Buying and Selling with TIME Realty Services

Buying

Buying can be intimidating – but not with TIME Realty Services to help you. We explain every step of the process to our clients. We want you to make informed decisions about purchasing real estate. We can help you with a home for yourself or investment property. We take the time to listen to your needs and criteria then help you find just the right property. Call us today to discuss your needs!

Your Custom Search Portal 

We create a custom portal using your criteria. The portal will auto email you listings the moment they come to the MLS. You will have the latest availability. The portal will allow you to look at properties before you arrive in Florida in the comfort of your home. Save what you like the best and that will be our viewing list.
 
What you can expect to pay for at closing 

Everywhere there are local county customs of who pays for what, and it varies county by county. In Charlotte County you will find that generally, it costs less in closing fees if you are the Buyer – the Seller pays most of the closing-related fees. The Seller usually pays for the title search and title insurance, the Documentary Stamp tax, and the cost of the closing company.  The Buyer will pay for the cost of the mortgage, the cost to file the deed at the courthouse, reimburse any pre-paid amounts to the seller (HOA fees, stormwater fees, etc), and possibly pay the compensation for your Realtor. Not sure what all of that will add up to? A proforma closing statement can be prepared that shows you all of the costs.

Recent Changes 

August 17, 2024 marked changes to the way real estate is transacted across the United States. Realtors can no longer show properties to buyers without a signed buyer broker agreement in place. This agreement protects you by outlining the duties of your Realtor. It has a beginning and a end date, a cancellation clause, and shows what compensation you are paying your Realtor.  Of course, every attempt will be made to obtain compensation from the seller or the listing brokerage, but you are responsible to pay the agreed upon amount at closing if no other funds are available.

Selling 

We find that our clients sell their property for a myriad of reasons. Moving to another area  – even a few streets down, relocation for a job or family reasons, selling to make a profit, upgrading, downsizing the list could go on. Whatever your reason we are here to help you obtain your goal.  We will provide a complimentary comparative market analysis for you- Ask for one!

What you can expect to pay for at closing 

Everything is negotiable, right? That being said there are local customs of who pays for what. In Southwest Florida you will find that the Seller usually pays for the title search and title insurance – yes this is a benefit to the buyer but chances are that when you purchased a property the seller paid for your title insurance too!  The seller will also be required to pay doc stamps, formally called Florida Documentary Stamp Tax. This is a tax of .007 times the sales price, the cost of the closing agent to complete the sale, and of course the real estate commission.   Not sure what all of that will add up to? A proforma closing statement can be prepared that shows you all of the costs.

Types of Transactions 

Traditional Sales

Prior to the real estate boom “traditional sales” were the norm.  Both the seller and the buyer were real people.  Generally, the seller agreed to make any structural repairs found at inspection within an agreed-upon percentage of the sale price.

“As-Is” Sales

These are now the most common type of sale.  This mode of sell first became popular with the foreclosures and short sales, and now is the “norm”.  In this transaction, the seller is not willing to making any repairs to the property.  This does not mean there is anything “wrong” with the property, and the State of Florida still requires the owners to disclose any defects. The Florida “as-is” contract has a buyers inspection clause that allows them to cancel within the inspection period “for whatever reason”. In this case, only requests for structural defects would come back to the seller for negotiation of repairs, and smaller items would be assumed by the buyer.

Foreclosures/REO/Bank Owned

You will see these terms when a bank has foreclosed on a home and taken it back from the owner.  You will find most foreclosures listed in the MLS. The majority of the banks have restrictions and rules that the buyer has to agree also…not to mention their addendum which overrides the sales contract. These properties are sold “as is” and it is common that they have no appliances and may need repairs.  However, if you don’t mind the repairs, these are generally worth the purchase.