F A Q
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Frequent Asked Questions
General
Most home purchases take between 30 and 45 days from contract to closing when financing is involved. Cash purchases can often close much faster, sometimes within 7 to 21 days.
Earnest money is a deposit submitted with an offer to demonstrate the buyer’s commitment to the purchase. The funds are typically held in escrow and applied toward the buyer’s closing costs or down payment at closing. Contract deadlines are important because failure to comply may put the deposit at risk.
A closing is the final step of the home-buying process. During closing, all required documents are signed, funds are transferred, the deed is recorded, and ownership officially transfers from the seller to the buyer.
Title insurance protects property owners and lenders against certain title defects, liens, ownership disputes, recording errors, or other issues that may affect legal ownership of the property.
An appraisal is an independent opinion of a property’s market value. Lenders typically require an appraisal to verify that the property’s value supports the loan amount.
Several options may be available:
- The seller may reduce the price.
- The buyer may pay the difference.
- The parties may renegotiate terms.
- The contract may be canceled if an appraisal contingency applies.
A homestead exemption may reduce property taxes on a primary residence. Florida homeowners may also qualify for protections such as Save Our Homes assessment limitations when eligibility requirements are met.
Buyers
No. However, a buyer’s agent can help you navigate contracts, negotiations, inspections, financing, and deadlines while providing guidance throughout the transaction.
The required down payment depends on the loan program:
- VA Loans: Eligible borrowers may qualify for 0% down.
- USDA Loans: Eligible borrowers may qualify for 0% down.
- FHA Loans: Typically 3.5% down.
- Conventional Loans: Often 3% to 20% down.
- Down Payment Assistance (DPA) programs may be available for qualified buyers.
Closing costs generally include lender fees, title services, recording fees, prepaid taxes, homeowner’s insurance, and other transaction-related expenses. Buyers typically budget approximately 2% to 5% of the purchase price, depending on the loan program and circumstances.
Yes. Mortgage lenders evaluate your debt-to-income ratio, credit profile, income stability, assets, and overall financial picture.
Requirements vary by loan program and lender. While some programs may allow lower scores, stronger credit generally provides better financing options and interest rates.
A home inspection is a professional evaluation of the property’s visible condition, including structural components, roofing, plumbing, electrical systems, HVAC, appliances, and more.
Yes. Depending on your financial situation, options may include contingency offers, bridge financing, utilizing existing equity, or purchasing before listing your current property.
Sellers
No. However, many sellers choose to work with a Realtor® for pricing guidance, marketing, negotiations, contract management, and transaction coordination.
Florida sellers must disclose any known facts that materially affect the property’s value and are not readily observable by buyers. Florida law also requires specific flood disclosure information for residential transactions.
Market value is influenced by:
- Location
- Condition
- Size and features
- Recent comparable sales
- Current market conditions
- Supply and demand
Yes. Florida commonly uses an “As-Is” Residential Contract for Sale and Purchase. Even in an As-Is transaction, sellers remain responsible for required disclosures.
Seller expenses may include:
- Mortgage payoff
- Title-related fees
- Documentary stamp taxes on the deed
- HOA or condominium estoppel fees
- Prorated property taxes
- Agreed-upon concessions
- Brokerage compensation, if applicable
Only under certain circumstances outlined in the contract. Improper cancellation may expose the seller to legal liability.
Closing & Title
Closings commonly occur at a title company, attorney’s office, lender’s office, or remotely through approved electronic closing methods when available.
Florida does not require an attorney for most residential real estate closings. Many transactions are handled through licensed title companies. However, legal counsel may be beneficial in complex situations.
This is negotiable between buyer and seller. Local customs vary by county, but the purchase contract ultimately determines who selects the title company.
The responsibility for owner’s title insurance is negotiable and often follows county customs. The contract determines who pays.
Most liens must be resolved or satisfied before ownership can transfer with clear title.
First-Time Home Buyer
Depending on eligibility, buyers may qualify for:
- FHA financing
- VA financing
- USDA financing
- Florida Hometown Heroes Program
- Florida Housing down payment assistance programs
- Local county and city assistance programs
Affordability depends on your income, monthly debts, credit profile, down payment, insurance costs, taxes, and interest rates. A mortgage pre-approval is the best place to start.
Absolutely. A pre-approval helps establish your budget, strengthens your offer, and identifies potential financing issues early in the process.
Pre-qualification is a preliminary estimate based on information provided by the borrower. Pre-approval involves a more detailed review of income, assets, credit, and documentation.
Possibly. Certain loan programs and down payment assistance programs may allow eligible buyers to purchase with limited out-of-pocket funds.
Puerto Rico Real Estate
Yes. Puerto Rico is a U.S. territory, and U.S. citizens can purchase property without any special residency requirements.
Yes. Mortgage financing is available through local and national lenders, although underwriting guidelines, documentation requirements, and closing timelines may differ from those commonly seen in Florida.
Yes. Title insurance is commonly available and strongly recommended to protect buyers and lenders.
Property taxes are administered through the Puerto Rico Municipal Revenue Collection Center (CRIM). Tax amounts vary based on assessed values and local regulations.
Closing timelines vary but are often longer than many Florida transactions due to title review, document requirements, financing, and local procedures.
While not always legally required, many buyers choose to work with a Puerto Rico real estate attorney to review title matters, contracts, and closing documents.
Yes. Both residents and non-residents can purchase investment, vacation, or rental properties in Puerto Rico.
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