Buying a Home in Florida? 14 Steps Before Closing in 2026
Buying a home in South Florida requires navigating a complex landscape across three distinct phases: Before the Offer, The Offer, and Contract to Keys, culminating in 14 essential steps and three critical market truths. Big Data Realty provides this analytical breakdown for buyers relocating to Miami-Dade, Broward, or Palm Beach counties.
Key Comparison & Analysis
| Category / Dimension | Single-Family Homes | Condominiums | Strategic Takeaway |
|---|---|---|---|
| Supply Months | 4-5 months supply | 10-12 months supply | Condos offer significantly more inventory and bargaining power. |
| Absorption Velocity | Gone in 5-6 weeks | Sitting ~3 months | Single-family homes face bidding competition; condos allow patient offers. |
| Appraisal Risks | Frequent in bidding wars | Rare due to 10-month supply | Expect potential appraisal gaps with single-family houses. |
| Key Due Diligence | General inspection, wind mitigation, 4-point, seawall | Milestone structural inspection, structural reserve study | Condos require deep dives into building reserves and structural integrity. |
| Strategic Takeaways | Act quickly, prepare for competition | Leverage high supply for concessions | Tailor your offer strategy directly to the property type. |
Step 1: Proof of Funds & Multi-Lender Pre-Approval
Secure your financial foundation before touring properties. For 2026, the conventional loan limit is $832,750, with jumbo loans applying above that threshold. Shop at least three lenders: a relationship bank, a mortgage broker, and an online lender as a backup. Multiple mortgage inquiries within a short window count as a single inquiry on your credit score. Avoid taking on new debt—such as financing a car, furniture, or running up credit card balances—during this process.
- Truth 1: Price Insurance Before the Offer. Insurance carriers frequently reject roofs over 15 to 17 years old. Always ask for a wind mitigation and 4-point inspection upfront. Following the first interest rate decrease in 7 years, remember that standard homeowners insurance does not cover flood damage; a separate flood policy is required. Always consider a mold inspection as well.
Step 2: Agent Representation & Agreement
Under modern guidelines, a written buyer representation agreement is mandatory before touring any property, even virtually. Ensure your commission is stated as an exact dollar amount or percentage, rather than a vague range or whatever the seller offers. Understand the difference between a single agent and a transaction broker default in Florida. Never work with two agents at once.
Step 3: Property Search Strategy & Supply Divergence
South Florida exhibits a massive divergence between housing types. Single-family homes feature a tight 4 to 5 months of supply, with properties typically selling in 5 to 6 weeks and often sparking bidding competition. Condominiums, by contrast, feature a 10 to 12 months supply, sitting on the market for about 3 months, where you may be the only buyer. Tailor your offer strategy accordingly.
- Truth 2: Listing Property Tax Resets. Property listings show the seller's current capped tax, but Florida taxes reset to the purchase price upon transfer. A tax bill of $4,000 can easily jump to $11,000. Always check the county property appraiser's online estimator before falling in love with a home.
Step 4: Writing the 'As-Is' Purchase Contract
Using the standard Florida 'As-Is' purchase contract means the seller fixes nothing by default, but it includes a standard 15-day inspection period allowing you to cancel for any reason and receive a full deposit refund. Keep in mind that counters kill original offers. Put all contract deadlines into your calendar immediately, as they expire strictly without reminders.
Step 5: Comprehensive Inspections
Conduct a general inspection alongside a wind mitigation report, a 4-point inspection, and a seawall inspection if purchasing waterfront property. Review the seller flood disclosure form, verify the property's flood zone, and check the elevation certificate. Inspection outcomes give you three paths: request repairs, negotiate a credit, or walk away before the deadline.
- Truth 3: The Condo Truth - Unit is Decor, Building is the Purchase. For condos, milestone structural inspections are mandatory at 30 years (or 25 years for coastal properties), alongside a structural reserve study. Sellers must provide these documents, giving buyers 7 business days to cancel with a full deposit refund. Watch out for Fannie/Freddie lender-ineligible blacklists. HOA approval can take 30 or more days, so apply immediately after the inspection period ends.
Step 6: Loan Underwriting & Loan Estimate
Lenders must provide a Loan Estimate within 3 business days of application. Compare your three pre-approval lenders, review your rate lock terms, and evaluate discount points using a break-even analysis.
Step 7: Appraisal Contingency
If the appraisal comes in below the purchase price, you must choose to renegotiate the price or walk away. Low appraisals are rare in the 10-month condo supply market, but frequent in competitive single-family bidding wars.
Step 8: Title Search, Municipal Liens, & Boundary Survey
A title search ensures the property is free of hidden liens or competing heirs. Local customs dictate that the buyer usually pays for title in Miami-Dade and Broward, while the seller pays in Palm Beach (though this is negotiable). A boundary survey reveals any neighbor encroachments. Secure your insurance binder prior to closing.
Step 9: Critical Wire Fraud Prevention
Emails containing last-minute updated wiring instructions are fraudulent every time. Always independently call the title company using a known, verified phone number to confirm wiring details.
Step 10: Final Walk-Through
Conducted the day before closing, the final walk-through ensures agreed-upon repairs are completed, the seller's belongings are completely removed, and no new leaks have developed.
Step 11: Signing & Closing Costs
Execute closing documents with a notary and record the deed. Buyer closing costs typically run between 1.5% and 2.5% on a financed resale, while cash buyers pay significantly less. New construction purchases often carry higher developer stamp fees.
Step 12: Florida Homestead Exemption Filing
File for your Florida Homestead Exemption by the primary residence deadline of March 1st. This lowers your property taxes and locks in the 'Save Our Homes' assessment cap.
Big Data Realty offers a free consultation for buyers moving to Miami-Dade, Broward, or Palm Beach: your goal, budget, timeline, and exact building or neighborhood data — no listings, no sales pitch, just the numbers.