Moving in West Palm Beach>Question Details

Carmen Acosta, Home Buyer in West Palm Beach, FL

what kind of paper work is done after I selected a townhouse and I have the downpayment money?

Asked by Carmen Acosta, West Palm Beach, FL Sun Dec 5, 2010

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If you have viewed the property with a Florida licensed agent then they will inform you of the steps needed to complete your purchase. If you are purchasing your townhouse without the benefit of an agent (either directly from a seller or through a developer) to guide, assist and look out for your best interests then I urge you to retain a real estate attorney to assist you all the way from reviewing the contract you are signing and on to the closing.
1 vote Thank Flag Link Sun Dec 5, 2010
Your buyers agent will assist you with all the procedures from start through close

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Thu Jan 27, 2011
For me they are 8 steps:
apply for a mortgage
send the offer.
accepted the offer to develop the contract.
apply to the HOA
to the valuation
to survey
search for the title company
0 votes Thank Flag Link Thu Jan 27, 2011

first you'd need to have your realtor put in a bid and if that bid is accepted, you will have to contact a mortgage broker to start the financing process ( if you're financing). You can contact me for that if you wish ( very competitive rates).
In teh meantime you'd want to get an appraisal and a home inspection done.
When the load is clear to close, you can sign the papers and be a new homeowner :)

Good Luck!

Andrew and Elena Ollick
Faith home Loans
Amerivest Realty
Latest Post: Housing Has Finally Hit the Bottom
0 votes Thank Flag Link Mon Dec 6, 2010
Depends on who is the seller, a Builder, a By Owner usually the most confusing, Bank Owned lots of variables.
Google works like points, state taxes etc. We offer a Free consult via email or phone not good to do the First one by yourself -
0 votes Thank Flag Link Sun Dec 5, 2010
The Contract to purchase, the HOA application, the paperwork for the bank to get your loan. What is done so far? Do you have an excellent local agent to work with? If not, I will fine one down there for you.

Good Luck Carmen!

Debbie Albert, PA
Keller Williams Realty of the Treasure Coast
Web Reference:
0 votes Thank Flag Link Sun Dec 5, 2010
Like the previous answers, what did your agent suggest you fo? If you font have one, find one to look out for you.

Kevin Cloutier
Southern Premier Realty
Cape Coral, FL
0 votes Thank Flag Link Sun Dec 5, 2010
Your agent prepares a contract for purchase and sale with all conditions. You may either want to take photos, if furnishings are included, or ask for an inventory.

If short sale, bank owned or as is it will require more paperwork. You go over it and sign and then the seller signs when they agree. If you are getting a mortgage, your lender will require a lot of paperwork (recent bank statements, credit reports, w2's, etc). They should pre-approve you. During the next 30 days or so they will pre-approve you if their underwriter accepts your mortgage.

You will want an inspection, and a list from the inspector of what needs to be remediated or repaired, and your agent gives a copy to the seller's agent. They must get the work done and supply you with bills marked paid showing what work was done, perhaps at the closing.

Other issues can come up, e.g. if you want to extend the closing date, an addendum will suffice.

The seller selects a title company. If you want legal representation your agent can suggest an attorney if you don't have one. That will require paperwork, but it is for your protection.

There will be a walk thru and you sign for acceptance of the property a day or two prior to closing date. Then at the closing or before, you sign all your side of the paperwork and the seller signs theirs. You do not have to appear at the closing if all the paperwork is signed.

There may be more paperwork as issues come up, such as mold remediation needed, probate issues with an estate, if the seller becomes deceased during the transaction, etc.

But basically that is it. Your experienced agent will know what to do in any case or can talk to her broker to get an answer.

If you have more questions, don't hesitate to ask. WIth a cash sale, it can sometimes be done in 2-3 weeks. A mortgage takes at least 30 days. A short sale could be 90 days or 6-12 months, depending on the lender, how busy they are, and many other factors.

Marilyn Jacobs
Realty Associates
0 votes Thank Flag Link Sun Dec 5, 2010

The next thing is to get a signed contract! Then or simultaneously- get your financing in order.

Inspections, appraisal, closing....

Sunny Isles Beach Real Estate and Information •

Never Buy A Florida Condominium
0 votes Thank Flag Link Sun Dec 5, 2010
Hi Carmen,

Are you working with an agent? If not give me a call. You will need a preapproval letter from the lender, and to fill out a purchase contract. Once the offer is accepted you will need to have an inspection done, a survey (set up by the bank), you will need the mortgage money, a title company to do the paperwork, and perhaps a lawyer to represent your interests.

Nadine Mauro
Realty Hub, Inc.
0 votes Thank Flag Link Sun Dec 5, 2010
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