Property Purchase procedure on Tampa Florida

5 Replies

Hi all ,

I have an accepted offer on Tampa Florida , what's the purchase procedure ?

The agent told me I only have two weeks to close for cash deal. ( is normal to close in just two weeks ?) I will be purchasing using and land trust and the service that I use told me they need two weeks to create land trust itself.

How can we proceed for the whole process?

And also if I do close in 11/2 for example , do I legally get any extention dates? In New York I get extra 30 days.

Thanks everyone !

Your agent SHOULD help you. Usually extensions must be agreed to by both parties. Why the land trust? They are pretty expensive. Have you got help from your CPA? Attorney? 

There is no “standard” 2 week close for cash. 30 Days is typical. It ALL depends on what You put in the contract as a closing date, and the seller agrees. Land trust aren’t that expensive, less than $500 or so, and an attorney used to doing them has a simple template, takes about 15 minutes, no registrations required. Investors who use them a lot have their own forms.

@Wayne Brooks , do you have a local attorney who can set up land trust that can Recomend to me pls ?

Thank you!

Not near Tampa.
Bill McFarland, Cape Coral. Whatever local agent you are using should be able to find one.

Hi @Liz C.

Everything you mentioned are terms on the contract, nothing is standard. The deal moves as fast as the title company. On a cash deal, I put minimum 3 weeks. 

To extend the contract takes a simple fill in the blank addendum that anyone can do. However, the Seller must agree to extend the contract, but if it's a week or less, shouldn't be an issue. 

Kris Fernandez is an excellent local attorney. Shoot me a PM if you'd like number or email.

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