Whether you are selling a home for the first time in Palm Beach County or haven’t sold a home in the past few years; it will be extremely helpful to review this outline so you will know what to expect.
Did you know according to a 2006 study by the National Association of Realtors that homes sold by agents realized 25 % more than those sold by owners? This study also reported that handling paperwork was one of the main concerns for Seller’s who “go it alone”.
As your agent, I thoroughly review all and every document with you. With respect to a Florida listing agreement, it is important to understand that everything “attached” (i.e. window treatments, light fixtures, built-ins, appliances) stays with the home unless specifically stated as an exclusion. Any country club membership requirements for the sale of your home should also be noted in the listing agreement.
Florida law also requires Seller’s to complete a “Seller’s Real Property Disclosure” and “Mold Addendum to the Seller’s Real Property Disclosure”. Again, I am available to answer any questions or concerns regarding the completion of these documents. (see Sample Contracts)
Finally, a pre-home inspection can be helpful to determine if there are any physical conditions in your home that could affect the successful marketing and sale of your home.
How long does it take to sell a home? There is no easy answer. Market conditions vary widely by community and neighborhoods. However, exposure, condition and the right price remain the 3 critical factors. (see Maximization of Value Assessment).
As your agent, implementation of your home’s customized marketing plan is my responsibility. At the same time, a Seller’s cooperation has a significant positive impact on the outcome. Making your home available for showings and open houses provides necessary exposure.
Real estate market conditions can change daily. A good Realtor provides Seller’s with feedback from showings and market changes affecting their property. At times, this may even call for price adjustments for your home to stand out and remain competitive in the market place.
Unlike many other states, real estate agents in Florida prepare contracts in accordance with the buyer’s wishes on state approved contracts. Buyers have the ability to include an “Attorney Review” (typically a 3-5 day period). Florida condo law requires a buyer’s 3 day right of rescission.
Other possible contract contingencies include: financing, closing date, purchase of furniture, percentage for repairs and home owners/condo association approval. In Palm Beach County, Title Insurance is customarily paid by the Seller. I can provide Seller’s with a list of qualified closing agents in this area.
Typically in Palm Beach County, the buyer’s agent will submit the contract and copy of the initial deposit check to the seller’s agent. As your agent, I will thoroughly review the entire contract with you and discuss your needs for a counteroffer as they relate to any of the contract provisions. Any and all counteroffers are presented to the buyers and sellers for their consideration and approval through their agent. A contract is binding only after both parties sign it.
Most buyers will conduct home and wood-destroying organism (e.g. termites) inspections within the time period specified in the contract. This is true for both Contract to Purchase and “As Is” contracts. As mold is an issue of concern in Florida, licensed home inspectors look for evidence of mold during their regular inspection process. Depending on their findings, buyers may elect to have an additional mold inspection and/or tests conducted by a Florida licensed mold inspection company. It is my practice to be present for all inspections to protect a Seller’s interests.
In accordance with the provisions of the Contract to Purchase, “As Is” and /or Mold Addendum, the seller’s and buyer’s agents negotiate the repairs allowable on their clients’ behalf.
There are many factors that go into making a smooth closing. While most of them are the buyer’s responsibility (i.e. mortgage, application to homeowner/condo associations and country club memberships), I continually monitor these events to insure that there are “no surprises” as the closing date approaches.
I coordinate the date and time of the closing with the Seller’s and buyer’s agent. It is also my practice to be present at the “walk-through” which is usually scheduled the day of the closing. These days, as many seller’s elect to have a “mail away” closing, I carefully coordinate the execution of documents with the Seller and closing agent.
There are federal regulations regarding the purchase of real property in the United States from foreign sellers. To prevent foreign sellers from avoiding the payment of taxes due on the sale of real property, the IRS requires that buyers withhold 10 percent of the gross sales price (including cash paid and any debt assumed by the buyers). The buyer must report the purchase and pay the IRS the amount withheld. There are a few exceptions to this rule and I encourage all buyers and sellers in these transactions to consult the IRS or a tax specialist regarding the application of this rule.
If you would like more information about the selling process, please email me at laura@FloridaOnYourMind.com or call me at 561.352.5214.
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