First of all, you will have to choose the real estate agent who will guide you throughout the buying process. He will represent you and defend your interests. The agent will draw up the offer/purchase contracts, negotiate the price and conditions of your future acquisition, and explain and guide you through each of the steps to be taken.

Once your real estate agent has been chosen, if he is a Realtor®, he will have access to a database that lists all the properties available on the market. Using the criteria you provide, he or she can send you a selection of properties for sale. You can then visit the properties of your choice very quickly.

If you have found your favorite among this list, your agent will write an offer to purchase. This offer will be submitted to the seller who can either accept it or make a counter-offer. If you reach an agreement, a promise to sell will be signed and usally 10% of the purchase price will be placed in escrow with the chosen Closing Agent.

The role of the Closing Agent is to represent the buyer in the transfer of title; carry out validity searches on the title deed; to offer title insurance (Owner's Title Insurance Policy) which guarantees the state of the title of ownership at a given moment and to synchronize the payment through its escrow account. A period between 10 to 15 days is negotiated to allow you to do due diligence on the property.

During this period you can have an on-site inspector come and determine the condition of the property and if any repairs is required. He will check the general condition of the property and more particularly the roof, the air conditioning, the plumbing, the electricity, and the presence of termites... This inspection is highly recommended in order to avoid major problems. Depending on the detailed report, you can cancel or continue your purchase process. The inspection can lead to a new negotiation of the price, however the seller is free to refuse it.

If you decide to proceed with the purchase of the property, the closing agent will do its job and the final signing will usually take place 30 days later.

If you have applied for a loan, an appraisal will be required by the lending institution and an appraiser will come and appraise the property to determine its value. The amount of the loan will be based on this appraisal and not on the seller's asking price.

If you have chosen to purchase a property in a Condominium, you will need to be accepted by the Condominium Association. To do this you will need to fill out a form with all your personal information and submit it to the Condominium Manager. The registration fee is approximately $200. You will only be able to buy if you are accepted by the Syndic.

One week before the Closing date (final signature) a HUD document (fees and distribution of fees) will be given to you by your closing agent. You will then have to pay the requested amount into your lawyer's escrow account.

On the day of the Closing, before the final signature, you will make a visit of the property with your agent in order to verify that its state is in conformity with the clauses of the contract. Then you will be able to sign and get your keys from your lawyer.

Congratulations, you are now a homeowner.

Welcome to Miami!