Home Seller Awareness: What You Should Know when Selling in Florida

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You've made the decision to sell your home, but you need information on the dos and don'ts of placing your home in the real estate market. Consider these tips to help make selling your home a success.

Laws and Procedures

When you choose a real estate agent, determine whether you'll be represented by a listing agent or a transaction broker. In a nutshell, a listing agent represents only you whereas a transaction broker aids both you and the buyer.

The agent is responsible for helping establish a selling price using comparative market analysis, marketing the home and negotiating with potential buyers. Before the agent takes on the responsibility, you'll be asked to sign a listing agreement, which authorizes the agent to represent, market and sell your home.

Contract

Understand the difference(s) between Florida Realtors®/Florida Bar (FR/BAR) contract form. The forms address inspections, the home's condition and obligations and rights of both the buyer and seller.

The contract should include in clearly defined language any personal property that is being left in the home that both parties have agreed to. Additionally, the contract will include the price of the home, down payment, amount financed and the balance due at closing.

Other information stated in the contract include information about financing and any stipulation as well as stipulations if financing isn't included with the sale, a closing date, inspection of the property, if requested, information regarding title insurance, survey information and any optional riders. 

Duty to Disclose

In Florida, home sellers are required to make known any issues, problems or defects on the property that the seller is aware of or should be aware of since the seller is in the position of knowing what types of issues the home may be experiencing.

Florida Potential Costs to Sell a Home

There are potential fees involved when selling a home beginning with Florida title insurance, which can be purchased by either the buyer or the seller and is highly recommended.

Other costs that may in incurred include any government fees such as those for recording the sale. Non-government costs would include things such as lien searches. There may also be fees if you need to retain the services of an attorney in the event complicated situations arise such as survey defects.

The Closing

In Florida, the closing of the sale can take place at an agreed upon destination such as an attorney's office or at the title company. At the closing, the standard forms that ultimately transfer the title from the seller to the buyer takes place by a designated person. Along with the recording of the transfer of property with the appropriate city/county authority, any monies involved in the transaction will be disbursed. 

If you have any doubt about what you will be signing or what needs to be included in the contract, it is best to retain an attorney before signing on the dotted line.