What You Need To Know For Conducting A Real Estate Transaction In FL
In this article, you will learn:
- The advantages to hiring a real estate attorney.
- Some particular issues that are red flags and signal problematic titles.
- The basics of the closing process.
Do I Need A Real Estate Agent And A Real Estate Attorney To Buy Or Sell A Property In Florida?
You do not need both a real estate agent and a real estate attorney to buy or sell a property in Florida.
That said, protecting yourself from ambiguous, and therefore dangerous, contracts in an uncertain real estate market is essential. A real estate attorney can quickly assess the risks in confusing contract language, which you may not understand.
Purchasing a piece of real estate is often the most significant purchase people make. Consulting with an attorney before conducting a real estate transaction in FL is the best way to ensure you do not lose tens of thousands of dollars and waste significant amounts of time.
What Are The Most Important Factors And Issues To Consider When Buying Or Selling Property In Florida?
The contract is the centerpiece of every real estate transaction. Understanding what it says and what the implications are for you is critical to safely navigating the transaction.
In some cases, the implications are not apparent from the language in the contract. This is especially true when contracting with a large builder to build a new home. Florida has laws that are construed very much in favor of large corporate builders.
Know your risk before conducting a real estate transaction in Florida.
How Should I Prepare To Sell My Property Or Buy Another One? Should I Be More Concerned With A Title Abstract Or A Home Inspection?
To begin the process, you will need to hire a real estate agent whom you trust. They will give you an idea of what will happen beforehand and guide you through the process. But of course, most real estate agents will require you to sign a listing contract and, in some cases, a buyer’s agreement that assigns responsibilities and risks. So really the very first step you should take is to find an attorney who can give you an overview of potential pitfalls and review and explain any contracts. It is always best to start with someone who represents just you and not “the transaction” or the builder.
What Are Common Issues That Affect Titles That Can Hold Up A Real Estate Transaction?
Any time you are interested in buying a property that went through a foreclosure, a divorce, or probate, you need to exercise caution. Because these properties pass through a court process there is increased risk for mistakes or latent claims. But, even a property that appears to simply pass from one clear owner to another may have old issues with the title that can hold up your transaction. Common ones include:
- Someone forgets or fails to file the satisfaction or release of the mortgage;
- Hidden liens or encumbrances from debts associated with the property;
- Restrictive covenants enforced by the homeowners’ association;
- Outstanding taxes;
- Boundary and survey disputes when a neighbor encroaches on the property.
Many of these are quickly spotted by trained eyes but not so to someone with no experience who is simply trying to buy a home.
Should I Use A Standard Listing Agreement Contract Provided By My Realtor Or A Custom Agreement Created By My Attorney When Buying Or Selling Real Estate?
Since standard contracts tend to have well-established case law behind their provisions, they are generally better to use than custom agreements.
Using a custom-created agreement should be reserved for situations with unusual circumstances, and the customization should be carefully targeted to specifically address the unusual circumstances.
When conducting a real estate transaction in Florida take the time to be sure you understand the contract. Even for standard contracts, you should invest the small amount of money for a brief consult so you know what you are signing. Besides helping you understand what you are signing, an attorney can spot a non-standard contract being presented to you as a standard one.
What Happens When I Close A Residential Property Sale? How Can My Real Estate Attorney Make It Go Smoothly?
Closing a residential property sale organizes the exchange of rights and money to ensures that all agreements and legally required procedures are followed. It can be especially complicated since it is heavily regulated. A real estate attorney can quickly guide you since they have the relevant skills and experience to resolve any unexpected developments.
In terms of what a real estate attorney can do to make the process go smoothly, communicating clearly and in advance with all interested parties, including the buyer, seller, real estate agents, and lenders, is critical.
Be sure to give yourself as much time as possible to deal with unexpected developments and to avoid closing delays when conducting a real estate transaction in Florida. These transactions involve several parties with legal obligations and expensive liabilities if their responsibilities are not completed correctly. Expect delays and have a knowledgeable advocate on your side! For more information on Conducting A Real Estate Transaction In FL, an initial consultation is your next best step.