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.

Prior to putting your home on the market, it’s a good idea to seek the advise of an experienced real estate attorney. In Florida, as a seller of real property, you must disclose all known facts that materially affect the value of the property that are not readily observable by a buyer. It’s important to tell the potential buyers about all the facts about your house. That way, they can’t come back later and try to sue you for things you’ve disclosed to them that are wrong with the property.

It’s a good idea to seek legal counsel prior to signing the listing agreement because once a contract’s signed, you’re bound to its terms. Of course, each party in a contract, whether it’s a list agreement or any other contract, has certain duties and obligations which are spelled out in that contract. If you’re doubtful as to what your rights are, you should contact the real estate attorney with the appropriate experience to answer your questions.

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.

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.