How to Buy a Home in Miami: Step by Step

Step 1: Get pre-approved before you look

A pre-approval letter from a lender tells you how much you can borrow, what your monthly payment will look like, and what loan programs fit your situation. In South Florida it also matters for a second reason: sellers and listing agents usually will not take an offer seriously without one attached, and in a multiple-offer situation the strength of the lender and the completeness of the file can decide who wins.

Pre-approval also forces an early conversation about the full monthly cost. In Miami-Dade and Broward the payment is the mortgage plus property taxes, homeowners insurance, flood insurance if required, and HOA or condo dues. Insurance in particular is a larger share of the budget here than in most of the country, so ask the lender to run numbers with realistic insurance estimates rather than national defaults.

Step 2: Sign a buyer agreement and define the search

Since 2024, buyers tour homes with an agent under a written buyer representation agreement that spells out what the agent does and how the agent is compensated. Read it, ask questions, and make sure the term and the scope match what you want. A good agreement protects you; a vague one creates arguments later.

Then narrow the search by commute, housing type, and must-haves. Miami-Dade and Broward are large counties where a thirty-minute difference in drive time separates areas that look similar on a map. Decide early whether you need a single-family home with no HOA, a townhome in a gated community, or a condo, because each comes with a different set of documents to review and a different financing path.

Step 3: Tour with a critical eye

When you walk through a house in South Florida, look past the finishes. Note the roof type and apparent age, the condition of windows and whether they are impact rated or protected by shutters, the age of the air conditioning unit, the electrical panel brand, and signs of water intrusion at ceilings and around windows. These items drive insurance cost and inspection outcomes.

Outside, look at drainage, the elevation of the lot relative to the street, and the condition of fences, pool equipment, and any additions. Ask whether the home is on sewer or septic. In condos, look at the common areas, the parking garage, and the balconies for signs of deferred maintenance, since those hint at how the association manages money.

Step 4: Write the offer

Most residential transactions in Miami-Dade and Broward use the Florida Realtors and Florida Bar contract forms, and the AS IS version is the most common. AS IS does not mean no inspection; it means the seller is not obligated to make repairs, and the buyer has a negotiated inspection period during which the buyer can cancel for any reason and receive the deposit back. The length of that period, the deposit amount, the financing contingency, the appraisal contingency, and the closing date are the main levers in the offer.

Escrow deposits are held by a title company or attorney, and the contract specifies when each deposit is due. A broker-led team will review comparable sales with you before naming a price, draft the terms to match your risk tolerance, and explain which contingencies you can shorten or waive safely and which you should keep.

Step 5: Inspections and association documents

Order the general inspection the day the contract is signed, and add a wind mitigation inspection and a four-point inspection (roof, electrical, plumbing, HVAC), because the insurer will want them and they can reveal cost items. For homes built before the 1980s, a sewer line camera inspection is money well spent. Where there is a septic system, pool, or seawall, add the matching specialist.

For condos and HOA properties, Florida law gives the buyer a right to receive and review the governing documents, budget, and related disclosures, with a cancellation window that runs from delivery of those documents. Read the budget, the reserve study, the meeting minutes, and any mention of special assessments or structural inspection findings. Problems in those papers are more common than problems in the unit itself.

Step 6: Appraisal, title, and insurance

The lender orders an appraisal to confirm the home supports the loan amount. If the appraisal comes in below the price, the contract's appraisal language determines the options: renegotiate, bring more cash, or cancel. In the meantime the title company searches the public record for liens, open permits, code violations, and ownership defects, and issues a commitment for title insurance. In Miami-Dade and Broward the buyer customarily selects the title company and pays for the owner's policy, although this can be negotiated.

Insurance should be shopped during the inspection period, not the week of closing. Get quotes for homeowners (wind included or separate), flood insurance if the home is in a Special Flood Hazard Area or the lender requires it, and for condos an HO-6 policy. The roof age and the wind mitigation report will change the numbers, which is why those inspections come first.

Step 7: Closing

Closing in Florida is typically handled by a title company or a real estate attorney, and the parties do not need to sign in the same room. The buyer receives a Closing Disclosure at least three business days before closing that lists every cost. Review the prorations for property taxes and HOA dues, the lender fees, the title charges, and the recording and documentary stamp taxes on the note and mortgage, which are buyer costs in Florida.

Do a final walk-through within a day or two of closing to confirm the condition matches the contract and that agreed repairs were done. Wire instructions should be confirmed by phone with the title company using a number you already have, never from an email, because wire fraud targeting closings is common.

What a broker-led team does differently

In Florida, a licensed broker is responsible for the agents working under that license, and when the broker is personally in the transaction, the person negotiating has seen the full range of outcomes over many years and many deals. That shows up in how the offer is structured, how inspection findings are converted into credits or repairs, and how problems with appraisals, associations, or title are resolved without losing the deal.

Worldwide Select Group is broker-led and bilingual. Severiano Fernandez has been licensed as a broker since 2002, and the team works across Miami-Dade and Broward with buyers who are local, relocating, or purchasing from abroad. The goal is that every buyer understands each document before signing it, in English or in Spanish.

Questions we hear first

How long does it take to buy a home in Miami?

Once a contract is signed, a financed purchase typically closes in thirty to forty-five days, while a cash purchase can close in two to three weeks if title is clear. The search phase before the contract varies from days to months depending on inventory and how specific the buyer's requirements are.

Who pays for title insurance in Miami-Dade and Broward?

By local custom in Miami-Dade and Broward, the buyer usually selects the title company and pays for the owner's title policy, which differs from much of the rest of Florida where the seller pays. The contract can assign this cost to either party, so it is a negotiable term.

What does AS IS mean in a Florida real estate contract?

The AS IS contract means the seller will not be required to make repairs, but the buyer gets an inspection period during which the buyer can cancel for any reason and recover the deposit. In practice buyers often use inspection findings to negotiate a price reduction or credit even under an AS IS contract.

Do I need flood insurance to buy a home in Miami?

Lenders require flood insurance when the home is in a FEMA Special Flood Hazard Area and the mortgage is federally regulated or backed. Outside those zones it is optional but often advisable, because much of South Florida is low and flat, and policies for lower-risk zones are generally cheaper.