Buying Real Estate in Florida (view all articles)
Written by: Joanie Miller - Panama City Beach, Florida

Who Can Own Property in Florida?
What Attracts Buyers to Florida?
Parties Involved in Your Real Estate Transaction
Types of Real Property in Florida
Conclusion

Who Can Own Property in Florida?

Simply put - everyone. Many different people from all walks of life are interested in acquiring property in Florida. From retirees, to second home owners, Florida is one of America’s most sought after real estate ventures.

What Attracts Buyers to Florida?

Located in the southeastern region of the United States, Florida lies on one of America’s best areas for “fun-in-the-sun”. With subtropical temperatures, one of the biggest attractions are its beaches - and for good reason. Florida has been given many prestigious awards for their white sandy beaches. Panama City Beach, known for its sugary white sand, uses the slogan “The Worlds Most Beautiful Beaches” due to the amount of recognition it has received.

Boating and fishing also play a large roll in many of the lives of homeowners in Florida. Throughout the state, you can find various communities and condominiums that reside on either a bay, the Gulf of Mexico and even the Atlantic Ocean. With over 4,000 miles of beaches and bays, Florida is a fisherman’s dream.

Among other attractions are Florida’s ecosystems. Throughout the State, you may find dozens of different types of ecosystems including swamps, dunes, coral reefs, mangrove forests and pinelands. Florida State Parks bring huge numbers of visitors due to the natural beauty one can only find in the Sunshine State.

Parties Involved in Your Real Estate Transaction

When you first begin looking at buying property in Florida, or anywhere in the United States in general, your first accomplishment should be finding a licensed real estate agent. Licensed real estate professionals are more than a salesman. Your agent will act on your behalf, provide you with in-depth knowledge and information about the local area and give you vital guidance throughout the purchasing process. Since you are thinking about buying, we recommend you use a “Buyer Specialist” who commonly assists buyers on a day-to-day basis. A Buyer Specialist will have more insight and resources in helping you acquire property (e.g. lists of outstanding lenders, top-notch home inspectors) than, lets say, a “Listing Specialist” who typically assists Sellers. Also note: Buyer Specialist, like all other real estate agents, is paid by the Seller - not you.

Once you have a fully executed contract with a Seller, other parties that will join the transaction include:

• Lender / Mortgage Company
• Title & Closing Company
• Appraiser (optional if you are buying with cash)
• Survey Company (if required by your lender)
• Your Attorney (if you choose to use one)

Home inspectors, termite inspectors and any other inspector are typically optional, unless their services are required by your lender.

Types of Real Property in Florida

During your exciting adventure of buying real estate in Florida, you’ll come across many types of properties. Some of these properties include detached single family homes, multi-family dwellings, town homes, and the ever-so-popular, condominiums.

The most prominent type of real property in Florida is its residential homes. From beachfront to lakefront, Florida’s housing market is immense. Communities can range in size of 1 acre of land with 4 homes, to 400 acres with its own golf course, shopping center and 2,000 homes. If you are in the market for a home, we suggest you contact your real estate agent and be very specific in what exactly you’re looking for. Don’t hold back, tell your real estate professional everything you require. Many people make the mistake of not giving enough information, only to receive a list of mismatched homes that are nothing near what you are looking for. Also, when looking for a home, don’t forget to ask your real estate agent if your home will be liable for a community or association fee.

Condominiums are another “hot topic” of the Florida real estate market. Condominiums have been a popular destination for yearly travelers, but lately, those travelers have become buyers and new condominiums are popping up everywhere. There are a wide variety of types of condominiums, ranging from small two story beach front condos, to bay front condos all the way to the all-inclusive high-rise resorts. When looking for a condominium in Florida, there are many questions you should ask your agent like:

• Are the common areas owned by the developer or association?
• How much are the association fees? Are they paid monthly, quarterly, annually?
• What do my association fees include? Do they pay for cable TV, water, phones?
• Are there condominium documents? If so, can I read them?

There are many more questions that you should ask your agent when thinking about purchasing a condominium. The internet is a great source for finding questions to ask your agent.

Conclusion

Florida will always be a great place to see, a wonderful place to visit, and an incredible place to live. If you are thinking about buying real estate, one of the first places we would recommend looking is Florida. Whether it’s the white sandy beaches, the crystal clear springs or its many attractions and theme parks, now is a great time to buy real estate in the Sunshine State.