Who Does Due Diligence for the Buyer in Florida?

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In this tutorial video, we'll go over the topic of who's responsible for doing due diligence on behalf of the buyer during a residential purchase transaction in Miami or anywhere else in Florida.

This topic may be especially relevant for buyers coming from New York who are used to having their own attorney for a purchase who is responsible for doing building due diligence.

However, as you'll learn in this video, it's not typical for the buyer and the seller to each have their own legal representation for a real estate transaction here in Florida, especially since a standard Realtor Florida purchase contract is typically used that doesn't require customization.

As a result, the onus of due diligence typically falls squarely on the buyer in Florida. The buyer will be responsible for reviewing the condo building's audited financial statements, the original condo declaration or offering plan and any amendments, the FAQ from the managing agent, the board meeting minutes if provided and so on.

Sure, the buyer's agent may be able to generally advise on what to expect and look out for, but it is not typical or expected for the buyer's agent to do due diligence on the buyer's behalf.

In many ways, this may be a beneficial feature of the Florida real estate market as buyers are more involved in the diligence since they are ultimately responsible for the property, and they don't simply rely on their lawyer to do it for them.

Of course, buyers are allowed to hire a Florida attorney to review documents on their behalf if they'd like!

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Hauseit Group LLC, Licensed Real Estate Broker
Tel: (888) 494-8258 | https://www.hauseit.com
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