Buying a home is an exciting thing and also a considerable investment that continues to build equity throughout your lifetime or until you sell it. In Florida, once you make an offer on a house, you will use a title company or an attorney to close negotiations and transfer ownership.
Because buying a house is such a major financial transaction, it isn't as simple as a preapproval based upon credit scores and tax documentation, finding a house, making an offer, negotiating a final price, paying your down payment and getting the keys. The preapproval and initial offer are the start, but once an offer is accepted, your monetary situation and financial history is scrutinized much more before your loan is approved.
Be aware that in addition to your down payment, you will have several other costs before those coveted keys are yours. Some costs to anticipate are:
- Home inspection, not all mortgages demand this, but it is always a good idea and can give you greater peace of mind regarding the soundness of your investment.
- Prepaid taxes.
- Fees, including government recording fees, lender origination fee, appraisal fee, credit reporting fee, and various other fees.
In Florida, you have the benefit of a choice between using a title company and a real estate lawyer to utilize when closing on a home purchase. A Florida real estate attorney is typically a great choice because they carry liability insurance, are licensed through the Florida bar and can use the legal background to analyze all documents, draft contracts and negotiate any contract disputes for you.