The partial government shutdown has entered its fourth week, leaving many Americans to question the reach of the shutdown’s impact. This piece will specifically address how the shutdown affects real estate transactions.
The short answer: yes, the partial government shutdown will impact real estate transactions throughout the country. Three specific examples include:
Parties to an “AS IS” Residential Contract for Sale and Purchase in Florida must follow certain here are certain steps when the contract is subject to a lease after purchase. Depending on the language of the contract, these steps can include:
Florida state law requires those who sell property in the state disclose certain defects.
What defects does state law require a seller disclose? In most cases, these are defects meet one of two requirements. The defect will either jeopardize a real estate transaction or could pose an unreasonable risk to personal safety.
The rules and regulations governing the expectations of real estate brokers in Florida are complex. Although resolution of a dispute depends on the details of the case, the following general information is beneficial for most brokers in the state:
Do I need my own escrow account? No. State law does not require brokers have their own escrow accounts. However, Chapter 61J2-14.010 of the Florida Administrative Code, along with Section 475.25(a)9K) of the Florida Statutes requires brokers promptly place any funds received in connection to a real estate transaction into an escrow account or trust, bank account, credit union, or title company.
Looking to purchase or sell residential or commercial property in Florida in 2019? Before closing on a transaction, it is wise to take some basic steps to protect your interests. The following tips can help protect you from becoming the victim of a real estate dispute:
Real estate transactions involve six and seven figure deals. Deals of this magnitude require more than just a handshake, they require a deposit. But where does the deposit go? Should the buyer or the seller be responsible for the deposited funds?
Where does the money go? The money generally goes into an escrow account. A third party will manage the escrow account. This third party is often a real estate brokerage or attorney involved in the transaction.
A real estate contract is a complex legal document. A failure to draft a proper document can result in a void contract or legal battles. Parties to a real estate transaction can reduce this risk by avoiding some of the more common errors that occur during real estate deals.
Three of the more common mistakes to avoid include:
Technological advances impact every facet of our life. We now use phones that allow us to work and keep in contact with loved ones virtually anywhere, at any time. We have vehicles that continue to move closer to full autonomy. What could be next?
The next step: Changes to the real estate market
A new Florida law restricts beach access. Supporters of the law explain it does not change beach access in most communities. They claim the law will mostly impact communities that passed local ordinances to open access to private lands.
The law provides an opportunity to discuss how beach ownership works.
Florida is known for its waterfront property. Those who are interested in real estate that includes river front property may notice that, over time, the river’s bed moves. This likely triggers questions about property rights. Namely, when the river’s bed moves, do property rights change? This is one question to discuss with an attorney before purchasing real estate in Florida that contains riverfront property.
A bit of history: When is a riverbed deemed public property?
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LOCATION
Law Office of Kimberly A. Abrams & Associates, P.A.
2699 Stirling Road, Suite A105
Fort Lauderdale,
FL
33312
Phone:
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