Sellers may believe a real estate transaction is essentially complete once they accept a buyer’s offer. Unfortunately, obstacles can present themselves between the time of the accepted offer and the end of the closing meeting that result in significant delays or even termination of the deal.
Real estate transactions in Florida: A sale timeline
Buying or selling a property is a complex and expensive process. Having a basic understanding of how the process will unfold can help ease some of the stress that comes along with a real estate transaction.
The following will provide a basic timeline of the legal issues often navigated during the sale of property in Florida.
Walton County Commission fights for customary use of beaches
The panhandle of Florida is known for its pristine beaches and emerald coastline. Vacationers and property owners alike enjoy these beautiful beaches. Many pay a premium to stay at resorts along this coastline or own private property in the area.
What is changing? The Walton County Commission is pushing to make all the beaches in the county, including those along the emerald coast, open to the public. The move is in direct conflict with a law passed last year which prioritized coastal ownership rights. This was discussed in detail in a previous post, available here.
For sale by owner? 2 tips for success.
Technological advances have made it much easier to buy and sell properties. Apps like Zillow provide information on available properties and interested parties can get in touch with each other using a simple email. As a result, buyers and sellers may consider completing a real estate transaction without the use of a real estate agent.
This can save money. Real estate agents charge for their services — often a percentage of the purchase price. Parties to the transaction can save a great deal of money by going ahead without an agent.
Real estate titles and property in Florida
The term “title” in real estate generally refers to the ownership rights tied to the property.
What problems can be present with a title? Various issues with title can hinder your ownership rights. Issues can be present due to past ownership or liens. A business could place a lien on the property for unpaid bills for work on the home or other debt brought on by a previous owner.
Requesting a loan modification in Florida? 3 tips for success.
Homeowners who struggle to meet their financial obligations may consider a loan modification. If approved, a request for a loan modification can result in a more manageable agreement with your lender.
Some tips to help better ensure a successful request include:
- Submit a complete application. One of the most common mistakes made by homeowners when requesting a loan modification is the failure to submit a completed application. Make sure all necessary information is complete. Double check that every signature block is signed and all necessary information is included within the application packet prior to submission.
Documents commonly used for residential closings in Florida
Although each closing will be unique to the transaction, almost every property sale in Florida will begin with a Purchase and Sale Agreement. This document begins the closing process. It can contain many provisions, including details about when the buyer could take possession of the property, zoning regulations and information about the title.
A seller generally provides details about the title within another common document: the deed. Buyers in Florida will most likely use one of three types of deeds:
Is a Condominium Association responsible for a leaky pipe?
Condominium Agreements require the Condominium Association cover certain expenses relating to the units within the community. The details of coverage can vary with each community, but coverage often includes a general obligation to maintain and repair pipes. This is often true when there is an issue with a pipe that serves a number of units or common areas within the community.
This general obligation can be difficult to translate into reality. Take, for example, a situation where a pipe bursts in one condo and the owner is out of town. A recent dispute provides an example. In this dispute, a pipe began to leak within a unit while the owners were away. The pipe in question provided water to 24 other units in the community. The pipe flooded the condo with two inches of water and required extensive repairs. Repairs included removal and replacement of cement, baseboards and drywall.
What remedies are available in a FL real estate dispute?
Florida offers some of the most beautiful real estate in the country. Sandy beaches with ocean views, big city condos with all the amenities — you name it, you can probably find it Florida.
But what happens if you find that perfect property, get an offer accepted and find yourself in a dispute with the seller? There are generally two legal remedies to pursue in these types of real estate disputes:
Real estate disputes and procuring cause
Real estate disputes can arise for many reasons. One example involves the question of commission. Real estate agents that partake in the buying or selling of a property can receive a commission as stated within their contract. Although this seems like a fairly straightforward matter, there are situations when a real estate agent’s “assistance” in the transaction is a bit of a grey area.
One example that can lead to a dispute — the idea of procuring cause.
