Florida Home Purchase

Gustan Cho Associates

Florida Home Purchase Basics

Florida Home Purchase:

Florida’s housing market is booming throughout the whole state.  Many folks who plan on retiring and relocating to a warmer climate state still prefer Florida than states like California, Arizona, and states due to reasonable housing prices as well as no state income taxes.

The Sunshine State of Florida is warm throughout the 12 months.  There are many tourist destinations like Disney World as well as fine beaches throughout the whole state.  Like many other U.S. cities, traffic is a major problem especially in tourist areas.

Florida Home Purchase Contracts

Florida Home Purchase Contracts are similar to those of other states.  Both home buyers and home sellers needs to be on the same page.  The agreed upon sales price needs to be on the contract as well as all the contingencies to the Florida Home Purchase contract such as loan commitment contingency, home inspection contingency, home appraisal contingency, and other contingencies.  Sellers concessions from the home seller needs to be listed on the Florida Home Purchase contract as well as well as the closing date, property decription, items that will be left by the home seller and included as part of the Florida Home Purchase Contract.

Florida Property Disclosure Requirements

On Chapter 475 of the Florida Statutes mandates that the home seller needs to furnish a home disclosure form that details any home repairs that has been done to the home, any problems or defects on the property that the home seller knows about or is aware of, and any disputes or legal issues the home is involved in.

Sinkhole Issues With Florida Home Purchase

One of the major issues with properties in the state of Florida are potential sinkhole issues.  Sinkholes are very common in the state of Florida.  Due to the geological structure of the state of Florida, the state of Florida has the highest sinkhole problems than any other state in the United States.  Home sellers in the state of Florida is required to disclose whether they know if the subject property or surrounding areas close to the property has had sinkhole issues or a sinkhole problem.  Just because the home seller of the Florida property does not list that there has been any issues with sinkholes, it is wise to do your own due diligence via the internet, news article archives, county records, or other research to make sure that the area is not prone to sinkholes.

Florida Home Purchase: Florida Geographical Status

Florida is the southern most state where is mainly a peninsula and the height of most of Florida is 12 feet above water.  There are no basements in homes in Florida and Florida homes are subjected to flooding.  Many parts of Florida are in flood zones as classified by the Federal Emergency Management Agency ( FEMA ).  Flood insurance is mandatory in flood zones and annual flood insurance can be quite costly and is figured into debt to income ratio calculations.

Home Inspection On Florida Home Purchase

Due to the humidity, warm weather, hot temperature, salt in the air, and other weather conditions, Florida homes have a tendency to require more maintenance than homes located in other parts of the United States.  A home inspection is highly recommended on a Florida Home Purchase and special emphasis should be taken into account with regards to termite, parasite infestation, mold issues, and structural timber dry rotting.  The foundation of the home should be inspected for cracks and for damaged from moisture.

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The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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