Leicia ALLEGRA

For a first-time home seller in Florida, here's the short version of how it works. dY?! 1. Your equity is paid at closing At closing, the buyer's money goes to a title company or closing attorney. They will: Pay off your existing mortgage Pay real estate commissions Pay title/closing fees and taxes Whatever is left over is your equity, and it's usually wired to your bank the same day or within 24 hours. 2. Typical seller costs in Florida Most sellers pay: Agent commissions: ~6% of the sale price Title / closing fees Doc stamps on the deed (Florida seller tax) Any negotiated repairs or buyer credits Mortgage payoff 3. The title company handles the math Before closing you'll receive a settlement statement showing: Sale price Loan payoff All fees Your final net proceeds In Florida, closings are usually handled by Title Insurance Company , which coordinate the payoff and transfer the funds. 4. Possible tax break If it was your primary home, the IRS rule Section 121 Home Sale Capital Gains Exclusion may allow you to exclude up to: $250k gain (single) $500k gain (married) aoe... Simple takeaway: Sale price a+' pay off mortgage & fees a+' remaining equity goes to you by wire at closing. If you want, I can also share 3 Florida-specific things that surprise most first-time sellers (especially about title fees and the deed tax).

The biggest financial upside for you: Because you bought 8 years ago, you likely benefited from the huge price growth from 2017"2023. Many homeowners in that window have significant equity built up. Even if the market cools slightly, sellers who bought before the pandemic boom usually still walk away with solid gains. Example scenario (typical for many sellers): Bought for: $180k"$230k (common 2017"2018 range) Value today: $300k"$355k+ depending on neighborhood That can mean $100k+ in equity before closing costs. The real downsides to selling right now: Your friends may be thinking about these factors: 1i,?afGBP You may have a much lower mortgage rate Many owners from 2018 have rates around 3"4%, while new loans today are closer to 6%+. 2i,?afGBP Florida ownership costs are rising Insurance in Florida averages around $7,000 per year, significantly higher than the national average. 3i,?afGBP The market isn't as hot as 2021"2022 Homes can take 2"3 months to sell, and buyers negotiate more.

1. Get a written cancellation or release In Florida, listing agreements are contracts, so the only safe way to cancel is to get a written release signed by the brokerage. Most brokerages use a form called a listing cancellation or termination agreement that releases both parties from the contract. Once signed, the listing agreement you signed (often the Florida Exclusive Right of Sale Listing Agreement used by Florida Realtors) is officially terminated. aoe... Ask for: A signed cancellation form Or written confirmation the listing agreement is terminated 2. Don't just rely on " he'll rip it upaEUR? Even if the agent says he'll tear up the contract, you should still get proof in writing. Good options: Email stating " The listing agreement is cancelled and you are released.aEUR? Signed termination form from the brokerage The broker (not just the agent) technically controls the listing agreement.

In Florida, real estate law is pretty clear on this topic. dY?! 1. Realtors and sellers usually do NOT have to disclose crimes in a home Under Florida Statute 689.25, a seller or real estate agent is not required to disclose certain things about a property, including: A death in the home Suicide Murder or other crimes A former occupant having HIV/AIDS These are considered " psychological impactsaEUR? and not material defects affecting the physical condition of the property. So legally: The seller doesn't have to disclose it The Realtor doesn't have to disclose it 2. When disclosure WOULD be required Florida law does require disclosure of known material defects that affect the value of the property under the case Johnson v. Davis. Examples include: Roof leaks Mold Foundation issues Flooding problems If a crime caused physical damage that still affects the home, that would need to be disclosed. 3. How buyers can check crime history for a specific home Since it's not required to be disclosed, buyers often check on their own using: Police records Local police department incident reports Online crime maps CrimeMapping.com SpotCrime News searches Searching the address in Google or local news sites Public records requests Through the local sheriff or police department. 4. What many Realtors actually do in practice Even though it's not required, many agents will: Answer honestly if directly asked Encourage buyers to do their own research But they often avoid volunteering the information because the law doesn't require it. aoe... Simple takeaway: In Florida, crimes, deaths, or murders in a home do not have to be disclosed, unless the event caused a physical defect that affects the property.

Buying your first home can feel overwhelming, but the process is actually pretty straightforward when you break it into steps. Here's how most first-time buyers get started. dY?! 1. Check your credit and finances Lenders will first look at: Credit score Income Debt (car loans, credit cards, etc.) Employment history Typical minimum scores: 580+ for an FHA Loan (3.5% down possible) 620+ for a Conventional Loan Also start saving for: Down payment Closing costs (usually 2"5% of the home price) 2. Talk to a lender and get pre-approved Your next step is a mortgage pre-approval. This tells you: How much house you can afford Your estimated monthly payment What loan programs you qualify for Many first-time buyers use programs through the Federal Housing Administration because they allow lower down payments and flexible credit. Documents lenders usually ask for: Last 2 pay stubs Last 2 years of W-2s or tax returns Bank statements Photo ID 3. Work with a real estate agent Once you're pre-approved, an agent can: Show you homes in your price range Help you make offers Negotiate with sellers Guide you through inspections and closing This doesn't usually cost buyers anything because the seller typically pays the commission. 4. Start looking at homes Your agent will help you: Tour homes Compare neighborhoods Submit an offer when you find the right one Once your offer is accepted, you'll do: Inspection Appraisal Final loan approval 5. Closing on the home At closing you will: Sign final documents Pay closing costs and down payment Receive the keys to your new home dY"' aoe... Simple first step: Talk to a lender and get pre-approved so you know your budget before shopping.