I. Agency agreement
State of Florida requires Real Estate agent to have client sign that client acknowledge professional with duties.

2. Appraisal
Appraiser spends intensive training hours to be qualified. Appraisal is an opinion of value. Three similar sales in the neighborhood are used to justify the value. Buyer is responsible for paying and accepting the report.

3. FAR/BAR contract
FAR is Florida Association of Realtor. BAR is The Florida Bar. In Florida, FAR/BAR form is qualified at litigation.

4. Inspection
Occupational license is only license required to start business. Good inspector has experience, membership to professional association, insurance. Inspection is a report on visible and accessible material during inspection is in session. Buyer is responsible for paying and accepting the report. Educated buyer be present at inspection.

5. Termite
In Florida, termite is a matter of when but if. Bank requires termite report. Some insurance offer no exclusion on coverage. Carpenter ants do not eat wood but destroy building.

6. Warranty
Many sellers pay buyer one year warranty. Warranty covers interior, pipes, appliances, a/c, other. Buyer chooses coverage/deduction, finds exclusion in agreement.

7. HUD-1
Closing statement accounting transaction. Who pays what.

8. Insurance
Bank requires building be insured. FEMA pay up to $30,000. no matter what damage.

9. 1031 exchange
Investment tool for deferring capital gain tax. Seller buy replacement within 180 day after the closing.

10. IRA
Investment/retirement tool for deferring capital gain tax. Money in IRA is taxed at closing account.