Buying and selling a home is a major transaction for residents in Florida and elsewhere. Moreover, a real estate transaction is probably not entered into quickly or without consideration. Therefore, parties to the sale of a home will likely take time to look over the details of the contract while also examining the house itself. If a seller fails to bring up an important issue or takes steps to hide it, this lack of disclosure could harm the contract between the seller and the buyer.
The purchase or sale of a home is not an uncommon transaction for Florida residents to be a part of. However, being a party to a real estate contract can be a rather complex situation. Much like any contract, the terms of the agreement might be ambiguous, a party might be in breech of the contract or a purchase agreement may be void. These circumstances could result in a rather unpleasant matter, most likely leading to a real estate dispute. While a real estate dispute is an unpleasant situation to be in, there are mechanisms to work through and resolve any issues present.
Our readers may have seen several of our previous posts here that examine the differences between the commercial real estate market and the residential real estate market. In South Florida in particular, the differences have been stark for the last several years. Since the depths of the housing crisis nine years ago, the residential real estate market in South Florida has, for the most part, rebounded nicely. The commercial real estate market, on the other hand, has lagged behind. But, is the market for commercial property finally catching up to the residential market?
For thousands of Florida residents, monthly mortgage payments are among their top financial concerns. Many people see that the mortgage on their home is likely the biggest financial commitment they will likely ever make. As a result, a mortgage often needs to be treated as the one debt obligation that will determine, more than any others, how lenders will view them.
Successfully applying for a mortgage is no small feat. As many of our South Florida readers may have seen in previous posts here, applying for a mortgage can involve quite a bit of paperwork, from providing a potential lender with all kinds of personal information to income verification. Of course, this part only comes into play after an oftentimes exhaustive effort to get the lowest interest rate and monthly mortgage payment.
It is common for many people in South Florida who are involved in the real estate market to think of residential property and commercial property completely separately. After all, a person who is looking for a new home probably isn't too worried about the values and uses of nearby commercial real estate, and vice versa, right? Well, according to a recent news story, that separate thinking may be coming to an end.