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

 

Once you sign a contract for purchase and post the deposit with the escrow agent, the purchase of an existing property generally can be completed within sixty days or less, depending upon whether bank financing is to be obtained. If you have decided to purchase a condominium unit in a building which is not yet complete, Florida law provides that the developer may take up to two years to construct the condominium unit. 

If you have elected to structure your purchase through a corporation or a trust, it may require a week or two to create that entity. At the closing of the sale, the seller will deliver a deed and other conveyance documents which have been prepared by the seller's attorney, reviewed by your attorney and authenticated before two witnesses and a notary public. If you obtain a mortgage loan, you will sign all of the lending documents at this time. In exchange for the conveyance documents, the purchaser delivers a bank cheque or attorney's trust cheque for the purchase price. Your attorney will then take the conveyance deed to the Courthouse and file it in the public records. At that point, you own the property and may take possession of it.

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