OK,  You have the property under contract at the agreed upon terms.  Now it’s time to pull it all together.  Get inspections done, perform due diligence, get a loan, get approved by the association, etc.  Remember that this is now a contract between yourself and the Seller.  Your agent is there to guide you but cannot apply for a loan or association approval on your behalf.  Also, this is a contract and all the time frames MUST be followed in accordance with the ‘time is of the essence’ clause.  Mark you calendar as to when the deadlines are due.  If you cannot meet a dealine then have your agent draft an addendum to the Contract to change that deadline.

Contingency Period:

• If the property is a part of a legal condominium then you have the right to request that the Seller provide you with:  CURRENT COPY OF THE DECLARATION OF  CONDOMINIUM, ARTICLES OF INCORPORATION, BYLAWS AND RULES OF THE ASSOCIATION, FREQUENTLY ASKED QUESTIONS & ANSWERS AND A COPY OF THE MOST RECENT YEAR-END FINANCIAL STATEMENT.
• If the property is part of a legal Homeowners Association then the Seller need only provide you with the HOA rider to the contract and it’s then up to you to investigate the HOA.  Check the Clerk of Courts web site and review the recorded plat documents as well as any additional restrictions recorded in the public record.  You should also contact the HOA and ask them about the financial position of the association as well if there are an rules that are recorded in the public record.
• Make sure the utilities are turned on for your inspector.
• Check the FEMA FIRM (flood) maps to see if the property is in a current or a proposed flood zone.  If it’s in an ‘A’ zone then your lender will typically require you to carry flood insurance.
• If you have not already done so, check the are for registered sex offenders https://offender.fdle.state.fl.us/offender/homepage.do;jsessionid=4Ob1IbcaOIKgGZyjbv3LBil1).
• Hire, schedule and attend the base home inspection AND the ‘termite’ or Wood Destroying Organism inspection.  Try to do this sooner rather than later as if there is an issue with the AC you will want to schedule an AC technician to visit the property.  Also, if you are obtaining a loan, your lender will typically require a clean WDO report and a hard copy of this is required at Closing.
• Ask your home inspector if they can fill out wind storm mitigation credit and/or multi point forms provided by your insurance agent while they are there.
• Arrange for a lead paint inspection.  By law you have 10 days (provided that it was not waived in the lead based paint rider) to perform this prior to being obligated under the contract if the property was built prior to 1978.
• Speak to the neighbors while you are there for the home inspection.  They may be able to give you valuable information on the house and the community.
• Apply for a loan.  The contract will specify this needs to be done within (X) days.
• Apply for HOA or Condo approval.  Again, the contract will specify this needs to be done within (X) days.  You will typically need to bring a hard copy of this to the Closing.  Do not put this off as some associations only meet every few weeks to consider applications and they will only do so when they have ALL of the required information, fee, credit and criminal history.
• Call or visit the Property Management Company or COA/HOA to get the latest copies of the master deed, by-laws, rules and regulations, condo docs, etc.  COA must be paid for and provided by Seller if requested by the Buyer.  Make sure the you have asked the association about any special assessments or changes to the by laws or rules being considered.
• If the Property is currently leased than ask the Buyer to provide copies of the lease and an accounting of the Tenants funds they are holding such as last moth rent, security and pet deposits.
• If the condition is not acceptable then discuss inspection reports with your agent and, if you desire, have them send a list of demands to Listing Agent in writing.  If the you decide to cancel the Contract then YOU (NOT YOUR AGENT) must notify the Seller (AND NOT THEIR AGENT) at the address on the contract.  This letter should state that the As-Is condition of the property is not acceptable and that you are canceling the contract between the two parties.  Both the Buyer and the Seller should execute a ‘Release and Cancellation’ as well.  If the inspections go well then notification to the Seller is not required.
• If this is a cash deal then arrange for an appraisal of the property.
• If there is a loan then the Lender will hire an appraiser who will contact your agent or the listing agent to arrange access to the property.
• Check with the local building department for open building permits, and to make sure any additions or renovations were permitted.
• Check with the local Code Enforcement agency to make sure there are no code enforcement issues.
• Make the second escrow deposit, if applicable, which is due within X days according to the Contract.
• Arrange for insurance on the property.  If you are financing the purchase then your loan will not close without it.

After the inspection period:

• Follow up the Condo and/or HOA to ensure they are processing your application and find out how a hard copy of the approval(s) will get to the Closing Agent.  In most instances, one cannot get title insurance and thus no closing without a hard copy.
• Follow up with your mortgage broker at least weekly to check on the progress of the loan application.  You must receive the loan commitment by the Loan Commitment date on the contract and notify the Owner of this.  Do NOT go past the Loan Approval deadline without giving a Loan Approval to the Seller.  The Seller is NOT entitled to see your loan approval.  Understand that once you have given them notification that you have loan approval there are only a few instances where you may be entitled to a return of your deposit.
• Follow up with the mortgage broker to make sure all conditions in the Loan Approval are satisfied and a ‘clear to close’ has been issued by the Lender.
• Get the name and numbers of the Closing/Title Company Agent.
• Make sure the Lender has ordered title work from the Title Agent.
• Make sure the Title Agent has given yourself and your Lender a title commitment and REVIEW this.  If you’re not sure what you are looking at then an attorney should be consulted.   A SPECIAL NOTE HERE.  IF YOU ARE BUYING A BANK OWNED PROPERTY YOU SHOULD HAVE ALWAYS, ALWAYS, ALWAYS HAVE A LAWYER REVIEW THE TITLE COMMITMENT.
• Make sure that the Title Agent has ordered a survey of the property.  If it’s a townhouse or a single family it’s typically required by the  Lender.  However, the Lender will allow any registered land surveyor to perform.  If you know someone you can give the business to them.  I always recommend people get a survey as it’s cheap (+/-$400) and if you ever want to apply for a building permit it’s a requirement of same.
• Remember, If you can not make a deadline (any deadline) then have the parties sign an addendum.  If the Seller agrees to make a repair or do something then have them sign an addendum saying so.  This is real estate and the only words that count are those that are in writing signed by both parties.

Next Step is the Closing