Buying in Florida: Your Essential Questions

SHORT SALE:

• The owner is still in possession of the residence.
• They are trying to sell for an amount less than the mortgage.
• Permission must be obtained from one or more lenders where the seller must qualify.
• Long period to obtain transaction authorization.
• The authorized price may be different from the listed price.

FORECLOSURE:

• The lender owns the residence.
• Sale to the highest bidder based on multiple offers.
• Short period for transaction authorization.
• The accepted price is firm.

There is a real estate transfer tax to be paid to the county, which is 0.007% of the sale price and is paid by the seller in Palm Beach County.

Between 1.8 and 2% of the municipal assessment, which is revised annually.

Whether it’s a condo association or an HOA, there are standard fees to maintain all shared areas. Generally, these fees include maintenance of common areas, employee salaries, cable, and a reserve fund. Building insurance and domestic water will be included in the typical fees if it’s a condo. The costs vary from one community to another. You can see these fees on the listings under the HOA mention.

Note: HOA stands for Homeowners Association, a common term in French and English real estate contexts, so it’s left as is in the translation.

Condo or co-ownership fees vary depending on the complex. They include maintenance of common areas, the exterior of the building, building insurance, basic cable, water, and access to amenities such as pool, tennis courts, gym, etc.

• Municipal taxes (including school taxes)
• Furniture and liability insurance
• Electricity
• Telephone and Internet

The National Bank (NatBank) in Florida offers you two addresses in Florida: one in Pompano Beach and one in Hollywood.

Desjardins Credit Unions also have their American subsidiary, Desjardins Bank. Three branches are established in Florida: in Hallandale Beach, Pompano Beach, and Lauderhill.

The inspection is not mandatory but strongly recommended.

Whether buying a single-family home, townhouse, or condominium, we always recommend inspecting your future purchase. We can recommend a trusted inspector who works with us to ensure the good condition of your future purchase. This inspection is crucial as it will check for the presence of termites or Chinese drywall, the roof’s condition, the air conditioning performance, the water heater, etc. Depending on the results, a negotiation could be carried out with the seller for repairs to be made, but the first step is being informed about the potential risks.

Will provide the future buyer with the association rules that must be respected, such as rental rights (number of times per year, restrictions in the first years), age restrictions (55 years and older), etc. It is also necessary to receive the financial statements with its reserve fund to validate the financial health.

Once the purchase offer is accepted, you will also need to complete an association form so that they can confirm if they accept you as a future owner.

To ensure a good property title and protect against omission, fraud, or other title issues, the title agent or attorney will issue the buyer a title insurance policy, “title policy,“ which, if needed, will cover the necessary costs to regularize a problematic situation.