Join us as we discuss buying real estate in Florida versus buying real estate in New York or California on #FinanceFriday ft Odelia Goldberg, Esq. According to Odelia, Florida is the best place to live and die. On this Finance Friday featuring Odelia Goldberg, Esq. We will discuss buying real estate in Florida and the processes involved.
Odelia Goldberg, Esq.
Odelia Goldberg, Esq. is a prominent figure amongst her community of attorneys, CPAs, and real estate professionals. Odelia practices in Trust and Estate Planning, Probate, Real Estate, and Elder Law. She graduated from the University of Texas, earning her Bachelor of Arts degree. She received her MBA with a concentration in Finance from The State University of New York. In addition, Odelia attended Pace University, where she was a member of the Pace Environmental Law Journal and received her Juris Doctorate, and graduated Cum Laude. Contact Odelia if you are interested in her services.
Real Estate Contracts in Florida
Today, we are talking about the difference between buying real estate in Florida versus buying real estate in New York or California. According to Odelia, purchasing real estate in Florida is surprisingly different than buying real estate in other places. The first difference is in regards to contacts. In Florida, the offer is the contract, and the contract is very standard. All changes to the contract are done through an addendum. Also, in Florida, realtors are often the ones drafting the agreement, not an attorney. Moreover, in Florida, the escrow amount is the only amount in place should the contract fall through. Therefore, the inspection period is the best time to leave the contract and receive your escrow deposit. In summary, find a suitable realtor but then find a reasonable attorney also.
Title Companies in Florida
A title company in Florida can represent both the buyer and the seller. The title company facilitates the closing. Which in some states, you need to have an individual representative. According to Odelia, having a title company that is attorney-owned is for the best. Another difference is who pays for the title insurance differs from county to county. In most counties in Florida, the seller pays the title company and for the title insurance policy, which is a significant portion of the cost when buying real estate in other places. Broward and Miami are the two exceptions; they are different from all of Florida because the buyer pays for the title and insurance policy. Therefore, if you’re planning on buying a property in Florida, do it outside of Broward and Miami.
Till Next Time
Watch the video to hear all about Odelia’s experience post-covid and pet peeves.
As always, if you’re looking for a fantastic CPA to help grow your business and wealth, set up a zoom call with me.