Buying A Home

What Should The Buyer Do If The Inspection Uncovers Material And Costly Defects

If you have an inspection performed on a property and there are things that have come up that you weren’t expecting, the terms of the contract are what’s going to control whether you can back out of this deal or if you must move forward. If you’re in doubt about your rights, you should consult a Florida real estate attorney experienced in residential real estate transactions to determine if you have the right to back out of the contract or if you have to proceed towards closing.

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What Will I Have To Pay For The Attorneys Services

Many times when you hire an attorney to assist in a residential real estate transaction, you can retain their services for a flat fee. On more complex transactions, an attorney may charge you an hourly rate.

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What Will I Have To Pay For The Attorneys Services In A Real Estate Transaction

In most residential real estate transactions, a attorney charges a flat fee to review the documents, review the title work and sign the closing paperwork. If it’s a complex transaction, an hourly fee may be taken into consideration.

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When Do I Get The Deed

A Deed is delivered at closing, however, the Deed must be recorded to perfect your security interest in the property. What’s important to realize when purchasing real estate, it’s not the actual possession of the Deed that gives you title to the property, it’s the recording of the Deed in public record that puts the world on notice that you’re the owner of the property.

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When Does Someone Breach A Real Estate Contract

Someone breaches a real estate contract when they fail to perform a duty they’re required to perform under the contract. For instance, if the buyer has 30 days to obtain financing and then on the 32nd day informs the seller that they cannot obtain the financing, they’ve breached the contract because they have not obtained the financing within the 30 day period they were allowed under the contract. When a party breaches a contract, the other party may be entitled to damages or other remedies available under the law.

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Why Are Notice Provisions In A Real Estate Contract Important

Notice provisions are an important part of any real estate contract. It tells the parties how and why and the manner in which they have to give notice under the terms of the contract. It’s important to have an experienced commercial real estate attorney that can view these notice provisions and let you know when and how you need to communicate with the other party.

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Will My Purchase Of A Home Affect The Real Estate Taxes In Florida

Every time a home transfers in Florida, the county property appraiser reassesses the value of that home, so it’s important to understand that if someone has been living in their home for a long period of time in Florida, their property taxes may be significantly lower than the property taxes you will pay once you acquire the property.

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What Kinds Of Transactions Are Covered Under The Real Estate Settlement Procedures Act Respa

Any transaction involving a federally backed loan, whether it be Fannie Mae, Freddie Mac, FHA, or VA, any home loan that a person obtains that’s federally backed by the government is subject to the real estate settlement procedures act. This is a consumer protection statute that’s designed to protect borrowers from predatory lenders. For instance, it requires that the buyer receive the closing disclosure three days prior to closing so they can review it to make sure the rate and terms are correct.

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What Legal Recourse Does A Buyer Or Seller Have In Florida If The Other Party Refuses To Close

If the seller breaches a contract and basically refuses to close on a property in the state of Florida, the buyer has potentially the remedy of specific performance. Of course, this must be drafted into the contract before the parties execute a contract. A specific performance, essentially the buyer is asking for the court to force the seller to sell the property to the buyer, that all the other terms and conditions of the contract has been met. In addition to that, or instead of that, the buyer could potentially sue for damages on the contract if the seller refuses to close.

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What Is And Who Has A Fiduciary Duty In A Real Estate Transaction In Florida

A fiduciary duty means that you have a legal and ethical obligation to act in someone’s best interest. For instance, a real estate attorney has to act in the best interest of their clients. Real estate agents in Florida, are actually presumed to be transaction agents, which means they do not have a fiduciary relationship with their clients. Although there are many great real estate agents out there, that’s one reason why it’s very important to hire an experienced real estate attorney because of that fiduciary relationship. An attorney must look out for your best interest and will do so throughout the transaction.

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