Tenants in common means that you each have an undivided interest in the property. For instance, if there are three owners of property, each owner has a one-third undivided interest in the property. If one of the owners were to pass away, their one-third interest would pass to their heirs or to their beneficiaries under a will.

Typically, most attorneys and title companies will require a wire transfer at closing because of the amount of fraud that’s around today with cashier’s checks, wire is the safest way to get money to the closing attorney or the title company, however, you should always verify on the phone, the wiring instructions with the person that’s sending them to you to make sure you’re sending them to the right place.

Closing is where everything comes together. The seller will sign and deliver a deed which transfers the property to the buyer. The buyer will sign their loan documents, including a mortgage if they’re getting financing on the property. A closing statement will be drawn up and gone over by the closing attorney or title company with the parties.

At the closing, the buyer and the seller will each sign their documents. The seller will sign a deed, which actually transfers the property to the buyer. Typically, the buyer will sign a mortgage if they’re borrowing money to buy the property. Then the closing agent will distribute the funds to the people that are due. The parties will exchange keys. Most of the time it’s a pleasant process, but sometimes it’s not so pleasant.

If the real estate agent is aware of a defect on a property, it’s their duty to disclose that to their client. Similar to a seller’s duty to disclose facts that materially affect the value of the property, the realtor is also held to that standard.

Depending on how the contract was drafted, the seller may seek to retain the deposit as liquidated damages. Or the buyer may receive a return of the deposit if there was a contingency in the contract that allowed the buyer not to close. You need to consult a professional real estate attorney in Florida to know what your rights are under the contract.

Typically, in the state of Florida, the seller is responsible for the documentary stamp tax on the deed. In most counties in Florida, they’re responsible for title insurance and the real estate brokerage fee; however, none of those are actual laws, but rather, customs that have been followed over a long period of time. All of these items can be negotiated at the time of contract.

Most real estate contracts have a financing contingency deadline. You want to make sure that you pick a lender not only that of course will offer you good terms, but that can meet the deadline for the financing contingency. If your lender does not meet the deadline for the financing contingency in the contract, you may be in breach or default of the contract, and may lose the house or be sued for damages.

In Florida a seller has an absolutely duty to disclose all known facts and materially effective value to property that are not retally observable by the buyer. A seller cannot stick their head in the sand and answer, “Don’t know,” when they know for a fact that there is a problem with their property. Even if the house is sold as is, the seller still that obligation to disclose any defects to you. I would recommend consulting with an experienced Florida real estate attorney if you think that the seller has lied or omitted an answer on a defect in the property.

Any time you permit the seller to remain in the home after closings, there are will be some calculated risks. If you do permit the seller to occupy the property after you’ve purchased it, it’s important to have a lease drawn up by a real estate attorney, or a post-occupancy agreement drawn up by a real estate attorney. That way, everyone knows what their rights and responsibilities are until such time as the buyer can occupy the property.