The Dynamics of a Fort Lauderdale Real Estate Transaction

Posted by Eric Miller on Thursday, May 3rd, 2012 at 7:39am.

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.

Eric Miller is an award winning Florida Realtor, salesperson and broker. His website, FortLauderdaleGroup.com provides an up-to-date guide to Fort Lauderdale Condos for sale, and the most complete buyer, seller and investor information for the Fort Lauderdale Real Estate Market.

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