Contingencies are parts of a contract. Lawyers often refer to them as conditions proceeding, which are things that must occur for the closing to move forward. For instance, the buyer may have an inspection contingency and may have a certain number of days to inspect the property or they don’t like the inspection results and may be able to back out of the contract. Another common contingency is the financing contingency where the buyer has a certain amount of time to obtain financing or they don’t have to follow through and close on the deal. It’s important to consult with an experienced attorney that can tell you, as the seller or the buyer, what contingencies are necessary or which contingencies may not be in your favor that you want to negotiate out of the contract.

If a party breaches a contract, the remedies available to the other party depend on what’s in the contract and whether the contract excludes specific remedies that would be typically available under the law. The most common remedy would be money damages to make the person whole again in the event of a breach of the contract, but also specific performance. That’s when you ask the court to make the seller perform the deal and there are a variety of other remedies, depending on the situation.

(silence).Some typical closing costs in a residential real estate transaction include state of Florida documentary stamp taxes, recording fees, title insurance, loan fees if you’re borrowing money, a survey. There’s a variety of closing costs and each situation will determine whether or not those closing costs apply to you.(silence).

Some of the key provisions in a real estate purchase contract are, of course, the purchase price, the closing date, a financing contingency, an inspection contingency, but there’s also a lot of smaller, little-known clauses that are important to the transaction. It’s very important to retain the services of an experienced real estate attorney to review the contract if you have any questions.

Sometimes, questions or problems can arise following a residential real estate closing. If you’ve retained the services of an attorney for the real estate transaction, the first call may be to them, to get their advice on the situation. You could also contact the real estate agents or the title company that handled the closing, depending on what the question is.

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.

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.

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.

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.