Part 1
Introduction
Overview
Condominium

Part  2
Type of Purchase
Questions & Answers

Part  3
Financing
Bank Requirements

Part 4
Using a Broker
Broker Agreement

Part 5
Purchase Contract

Part 6
Purchase process

Part 7
Cost of Purchase

Part 8
Time to Close

 

Most visitors to Miami-Dade utilize the services of a real estate broker when they begin to look for property to purchase. The real estate broker has access to information about many properties which are offered for sale and will work with you to find the property which meets your needs, whether for a residence or for investment. All real estate brokers must be licensed by the State of Florida and many Miami-Dade real estate brokers also belong to the Realtor Association of Greater Miami and the Beaches, which sets goals and standards for local real estate brokers and also provides access to the Multiple Listing Service, which is a computer database of available properties.  

Many purchasers are not aware that in the United States, the real estate broker customarily works solely as the agent of the seller, although under Florida law the real estate broker also may act as a "buyer's broker" or as a "transaction broker". At the time you first speak with a real estate broker about a particular property, they are required by Florida law to provide to you a document which tells you for which party, (you, the seller, or neither) they are working. In most situations, the real estate broker is paid a brokerage commission by the seller. The amount of this commission can vary but in most residential sales is six percent of the purchase price. 

Broker Agreement

• If the broker is working as a "seller's broker", he or she is required to advise the seller about everything you tell the broker (including how high a price you might pay "if necessary") and to get the highest possible price for the property. Even if you spend a great deal of time with the broker and feel that he or she is your friend, remember that, legally, a seller's broker owes his or her obligations to the seller, although he or she must deal fairly and honestly with you as well.
• If the broker is working as a "buyer's broker", he or she is working for you and is required to advise you about everything the seller tells him or her and advance your best interests.
• If the broker is working as a "transaction broker", he owes a duty of full disclosure to both parties but is deemed to work for neither one, instead working to advance the transaction.

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