Buying Guide By Belloise Realty

Buying a Clearwater Beach Condo From Out of State: A Remote Closing Checklist

Many of the buyers we work with don’t live here yet. Some are planning a move for retirement, some want a winter place near family, and some simply fell for the island on vacation and started looking at listings from home. Buying from a few hundred or a few thousand miles away is very doable in Florida, but it rewards a little planning. Here is the checklist we walk our out-of-state buyers through, from the first video tour to the day the keys arrive.

Before you start touring

Making an offer from home

Most Florida purchase contracts are signed electronically now, so you can make and negotiate an offer from anywhere. Read the contract closely for three things: the inspection period, the financing deadline if you have a loan, and, for a condo, the time you have to review the association documents. Put those dates in your calendar the day the contract is signed, because they go quickly when you’re coordinating from another time zone.

Due diligence you can do from your kitchen table

Closing without flying in

Florida law allows remote online notarization, so many closings can be completed over a secure video session (chapter 117 of the Florida Statutes covers how it works). Title companies also offer mobile notaries who come to you, or a closing package sent by courier for you to sign in front of a local notary. Ask your title company early which options it supports, because the method affects how far ahead documents need to be ready.

If you’re financing, budget for the Florida taxes that apply to mortgages: documentary stamp tax of 35 cents per $100 of the loan and nonrecurring intangible tax of 2 mills (0.2%) on the amount secured, according to the Florida Department of Revenue. Who pays which closing costs is set by your contract, and our closing cost calculator gives you a working estimate.

Protect your money from wire fraud

Real estate wire fraud is a well-known scam: criminals send fake wiring instructions that look like they came from the title company, and remote buyers are an easy target. Never act on wiring instructions sent by email alone. Call the title company on a phone number you found independently, confirm the account details out loud, and then send the funds. Your agent and the title company will never change the wiring details at the last minute by email.

After closing

Please note: Laws, tax rules and insurance terms change, so check the details for your situation with a licensed professional, such as a Florida real estate attorney, insurance agent or tax adviser, before you act.

We help buyers from all over the country find their place on Clearwater Beach, Sand Key and Island Estates. Start with our out-of-state buyers guide, or contact us and we’ll set up your first video tour.

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