Buying or selling a home in Florida is an exciting venture, but it’s also one that comes with numerous legal considerations. This guide will walk you through the essential steps of residential real estate transactions in the Sunshine State, helping you understand what to expect and how to prepare.
Key Steps in the Process:
Engaging a Real Estate Attorney:
In Florida, having a real estate attorney involved in your transaction can provide essential guidance and protection. Attorneys can help draft and review contracts, negotiate terms, and ensure that your interests are protected throughout the process.
The Contract:
All real estate transactions begin with a contract. The contract should outline all terms of the sale, including price, property boundaries, fixtures and appliances included, closing date, and any contingencies such as financing or inspections.
Title Search and Insurance:
A title search is a must to ensure there are no issues such as liens, encumbrances, or legal disputes over property ownership. Following the title search, purchasing title insurance can protect you from future legal claims against the property.
Inspections:
Conducting a home inspection is a critical step. Buyers are advised to have a thorough inspection to check for structural issues, pests, mold, and other potential problems. Any issues can be negotiated to potentially lower the sale price or request repairs be completed by the seller before closing.
Closing:
The closing process involves reviewing and signing several documents, including the deed, bill of sale for the seller, and if applicable, the promissory note and mortgage for the buyer. Your real estate attorney will play a vital role in this phase, ensuring that all paperwork is correct and that the terms agreed upon are met.
Common Legal Issues:
- Disclosure Disputes: Sellers in Florida are required to disclose certain information about the property’s condition and history. Failure to do so can lead to disputes and legal claims.
- Boundary Disputes: Misunderstandings over property lines are common and can be a significant issue so obtaining a survey is recommended.
- Contract Breaches: Either party failing to meet the terms of the contract can lead to breaches that may require legal intervention.
Conclusion:
Navigating a residential real estate transaction in Florida requires an understanding of local laws and diligent attention to detail. Whether you are buying or selling property, working with a knowledgeable real estate attorney can help ensure that your transaction goes smoothly and your rights are protected every step of the way.
For tailored advice or to discuss your real estate transaction, don’t hesitate to contact the Strang Tryson team
