Overview of the Path to Homeownership

Phase 1: Planning & Preparation

[ ] Identify Goals: Define motivation, price range, and must-haves.

[ ] Select a Lender: Start the loan approval process immediately. Obtain a loan approval letter.

[ ] Representation Agreement (New Requirement): Review and sign the mandatory Buyer Brokerage Agreement before touring properties.

[ ] Credit Check: Confirm no major credit changes or large purchases are planned.

[ ] Financial Mapping: Estimate 2%–5% for closing costs beyond your down payment.

Phase 2: Finding Your Home

[ ] Search Strategy: Browse online listings and set up automated alerts for off-market properties.

[ ] Neighborhood Vetting: Drive through areas at different times (commute hours vs. weekends).

[ ] Offer Formulation: Review the purchase contract before you are ready to bid.

[ ] The "Winning" Offer: Deploy a multiple-offer strategy including "appraisal gap" coverage if necessary.

[ ] Compensation Negotiation: Clearly define how agent compensation will be handled in the offer.

Phase 3: The Closing Process (Due Diligence)

[ ] Escrow Deposit: Submit earnest money to the title company within the contract timeline.

[ ] Home Inspection: Schedule a general home inspection and termite/pest report.

[ ] Florida Specials (Missing in Original): Schedule a Wind Mitigation and 4-Point Inspection (often required for insurance).

[ ] Flood Disclosure: Review the updated 2026 Florida Flood Disclosures carefully.

[ ] FinCEN Screening: If purchasing via an LLC or Trust, prepare beneficial ownership documentation for federal reporting.

[ ] Appraisal: Monitor the lender’s appraisal process to ensure value alignment.

Phase 4: Closing & Ownership

[ ] Final Walk-Through: Verify repairs and ensure the home’s condition hasn’t changed.

[ ] Wire Transfer Security: Verbally confirm all wiring instructions with the title company to prevent fraud.

[ ] Utility Transfer: Set up water, power, and internet 48 hours before closing.

[ ] Closing Sign-Off: Meet with the title company to sign final loan and deed documents.

[ ] Homestead Exemption (Missing in Original): File for your Florida Homestead Exemption post-closing to save on property taxes.