The search process typically starts with getting pre-approved for a mortgage so you understand your budget. Then you work with an agent to identify properties that match your criteria, schedule showings, and submit offers on homes you love. At Landmark, we provide access to the full BeachesMLS feed so you're seeing the same listings as every other agent: plus off-market opportunities through our network.

A buyer's agent represents your interests exclusively: not the seller's. They help you find properties, negotiate the best price and terms, navigate inspections and appraisals, and guide you through closing. In Florida, buyer's agent compensation may be offered by the seller as an incentive: however, under the 2024 NAR settlement, buyers sign a compensation agreement with their agent before touring homes. If the seller does not offer buyer compensation, you may be responsible for your agent's fee. Landmark's agents are transparent about this upfront.

0.5% of Landmark's buyer-agent compensation, credited toward closing costs at settlement when Landmark represents the buyer. Subject to lender approval and a signed buyer representation agreement. Contact us to confirm eligibility for your specific transaction.

Down payment requirements depend on the loan type. Conventional loans typically require 3–20% down. FHA loans require as little as 3.5% with a 580+ credit score. VA loans (for veterans) and USDA loans (rural areas) require 0% down. For investment properties and second homes, lenders typically require 10–25% down. The higher your down payment, the lower your monthly payment and the better your interest rate.

Florida closing costs typically run 2–5% of the purchase price. Buyer costs include loan origination fees, appraisal ($500–$800), title insurance (required by lenders), title search, recording fees, prepaid homeowner's insurance, and prepaid property taxes. Seller costs include the documentary stamp tax on the deed (0.70% of sale price) and any agreed-upon agent compensation. Get a Loan Estimate from your lender early: it details every cost.

Cash transactions typically close in 14–21 days. Conventional mortgage transactions average 30–45 days from contract to closing. FHA and VA loans average 45–60 days. The timeline depends on inspection results, appraisal scheduling, lender processing speed, and title search. South Florida's high transaction volume in season (December–April) can slow timelines: planning ahead is essential.

IDX (Internet Data Exchange) refers to the system that allows real estate websites to display MLS listings from the Multiple Listing Service database. Our listings come directly from BeachesMLS: the same database used by every licensed agent in Palm Beach, Broward, and Miami-Dade counties. IDX listings include all active properties listed by any participating brokerage, not just Landmark listings.

You can attend open houses without pre-approval. For private showings scheduled through an agent, most listing agents and sellers now require a pre-approval letter before granting access: especially on luxury properties. Getting pre-approved first is strongly recommended because it speeds up the offer process significantly. In competitive markets, sellers often choose buyers with financing already confirmed.

Pre-qualification is an informal estimate based on self-reported income and assets: it takes minutes and carries minimal weight with sellers. Pre-approval is a formal process where the lender verifies your income, employment, credit, and assets and issues a conditional commitment to lend. Pre-approval letters typically last 60–90 days. In South Florida's competitive market, a pre-approval letter is effectively required before sellers will accept an offer.

HOA fees are very common in South Florida, especially in gated communities, condos, and master-planned developments. Monthly HOA fees range from $50 for basic neighborhoods up to $3,000+ for luxury high-rises with full amenities. HOA fees are NOT included in your mortgage payment: they are an additional monthly cost. Always request the HOA's financial statements and meeting minutes as part of due diligence. Underfunded HOAs are a major risk.

Florida does not legally require any specific home inspection, but your lender will require a professional inspection for most loan types. Standard inspections cover structure, roof, electrical, plumbing, HVAC, and appliances. In South Florida, wind mitigation inspections and 4-point inspections are required by most insurers for homes over 25 years old. Pool inspections, septic inspections, and mold assessments are common add-ons. Budget $400–$800 for a comprehensive inspection.

Title insurance protects you against past claims on the property: liens, unpaid taxes, fraud, errors in public records. In Florida, there are two types: lender's title insurance (required if you have a mortgage) and owner's title insurance (highly recommended but technically optional). Owner's title insurance is a one-time premium paid at closing: typically 0.5–1% of the purchase price. It protects you for as long as you own the property.

In South Florida's active market, competitive offers include: price at or above asking for desirable properties, a solid pre-approval letter, a reasonable (7–15 day) inspection period rather than the standard 15 days, and flexibility on closing date. Escalation clauses (offering X above the highest competing offer up to a cap) work well in multiple-offer situations. For luxury properties, proof of funds is often requested even with financing. Your Landmark agent will advise on current market conditions by city.

Once your offer is accepted you enter the contract period. Key steps: deposit your earnest money (typically 1–3% of purchase price, due within 3 days), schedule and complete your inspection period, formally apply for your mortgage, order a title search, and schedule a survey if required by your lender. Your agent coordinates the timeline. At closing, you sign documents, funds are transferred, and you receive the keys. The entire period from accepted offer to closing is typically 30–45 days.

The 2024 NAR settlement changed how buyer agent compensation is communicated but not necessarily the economics. Buyers must now sign a Buyer Representation Agreement before touring homes with an agent: this agreement specifies the agent's compensation. Sellers may still choose to offer buyer's agent compensation as part of the transaction, and many do to attract buyers. Landmark is fully compliant with the new rules and will explain your agreement clearly before any showings.