Steps in the process of buying a property
Jose Barco
Jose Barco
Navigating the New Times: Simplified Guide to Buying a Resale Property
In the modern era, the process of purchasing a resale property has evolved, but certain key steps remain fundamental. Here's a brief and simplified version to help you better understand the path to your new home:
Step 1 - The Offer: Your First Step Toward Your Dream Home
After choosing the property that captures your heart, the next step is to make an offer. This is the moment you let the seller know you are interested in buying and at what price. Your guide in this process will be the real estate agent, who will assist you in creating the offer document. Make sure to include the mortgage pre-approval letter if applicable. For cash purchases, attach a bank statement supporting the funds you will use.
Step 2 - Offer Acceptance: Making Things Official
If the seller accepts your offer, the legal gears will start turning. Instruction will be given to a "Title Company" to prepare all the necessary documentation for the property transfer, handled by specialized attorneys. Here, the buyer needs to make a reservation for the property, usually paying between 5% and 10% of the total offer amount. This money is placed in an escrow account known as the "Escrow Money Deposit." It's important to note that this process may vary if it's a pre-construction property.
Step 3 - The Closing: Sealing the Deal
Once the attorneys have thoroughly researched the property title and confirmed there are no additional liens, the closing day will be scheduled. In this ceremony, the final payment of the remaining property amount will be made, and the official title transfer to the new owner will take place.
Important: A resale property implies it has had previous owners and is not a new construction. While these steps are essential, keep in mind that the exact process may vary, and it's always advisable to seek guidance from certified professionals before embarking on this exciting journey. Welcome to your new home!
I am a native of Puerto Rico and have lived in Central Florida since 2003. I became a Realtor®, right after my wife Yolanda Barco started this profession and we both felt in love with it. We use to drive around just looking at the beautiful houses and appreciating the neighborhoods and one day we decided we could work in what give us passion and also help those who were in search for a new home. This is a profession that allows me to help families with one of the most important needs, to acquire or sell their home. This profession allows me to help and serve those who need a new home or sell their current property. We are part of LPT Realty where we serve buyers and sellers to achieve their goals quickly and effectively. It is our goal to satisfy the needs of our clients.
If you live in the Central Florida area, contact me. I am here to serve you. The experience and care that I have developed over the years is at your disposal.
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