Frequently Asked Questions

SHORT SALE:

• The owner is still in possession of the residence.
• He is trying to sell at a lower amount than the mortgage.
• One must obtain permission from one or more lenders where the seller must qualify.
• Long period to obtain the authorization of the transaction.
• Allowed price may be different from the displayed price

FORECLOSURE:

• The lender owns the residence.
• Sale to the best offer according to multiple offers.
• A short period of authorization of the transaction.
• Accepted price is firm

There is a property transfer tax payable to the county which is .007% of the sale price and which is paid by the seller in Palm Beach county.

Between 1.8% and 2% of the municipal assessment that is reviewed each year.

When you are looking at Condos, you will want to know what the monthly fees are. Every Condo Community has variables regarding Condo fees.

These fees are to maintain and ensure the building and surrounding lawn, carports, and storage areas stay in pristine condition.

Also, this fee may include items such as cable, internet, pest control, trash, property management, accounting, water, sewer, irrigation. The list of items included will vary from community to community.

• Costs of condos or co-ownership that vary depending on the complex: maintenance of common areas, the exterior of the building, insurance of the building, basic cable, water, access to equipment such as swimming pool, tennis, gym, etc.
• Municipal taxes (including school fees)
• Furniture and liability insurance
• Electricity
• Telephone and Internet

The National Bank (NatBank) in Florida, offers two addresses in Florida either in Pompano Beach and Hollywood.

The Caisses Populaires Desjardins also have their American subsidiary, Desjardins Bank. Three branches are located in Florida at Hallandale Beach, Pompano Beach and Lauderhill.

The same is true for Scotiabank and Royal Bank institutions.

Inspection is not mandatory but highly recommended.

Whether for the purchase of a single-family home, townhouse or condominium, we recommend you always perform an inspection on your future purchase. We can recommend a trusted inspector who works with us to ensure the excellent condition of your next purchase. Among other things, he will check the presence of termites or Chinese drywall, the state of the roof, the performance of the air conditioning, the water heater, etc. Depending on the result, a negotiation could be made with the seller for the repairs to be made.

Will provide the future buyer the rules of the association that are to be respected, such as the rental right (number of times per year, restriction the first years), age restrictions (55 years and +), etc. The financial statements must also be received with the reserve fund to validate financial health.

Once the offer has been accepted, you will also need to fill out an association form so that it can confirm whether it agrees to you as a future owner.

To ensure a proper title and protect against an omission, fraud, or other title problem, the title agent or the lawyer will issue to the buyer a title insurance policy. Which, if necessary, will cover the costs required to regularize a problematic situation.