Monday, July 6, 2015

After The Real Estate Contract Is Signed

Q uestion: This question came from of a buyer of a condominium in Aventura. “ We have found the perfect home in Aventura… Now What Happens!

First of all I offer a big CONGRATULATIONS on your new venture. This is an exciting time for you and your family.

A nswer:

After your contract is fully executed, meaning all parties involved have signed off and have agreed to all terms the clock starts to tick.

Under the terms of your agreement with the buyer financing terms must be met within a specific timeframe. This timeframe varies from contract to contract and is originally dictated by you, the buyer.

Typically there is one deposit placed as a goodwill effort at the contract's inception. Once the contract is fully executed, you will be required to provide the second good faith deposit.

If you a using a mortgage, the bank will need an appraisal to confirm the value of your investment.

Inspections are also needed. This typically is a review and report on the mechanics of the unit, including the air conditioning unit, all appliances, the electrical systems to name a few. This is an expense the buyer incurs and thus, you should expect a copy of this report.

By state law, you are required to receive the condominium documents. These guidelines describe in detail your obligations of residing in the condominium. Examples of the “rules and regulations” of the association could be the number of times the unit can be rented in a calendar year.There are other guidelines, and in some cases the documents are quite lengthy. It is wise to review and become familiar with this law.

FYI, condo documents are all registered with the government in Tallahassee

You will also be required to attend an interview with the condominium board of directors or management company. Again at this meeting, the Rules and Regulations of living in your new home will be discussed. By all means, ask questions… and then ask more questions.

Prior to closing on the property, meaning before taking ownership of your new home you will take a "Walk Thru" of the property. This is your final physical inspection and should be conducted with your licensed Realtor. The walk thru is a very important step as you will want to property to meet the exact terms of your original contract. In a nutshell, the property should have been properly maintained.

After the sales contract is sold, steps in buying a home in Aventura Florida
A Walk Thru is an important step in the buying process of your condo in Aventura

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