At Ojeda Lazar we know that buying your first home or property can be stressful and that is why we make it as easy as possible and are with you every step of the way. We are also home owners and investors so can relate to you the buyer on a personal level. We believe that the most important thing in the buying process is good communication and we are always on top of every aspect of the process alongside you the buyer.
Getting You Pre Qualified
If you require financing for your purchase, the first step is to get you pre-qualified before you can start viewing properties. This way we will know how much you can afford to spend and will find you properties according to your budget. You will need to contact a loan officer at a bank or a mortgage broker who will get you the best financing options. We can assist you with this and get you pre qualified with our mortgage broker. If you don’t require financing and are buying in cash you can start viewing properties immediately.
We will then search for the best condo, house or investment property that suits your specific needs according to your price range and area of choice. We will then set up appointments to go view the properties with you.
Making an Offer / Writing the Contract
Once we’ve found the property that you want to purchase we will write the offer (Purchase and Sale Agreement) for you to sign and present it to the Seller. If you and the Seller agree on the terms and a contract is executed by both parties, you will need to make a deposit with a Title Company to hold in escrow and the buying process begins.
Title Company / Escrow
We will set you up with a Title Company who will hold your deposit in escrow until the day of closing or if you have one you’d prefer to use we will us them. They will perform title services for you such as making sure the title is valid and free of liens. They will also perform the closing and any related items.
If you choose to do a Home Inspection, which we always recommend, we will set it up and have the inspector visit the property for the inspection. We will arrange for the inspection with our preferred inspection company which will perform the inspection and send you the report. If there is something major that requires repairs such as the AC, you the buyer and the seller have to come to an agreement on who will pay for those repairs. If you don’t reach an agreement you can cancel the contract and get your deposit back. All Florida contracts allow you to have an inspection and to get out of the contract if there are major repairs needed and the buyer and seller cannot come to terms.
If you’re purchasing a condo, a condo application will be required by the condo association to be filled out by all buyers. We will provide you with this application to fill out and usually the charge is $100 per person. The process usually takes 1-2 weeks for approval. The original approval letter must be taken to the closing.
Working With Lender / Title Company
The financing process takes about 30-45 until the bank is ready to close. During this period of time there is a lot of documents and paperwork required by the bank and title co which we can assist in getting such as condo questionnaires and estoppel letters. Good communication between the lender, the buyer and all parties involved is essential during this process in order to achieve a smooth and on time closing. We are always in contact with your lender and the title company and assist in every way possible. If you’re paying cash for a property the process is much quicker and a closing can some times be done in a couple weeks depending on the title company.
Once the lender is ready with all required paperwork and the loan is “approved” or you have received the “commitment” from the bank, you can close. The title co. will send you and all parties involved the closing statement for review and if everything is approved you are ready to close. The final balance to close must be wired to the title co at least one day prior to the closing date and the title co. will advise on the exact amount. If it’s a cash transaction all you will need to do is wire the funds and sign the closing statement which will take less than ten minutes. If it is a financed transaction there is a lot of paperwork involved from the bank and a typical closing will take at least an hour. The closing manager or escrow officer will do the closing and guide you through the signing of documents. We are always present at our closings to answer any questions you might have about the documents you’re signing or if any issues might arise. Once the closing is done you will get a copy of the title to the property and will be the proud owner of your new home or investment property!
Title / Warranty Deed
The original title to the property or Warranty Deed which is used in Florida, will be sent to you via mail to the address you give the title co. We will be in constant communication with the title company until you receive your title.