Buyer Representation

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Step by step guide for purchasing a Single Family Home

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1. Initial Buyer Consultation

 

• Determine needs: property type, location, budget, timeline, financing readiness.

• Educate buyer on the Florida real estate process, including escrow, inspection periods, title insurance, and closing costs.

• Explain current market conditions (seller’s vs buyer’s market).

• Discuss the typical timeframes: offer to close = 30-45 days in Florida.

 

2. Explain Brokerage Relationship Disclosure

 

• Florida law (F.S. §475.278) requires that brokerage relationships be disclosed before showing property or entering a contract.

 

• Explain the types of relationships:

  • Transaction Broker (default) – provides limited representation to both parties.

  • Single Agent – full fiduciary duties, higher loyalty to buyer.

  • No Brokerage Relationship – only performs ministerial duties.

  • Have buyer - sign the “Notice of Non-representation” or “Single Agent Notice" if applicable.

 

3. Sign Buyer Brokerage Agreement (Required)

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• Formalizes representation and sets:

• Compensation terms (e.g., 3% buyer-side commission).

• Duration of the agreement.

• Geographic or property-type limitations.

 

4. Help Buyer Get Mortgage Pre-Approval

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• Recommend reputable local lenders.

• Ensure buyer has pre-approval letter before making offers.

• Clarify difference between pre-qualification and pre-approval.

• Discuss available loan programs (FHA, VA, USDA, Conventional) and local down payment assistance programs in Florida (e.g., Florida Hometown Heroes).

 

5. Set Up MLS Search & Property Alerts

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• Use MLS to create search parameters: price, beds/baths, features, HOA preferences.

• Include filters for flood zones (important in Florida).

• Educate buyer on CDD (Community Development District) fees common in some Florida developments.

 

6. Schedule & Conduct Property Showings

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• Book showings according to buyer’s schedule.

• Share property disclosure forms if available.

• Note community amenities, HOA rules, and local school zones.

 

7. Prepare a Comparative Market Analysis (CMA)

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• Pull comps for similar properties sold in last 3–6 months.

• Discuss price trends, average days on market, and price-per-square-foot comparisons.

• Advise realistic offer ranges based on CMA.

 

8. Draft Offer Using Florida Standard Contract

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Typically use:

• Florida REALTORS®/Florida Bar “AS IS” Residential Contract for Sale and Purchase**

• Or the **Standard Contract** (if repairs are expected)

• Include:

  • Purchase price and deposit schedule

  • Financing terms (including type and days for commitment)

  • Inspection period (default is 15 days in “AS IS”)

  • Closing date (usually 30–45 days)

  • Personal property to convey (appliances, fixtures)

 

9. Submit Offer & Negotiate

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• Present offer to seller’s agent.

• Manage counteroffers.

• Advise buyer on when to walk away or proceed.

• Keep all communications documented.

 

10. Track Contract Milestones

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• Create a calendar or checklist with:

• Escrow deposit deadlines

• Inspection period expiration

• Loan commitment due date

• Appraisal date

• Title review deadline

• Final walkthrough

• Closing date

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11. Coordinate Home Inspections

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• Recommend reputable, licensed inspectors.

• Schedule and attend inspection (optional but ideal).

• Review issues such as roof age, HVAC status, WDO (wood-destroying organism) findings.

• Understand insurance implications for Florida (e.g., roof condition affects homeowners coverage).

 

12. Manage Inspection Responses

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• Review inspection report with buyer.

• Negotiate credits, repairs, or walk away (if "AS IS" allows).

• Ensure addendums are submitted in writing.

 

13. Monitor Appraisal Process

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• Ordered by lender; must meet or exceed contract price.

• If appraisal is low, negotiate price reduction or buyer pays difference.

• Provide comps to appraiser if justified.

 

14. Monitor Title Search and Title Insurance**

 

• Title company or attorney performs search.

• Review title commitment with buyer—ensure no clouds or liens.

• Ensure buyer gets **Owner’s Title Insurance Policy** at closing.

 

15. Support Mortgage Approval Process

 

• Maintain contact with lender and loan processor.

• Provide contract, HOA documents, or other required materials.

• Ensure buyer meets deadlines for full loan commitment.

 

16. Schedule and Conduct Final Walkthrough

 

• Typically 24–48 hours before closing.

• Confirm all included items remain and home is in agreed-upon condition.

• Check for last-minute damages or cleaning issues.

 

17. Review Closing Disclosure (CD)

 

• Ensure buyer receives CD at least **3 business days before closing**.

• Review closing costs: lender fees, title fees, prorated taxes, HOA dues, insurance escrows.

• Explain wire instructions (warning about wire fraud!).

 

18. Attend Closing

 

• Closing may occur at title company, attorney’s office, or remotely (if allowed).

• Ensure all documents are signed (deed, mortgage, affidavits, tax forms).

• Ensure keys, garage openers, and codes are delivered.

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19. Confirm Funding and Possession**

 

• Verify loan has funded and title is recorded.

• Deliver possession as stated in contract (typically at funding or closing).

 

20. Follow Up With Client

 

• Confirm move-in went smoothly.

• Offer help with homestead exemption filing (important for Florida tax savings).

• Provide referrals for vendors (repairs, cleaning, utilities).

• Keep in touch for potential future business.

 

21. Request a Review or Referral

 

• Ask for testimonial for online profiles (Google, Zillow, etc.).

• Politely request referrals if they know other buyers.

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For

Condos & Townhomes 

Include everything above and these extra steps: 

Request the following documents from the listing agent for verification & review: 

• Condo Articles of Incorporation 

• Condo Bylaws

• Condo Amendments 

• Current Master Insurance Policy (verify there sufficient coverage and that it is for 100% of the property) 

• Most recent Milestone Inspection Report

• Structural Engineer Report

• Budget Review 

• Current Approved Budget

• Recent Meeting Minutes

• Meeting Minutes for the budget 

• Seller's Disclosure

• Letter from the Engineer regarding ongoing work

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Verify the following: 

• There is no ongoing concrete restoration 

• Items in the Milestone Inspection that must be completed immediately have been completed and the other items completed within their respective timeframes. 

• Lease limitations

• Pet policy

• Units in default 

• Pending Litigation 

• Land Lease

• Current & Upcoming Assessments 

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May be required to secure additional documentation 

• Updated Amendments as they appear on the Court of the County Clerks Website 

• Open Permits for the building 

• Mortgage Condo Questionnaire