Buyer questions
Straightforward answers for Miami-Dade home buyers
Short, sourced answers to the questions that come up when you buy a home in Hialeah, Miami Lakes, Hialeah Gardens or elsewhere in Miami-Dade.
Do I have to sign an agreement with an agent before touring homes?
Usually, yes. Since August 17, 2024, agents who are REALTORS® or use an MLS ask buyers to sign a written agreement before touring a home with them. The agreement states the services and the agent’s compensation, which is negotiable and not set by law.
What is the inspection period when buying a home in Florida?
It is a set number of days after your offer is accepted, written into the contract, during which you can have the home inspected. Depending on the contract, you can then move forward, ask for repairs or credits, or cancel within its terms.
Do I need flood insurance to buy a home in Miami-Dade?
If you finance the purchase and the home is in a high-risk flood zone on FEMA’s maps, your lender will require flood insurance. Homeowners insurance does not cover flood damage, so many buyers outside those zones buy it too.
Will my property taxes be the same as the seller’s?
Usually not. In Florida a home’s assessed value is reset to market value the year after it is sold, so your tax bill can be much higher than the seller’s, especially if they owned the home for many years.
What is the homestead exemption, and when do I apply after buying?
It is a Florida property tax exemption for a home you own and live in as your permanent residence on January 1. You apply with the county Property Appraiser, and the usual deadline is March 1 of the year after you buy.
What should I check about inspections and reserves before buying a Florida condo?
Ask for the building’s milestone inspection report and its structural integrity reserve study. Florida requires both for condominium buildings of three or more stories, and they show the building’s condition and whether money is set aside for major repairs.
Do I need HOA or condo association approval to buy?
In many communities, yes. The association may require an application and approve buyers before closing, so apply as soon as your offer is accepted.
Are there first-time home buyer assistance programs in Florida?
Yes. Florida Housing Finance Corporation offers first-time buyer loan programs and down payment assistance through approved lenders, and some county and city governments have their own programs. Eligibility and funding vary, so ask a lender early.