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.

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.

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.

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.

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.

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.

It’s important that if you’re using an in-house title insurance company, which essentially means that the real estate brokerage or the agent has an ownership interest in the title agency, it’s important to get a second opinion. A real estate attorney has a fiduciary duty to act in your best interests. In those situations, the other parties may or may not have a duty to act in your best interest, so it’s always a good idea to get a separate quote if your agent is encouraging you to use their in-house title company.

In Florida, co-tenants or co-owners of property have a right of partition, which means they can force a sale of the property if the parties can’t agree on whether or not to sell the property. As long as they haven’t in writing agreed to not sell the property at the time of purchase, one of the parties can file a partition action and ask the court to force a sale of the property and split the proceeds accordingly.

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.

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.