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.

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.

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.

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.

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.

When you hire someone to do work on your property, someone such as a roofer or a carpenter, if you don’t pay them for the work that was done, they can file what’s called a mechanic’s lien on your property. This lien would actually allow the person to foreclose on your home if they take an action within one year from the filing of the lien.

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.

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.

It’s important to have different contingencies in a contract to make sure you don’t get stuck purchasing something you don’t want. It’s important to have contingencies regarding the condition of the property, obtaining financing, and making sure the zoning is proper for the type of activity you want to have there.

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.