With the warm weather, similar culture, and rather close proximity to Canada, Florida has become a favorite destination for many Canadians. You may be wondering; What do you need to buy a house in Florida? This guide is meant to answer questions you may have while helping you navigate the process of buying a house in Florida.
First, you will need to obtain a mortgage from a lender. In order to qualify for a mortgage in Florida, you will need to have a good credit score and prove that you have the financial stability to make monthly payments. You can use our Mortgage Calculator to estimate your monthly payments.
Next, you will need to find a real estate agent. A real estate agent can help you find the perfect home and negotiate a fair price. They will also be able to help you with the paperwork and other details involved in buying a property.
Once you have found a property that you would like to purchase, you will need to make an offer. The seller may accept, counter or reject your offer. If your offer is accepted, you will then need to sign a contract and pay a deposit.
The deposit is typically around 10% of the purchase price and is held in escrow until the deal is closed. Once the deposit is paid, the seller will remove the property from the market and begin preparing for the closing.
The closing is the final step in buying property in Florida as a Canadian. At the closing, you will sign the mortgage documents and pay the balance of the purchase price. You will then receive the keys to your new home!
Buying a property in Florida can be a complex process, but with the help of a qualified real estate agent, it can be a smooth and enjoyable experience.
If you have any questions about buying property in Florida, or would like to learn more about our services, please contact us. We would be happy to assist you.