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.

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.

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.

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.

It’s important, I think, to hire both professionals during a transaction. Each party brings a different skillset to the table. A licensed Florida attorney is there to represent you and watch out for your legal interests. A real estate agent has expertise when it comes to the market itself, but a real estate agent does not necessarily have fiduciary duties to where they have to keep your best interest in heart at all times. An experienced Florida real estate attorney can assist you in this process, working together with your agent to bring about the best result.

Every real estate transaction has closing costs. Those are costs, fees, taxes that are in addition to the sales price. A licensed Florida attorney can advise you on whether or not you’re paying the proper closing costs or whether the other party’s trying to shift some traditional closing costs onto you.

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.