A Guide for
Real Estate Buyers in Florida
From Palm Beach to the Florida Keys —
Prepared by Ray Contreras,
Luxury Real Estate Advisor
Most home-buyer guides online say the same generic things: get pre-approved, hire an inspector, don't skip the walkthrough. This guide skips that filler and focuses on what actually matters for buying property along South Florida's Atlantic corridor, from starter luxury at $350,000 up through $1M+ waterfront estates, including condo safety law, insurance realities, and financing details that are specific to this market and this moment
Before You Start Searching
Get Pre-Approved, Not Just Pre-Qualified
A pre-qualification is a quick estimate based on what you self-report. A pre-approval means a lender has verified your income, assets, and credit and issued a conditional commitment amount. In a competitive market, sellers and listing agents take pre-approved buyers far more seriously, in the luxury segment, a proof-of-funds letter or pre-approval is often required just to schedule a private showing.
Understand the Conforming vs. Jumbo Loan Line
For 2026, the conforming loan limit for a single-family home is $832,750 across Miami-Dade, Broward, and Palm Beach counties. In Monroe County (the Florida Keys), the limit is higher, at $990,150, reflecting the Keys' higher coastal home values. Any loan amount above these thresholds requires jumbo financing, which typically comes with stricter down payment (often 20%+), credit, and reserve requirements, though jumbo rates have, at times in 2026, actually priced close to or below conventional rates for well-qualified borrowers. This matters directly for our market: a large share of $1M+ purchases here cross this line, so understanding it early shapes your down payment strategy from day one.
Decide on Buyer Representation
Since 2024, buyers are generally asked to sign a written buyer's agency agreement before touring homes with an agent, spelling out how the agent is compensated. Understanding this agreement upfront, and what your agent will do for you in exchange is now a standard, expected first step.
South Florida Due Diligence Most Buyers Never Think to Ask About
If You're Buying a Condo: Request These Three Documents Before Writing an Offer
Following the 2021 Surfside condominium collapse, Florida passed sweeping condo safety legislation (Senate Bill 4-D) that directly affects what a condo purchase looks like today:
-
The building's most recent Structural Integrity Reserve Study (SIRS) - required every 10 years for condo and co-op buildings three stories or taller, and it shows how well-funded the building's reserves actually are for major components (roof, structure, waterproofing, plumbing, electrical, and more). -
The Milestone Inspection Report, if the building has reached the required age, 25 years for coastal buildings, 30 years for inland buildings, with re-inspection every 10 years after.
-
A written disclosure of any current, pending, or anticipated special assessments.
Why this matters: many older buildings (built in the 1970s–90s) are now issuing real special assessments to fund reserves that were underfunded for decades, in some cases $30,000 to over $100,000 per unit. Requesting these documents at your initial inquiry, not after you're under contract, is the single best piece of protection a condo buyer in this market can take.
Flood Zone & Insurance Costs
Along this entire coastal corridor, flood zone designation has a direct, sometimes dramatic, effect on insurance premiums, and it's not always obvious from the listing. Check FEMA's flood map for any property before falling in love with it, and get an actual insurance quote (not an estimate) before your inspection contingency expires.
Windstorm & Hurricane Insurance
Private windstorm insurance availability and pricing vary significantly by county, construction age, and roof type. Newer construction and homes with updated roofs and impact windows generally see meaningfully better rates. Citizens Property Insurance Corporation exists as Florida's insurer of last resort when private coverage isn't available or affordable.
HOA & Condo Document Review Checklist
-
Current budget and reserve fund balance
-
Rules regarding rentals (minimum lease terms, rental caps)
-
Pet policies and restrictions
-
Pending or ongoing litigation involving the association
-
Recent or upcoming special assessments
-
Parking and storage allocation
Making an Offer
_JPG.jpg)
-
In competitive listings, be prepared for escalation clauses and potential appraisal gaps, especially in cash-heavy luxury segments where buyers may waive financing contingencies entirely.
-
Key contingencies worth protecting in this market: financing, inspection, and for condos, a dedicated document review period to evaluate the HOA/condo association materials above.
Under Contract to Closing
-
Home inspection - for older coastal properties, consider a specialist inspection for roof age, seawall condition (waterfront properties), and AC/HVAC salt-air wear.
-
Appraisal - jumbo loans often carry stricter appraisal review standards; be prepared for this step to take longer than a conforming loan.
-
Title search and title insurance
-
Final walkthrough before closing
For International & Out-of-State Buyers
-
This corridor sees significant international buyer activity, and financing/logistics differ in a few important ways:
-
Foreign national loan programs exist and typically don't require a U.S. credit history or Social Security number, though down payments are usually higher (commonly 25–30%).
-
An Individual Taxpayer Identification Number (ITIN) is generally needed for closing and future tax reporting if you don't have a Social Security number.
-
Florida residents (U.S. citizens and permanent residents who make the property their primary residence) may qualify for the Homestead Exemption, which reduces property tax liability, worth understanding even if it won't apply on day one.
Buyer's Checklist
Documents to Gather
-
Two years of tax returns and W-2s/1099s (or equivalent for self-employed/foreign national buyers)
-
Two months of bank and investment statements
-
Pre-approval letter or proof of funds
-
Photo ID / passport
Before You Tour Homes
-
Sign a buyer's agency agreement and understand the compensation terms
-
Get pre-approved (not just pre-qualified)
-
Identify your top 3–5 target neighborhoods
Before You Make an Offer
-
Review comparable recent sales with your agent
-
For condos: request SIRS, milestone inspection report, and special assessment disclosure
-
Check FEMA flood zone designation
-
Get a real insurance quote, not an estimate
Under Contract
-
Schedule inspection promptly within your contingency window
-
Review HOA/condo documents in full during your review period
-
Track your appraisal and loan underwriting timeline
-
Schedule your final walkthrough
Helpful Resources
-
FEMA Flood Map Service Center - https://msc.fema.gov/portal/home
-
Florida DBPR - Condominium Safety (SB 4-D) Information - https://condos.myfloridalicense.com/faqs/
-
Citizens Property Insurance Corporation - https://www.citizensfla.com/
-
National Hurricane Center - https://www.nhc.noaa.gov/
-
IRS - FIRPTA Withholding (for foreign national transactions) - https://www.irs.gov/individuals/international-taxpayers/firpta-withholding
Have questions about any step in this process? Reach out to Ray Contreras directly — personalized guidance beats a generic guide every time