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 have located the property you wish to purchase, either your attorney or the real estate broker will prepare a "Purchase and Sale Contract" which sets out the business arrangement between the seller and the buyer. Traditionally a LOI, Letter Of Intent is used first for commercial properties. In a typical residential purchase, the purchaser and the seller will agree upon a purchase price, the purchaser may have the right to seek financing and to cancel the contract if he is unable to obtain the required financing, and the purchaser will have the right to have the property inspected for physical and mechanical defects. The purchaser customarily will post into escrow a performance deposit equivalent to ten percent of the purchase price. In connection with all sales, the seller and the real estate broker are required by Florida law to disclose to you any hidden defects about the property of which they are aware but which you could not reasonably find during a normal inspection. 

In commercial property the letter of intent {LOI} precedes the contract. The  LOI will set out a clear intention to take a certain course of action or to enter into a formal agreement. In particular, a letter of intent confirms the intention of the buyer to enter into a bargain, without creating any legally binding contract. After a letter of intent is submitted in acceptable terms, both parties usually negotiate in good faith upon the details of a final contract and carry out any requisite due diligence.  

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