchase falls on the buyer and his or her agent. In some states title companies can conduct closings while in others attorney's must handle the transfer of property. At the closing table a buyer must: