[villages8house]

Boomer BeBack

It's good that you're doing your homework before you commit to buying.

From my experience, if you decide to buy a "For Sale by Owner" home, you definitely need to get the Disclosure Statement from the Sellers. This is standard in Florida no matter if you're buying from an owner, thru MLS, or thru The Villages (VLS).

A "For Sale by Owner" or a resale thru MLS, the seller usually uses a title company to provide the Title Policy to the Buyer. The title company usually issues to the Buyer a Certificate/Binder at closing and the Original along with the Warranty Deed is mailed to the Buyer after it is recorded at the County's Courthouse. Usually the Seller pays for this Title Policy, but it is a negotiable item. Cost Example: House Price $100,000 x .0067 = $670 for the policy and $60-$100 approx. for the title search. The title company also handles the closing paperwork and provides their offices to hold the closing.

As stated in one of the above posts, when you buy NEW, the Buyer pays for the Title Policy. If you get a mortgage, they also require a title policy issued to them that is paid for by the Buyer. This is a lower amount since the Title company has already done the research.

If a Buyer is paying cash in a "For Sale by Owner", the Seller and Buyer can go directly to the County Courthouse and have the Warranty Deed recorded themselves. This might have been the case in the post that said they as Buyer paid $25 for closing.

When buying from a "For Sale by Owner" or a resale thru MLS or VLS, the state document stamps are usually paid for by the Seller, but again this is also a negotiable item as to who pays. When you buy NEW, the Buyer pays for these state doc stamps. Cost Example: House Price $100,000 x .0070 = $700.

A home inspection is always a good idea no matter who you're dealing with to buy a house. In a resale situation, there's usually an agreement in the Sales Contract as to how much a seller agrees to pay for any needed repairs found in an inspection. This is a negotiable item in a resale. NEW is a different situation where you deal with The Villages Sales Dept and their builder, etc.

Another good thing a Buyer should get from the Seller when buying a Resale is a Termite Bond. If the seller has maintained a termite bond all along, it is a simple matter of transferring the owner's name to the policy/bond. A termite inspection is always a good idea and this is done along with issuing the bond. Inspections cost approx. $45 and are paid for by the Buyer. Bond renewals are approx. $120/yr.

A buyer can also ask for the seller to provide a Home Warranty policy for a Resale. These policies can be purchased by anyone (seller or buyer) which provides a one-year coverage of the appliances, heat/air systems, electric and plumbing, etc. The cost is approx. $355-$500 for whoever agrees to pay. Old Republic and America Home Shield are examples of companies that sell these policies. They both have websites.

I know this is a lot of information, but hopefully worthwhile. Good luck in your search.