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Offers to buy or rent:
What You Should Know
There are several key elements to "Offers". These apply to both buying/selling and renting.
Determine a price, and put it in writing. For yourself, decide if that price is negotiable or if you are going to stick to it.
Earnest Deposit amounts and milestones for each. How much for initial deposit? Additional deposits? Where will the deposits be held? With a title company (NOT recommended), an attorney or real estate agency? Note: title companies are NOT regulated! If a contract falls into dispute, title companies are free to give back deposit to WHOMEVER THEY WANT! If deposits are held with an attorney or with a real estate agency, they are subject to an oversight group (Florida Bar, or Florida DBPR).
Concessions you want the Seller or Landlord to make. Do you want physical repairs made? Closing cost contribution? Make sure everything you want is in writing, and very specific.
Contingencies: financing, approvals. Buyers can specify almost anything like being able to obtain a mortgage at a rate not more than 6.5%, or receiving assocation approval within two weeks of application.
Inspections: if your price and terms will depend on IF a thorough inspection comes back exactly as YOU want it... be specific! Set your repair limitations ($) so if/when the inspection comes back with things that need to be addressed, you can either get out of the contract or have the seller fix or contribute to those costs or repairs.
Inclusions: What are you buying/renting? Washer and dryer? All kitchen appliances? All fans, hurricane shutters and light fixtures? Make sure everything is in writing!
Buyer Possession: make sure you specify WHEN you/buyer can take possession of the property. When the seller receives funds at closing? Before the closing, by paying prorated daily rent?
Buying property is a huge purpose. You want to make sure all potential terms are hammered out and agreed to. It is HIGHLY recommended to use the professional services of a licensed Realtor who has the added resources of a good attorney acting as closing agent.
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