Traditions of a Ft Lauderdale Real Estate Deal
This morning I was thinking about how I am participating in
a real estate deal in another part of the country. No, I am not leaving Fort
Lauderdale Real Estate, but simply making an investment and as a Ft Lauderdale
I realized that I am extremely conscious of every aspect of the deal and
inquisitive about each of the local real estate traditions that are part of the
real estate transaction. It has reminded me that often with out of town buyers
making up a large part of the Ft Lauderdale Real Estate Market we take the
traditions of a local Broward County deal as a given. Often we do not explain
in depth the makings a real estate deal in Broward County
that maybe different from where they last bought or sold a home, and yet as a
buyer or seller of real estate this comfort in the process is exactly what is
needed to help the deal come to closing.
With this in mind over the next few weeks I will be writing
numerous articles about the ‘traditional” Broward County Real Estate
transaction and hopefully when the article are all read together they will
serve as an excellent guide to understanding the “traditional” Ft Lauderdale
Area real estate deal.
Offers to Purchase are written on a Real Estate contract
Let me first start with the very beginning, and often the
first thing that surprises many buyers of Ft Lauderdale area real estate. When
we make an offer on a piece of property in Broward County
the offer is written on a binding contract, written by your realtor. Most of
the contract is an attorney approved form used over and over again with
addendums attached to relate to your specific purpose, but the overall contract
itself it but together by your agent. Many parts of the country speak of a
“Deal Memo’, or “Letter if Intent’ and in general these item are not taken very
seriously by sellers in South Florida simply because they are out of the norm.
The Contract becomes a deal once all parties Agree, Sign and Deliver
Working on an actual contract to start off a deal sometimes
surprises many buyers but it really should not effect their comfort level.
Professional realtors have written hundreds of contract and will go over them
with you in great detail. For buyers coming from an area where attorneys are an
integral part of reviewing documents a clause may be added into the contract,
allowing for a three day attorney review after execution of the final
documents. Now we have discussed one of the most important parts of buying real
estate in South Florida, when you find the
right property you are actually going to be writing a contract when you make an
offer to purchase.
Watch for our next in this series which will discuss who
will actually be doing the closing and who gets to select them. If you have any
real estate questions today you can always reach out to your Fort Lauderdale
Realtors at Eric Miller and Associates.