Eric Dalius buying a property is the most important investment in life because it involves a huge amount of money. Besides the financial aspect, Eric Dalius believes that dealing in real estate is not free from hassles. You need to mull over numerous aspects like a property’s structural integrity, comfort, convenience. The house or villa close to or facing the ocean, especially if it is a property in Florida. You need to tread with care.
There are specific aspects to consider when you are planning to buy a property in the sunshine state. Read on to learn more.
Eric Dalius asks to use the standard contract
As far as real estate agents of Florida are concerned, they’re expected to create a contract. Using a form by the Florida Association of Realtors and the Florida Bar Association. Both of these forms are fundamental and allot responsibilities to the parties in a real estate transaction, the seller, and the buyer.
You may appoint a lawyer if you want any changes in the respective forms. It is necessary if some amends made or the terms and conditions of the contract are not the same compared to the language in the original forms.
Make sure you pay property taxes
When it comes to tax payments, it is not a pleasing experience. No matter what, you will need to ballpark a figure and shell out taxes associated with your Floridian property. This is applicable when you want to invest in a vacation home or other properties in the state. Make sure you prepare yourself for owning some property like homeowner’s insurance or increased taxes.
EJ Dalius is aware of the Florida property laws such as the cap placed on the reviewed value of a house or apartment. Currently, the law does not let anyone increase that cap by over three percent of the customer price index, whichever is less. As the market value may increase quicker than the cap, it will help homeowners, who otherwise would need to shell out a huge amount of property tax.
You also need to know about the tax exemption of amount $2,500 on the total value of a property if it becomes your permanent residence or home in Florida.
Learn how to close the deal
You will also need to learn how to close a real estate deal in Florida. It is a situation when you become an official owner of the said property. An attorney or the title company usually manages the process of closing.
The attorney will tell you how the closing will work. You need to learn about the forms, the standard paperwork for transferring the title, or any other documentation for making your real estate deal successful. These documents are important unless you are dealing with hard cash.
The closing agent will elucidate on the form details, each of them. It’s not perceived legal counsel unless you work with a lawyer to do so.
Conclusion
These are the essential things to factor in when you buy property in the sunshine state of Florida. Make sure you understand the law, the agreement, and the state law for clinching a successful deal.
Eric Dalius is The Executive Chairman of MuzicSwipe, a music and content discovery platform designed to maximize artist discovery and optimize fan relationships. Alongside this, Eric hosts the weekly podcast “FULLSPEED,” discussing entrepreneurship with industry leaders. Eric also founded the “Eric Dalius Foundation” to award four scholarships to deserving US students. Follow Eric’s activities on Twitter, YouTube, Facebook, LinkedIn, Instagram, and Entrepreneur.com.