Buying Real Estate in Florida 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. Odelia attended Pace University, where she was a member of the Pace Environmental Law Journal and received her Juris Doctorate, and graduated Cum Laude.
Real Estate Contracts in Florida
Today we are talking about buying real estate in Florida. 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. When we have the signed buyer’s offer and then have it sent to the seller, it is our contract. A lot of times, in other states, you’ll have an agreement to enter into another agreement; you get into an escrow phase and then get into the contract. In Florida, the offer is the contract. Also, in Florida, realtors are the ones drafting the agreement, not an attorney. 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, so in most of the 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 your planning on buying a property in Florida, do it outside of Broward and Miami.
Home Owner Associations
A big tip Odelia leaves us with is in regards to Home Owner Associations (HOAs). People often overlook the politics of their HOAs because of excitement and other nuances; however, Odelia reminds us that when they are interviewing you, make sure you question them right back. This tip can save you from a major headache, understanding that the HOA is like a mini-government.
A common myth is that if you have a will, your estate will not get probated; This is untrue. The Will acts as a guide for the probate judge when distributing your assets. A benefit of living in Florida is that we have adopted the Uniform Probate Code, which aims to simplify the probate process, especially for small estates, reducing both the time and costs associated with probate. For more details on how to avoid probates, contact Odelia here.
Till Next Time
Watch the video to hear all about Odelia’s secret hobby.
As always, if you’re looking for a fantastic CPA to help grow your business and wealth, set up a zoom call with me here.