When purchasing a property in Miami Beach or Miami, every deal is different.   However there is a pretty good standard for the flow of a sales transaction.

Here is a quick generalization of how to purchase property in Miami Beach or Miami.

1.  Analyze Your Needs in a Consultation …

Some things to consider:

• Is this for primary residence or do you plan to rent it out?   Not all properties/buildings in Miami allow renting, short term rentals.
• Will there be pets in the home?  Some neighborhoods/buildings have pet restrictions.
• Do you need a parking spot?  Do you have a second car, where will you park that car?
• Do you want to buy in an older building or newer building.
• Has the building completed any pending or are there any upcoming assessments?
• How is the building managed?

2.  Obtain Financial Pre-Qualification, Pre-Approval or Proof of Cash Statement
Some things to consider:

• If you are planning to purchase by cash, the process will be much different in terms of applications and mortgage contingencies.
• If you are planning to purchase with financing and you want to purchase a condo, you need to speak with your lender about which buildings will qualify to buy with financing (because most in this area do not) & how much money do you need to put down?

3.  Select Properties

4.  View Properties

5.  Write an offer to Purchase  > Earnest money deposit

6.  Negotiate and counter offer

7.  Accept the Contract > Inspections >

If a condo read condo docs/building financial documents, etc.

*****  If you are purchasing a condo you will also need to go through the condo application process.  This may or may not include an in person board interview with the current condo board of the building.

8.  Complete the Mortgage Application* > Credit Report > Appraisal > Verifications

9.  Rejection? > Secure Underwriting > Conditions

10.  Obtain Loan Approval

11.  Contact Title Company > Title Exam & Insurance

12.  Close on the Property

13.  Take possession of your new home

**Every purchase can be negotiated and prepared differently but these are the typical steps to anticipate.

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2. Getting Qualified to Purchase Real Estate in Miami…. it’s more than just the spreadsheet
3. Tips for Selling Miami Beach Property Condition of the Property
4. Should I Hire a Property Manager to Manage My Condo Rental?
5. Finding the Right Home Inspector for your next Miami Beach Condo or Home purchase