Purchasing or selling a house is an exciting opportunity for homeowners, but it can also be a daunting task due to the legal, financial, and practical aspects that require careful consideration. To alleviate the pressure and ensure a seamless process, having an experienced, reliable, and trustworthy Real Estate Transactions Lawyer by your side is imperative.
With their expertise, they can ease the pressure and uncertainties of the process, ensuring a seamless experience for all parties involved. They can offer invaluable guidance and assistance, taking care of all legal and financial obligations, resulting in a successful outcome.
Selling a property in Florida involves legal requirements unique to the state, and sellers need to be aware of them to ensure a smooth transaction. From contract forms to closings, here are a few things sellers should expect and plan for when selling their Florida home.
One of the key players in the selling process is the real estate agent, also known as the “listing agent.” They are responsible for handling the marketing and sale of your property. However, if the agent also represents the buyers in the transaction, they become what’s called a “transaction broker.” This can happen if the seller consents in writing, as outlined in Fla. Stat. §475.278.
It’s important to understand the implications of this arrangement. A transaction broker has certain obligations to both the buyer and the seller, providing a limited form of representation. The agent is not supposed to represent one party to the detriment of the other but instead assists both parties. However, this relationship is meant to stop short of “dual agency,” where the agent has a fiduciary obligation to both buyer and seller.
It can be a tricky balance, so sellers should carefully consider it before consenting to a transaction broker arrangement.
In Florida, the seller typically pays a 6% commission to the listing agent, who then splits this with the buyer’s agent (if there is one). This commission comes out of the proceeds of the sale, and the seller pays it at closing. Being aware of these legal requirements can help sellers navigate the process of selling their property in Florida.
When selling a home in Florida, sellers and their agents typically use either an FR (Florida Realtors) form or an FR/BAR (Florida Realtors/Florida Bar) form, such as the Residential Contract for Sale and Purchase or the “AS IS” Residential Contract for Sale and Purchase.
The key differences between these two forms relate to the rights and obligations of the parties in relation to inspections and the condition of the house. In short, an As-Is contract may release the seller from certain obligations related to the condition of the house, whereas the Residential Contract for Sale and Purchase may allow the buyer to negotiate a reduction in price for certain repairs.
When reviewing the Florida Home Purchase and Sale Contract before signing, pay close attention to the following clauses:
In contrast to certain other states, sellers in Florida are required to disclose any known defects on the property, as well as defects they ought to have been aware of. This obligation stems from the influential 1985 case, Johnson v. Davis, in which the Florida Supreme Court ruled that the “buyer beware” principle did not extend to residential property sales.
In Florida, the closing process for transferring ownership of a property can be held at any location. Typically, an attorney or title company (if issuing the title) oversees the closing process. The closing agent is responsible for preparing the necessary forms, such as the deed, and recording them with the county, as well as handling the distribution of funds.
It’s important to note that the closing agent cannot provide legal advice unless they are also your attorney. If you have any concerns or questions about the documents you will be signing or the financial calculations, it’s advisable to hire an attorney to represent you during the closing process.
In Florida, there are several legal requirements that buyers must comply with when purchasing a property. These include:
It is important for buyers to work with a knowledgeable and experienced real estate agent and attorney to ensure that all legal requirements are met, and the purchase process is completed smoothly.
If you’re looking to sell your Florida home for the best price — and minimize stress along the way — you need to find a top-rated real estate agent in your area.
The Campbell Law Group is a legal firm that specializes in real estate transactions. Our extensive range of legal and title agent services caters to clients involved in buying or selling residential properties. Our team of seasoned attorneys has the necessary expertise to guide our clients through every step of the closing process, ensuring that their interests are well-protected.
Our primary service at The Campbell Law Group is residential closings, where we offer assistance to both buyers and sellers in navigating the intricacies of closing on their homes. Our attorneys have in-depth knowledge of this area and can provide clarity on the legal and financial implications of the transaction. They work closely with clients to ensure that all necessary paperwork is in order and that the closing process runs seamlessly.
Apart from residential closings, The Campbell Law Group provides a full-service option for clients buying or selling their homes. This comprehensive service includes reviewing your listing agreement, condo or homeowner association agreement, and purchase agreement. Our attorneys are also well-equipped to handle any inspection, contract, or title issues that may arise before the closing.
The Campbell Law Group’s ability to act as the closing and/or title agent is an added benefit. This means that our firm can provide assistance with all aspects of the closing process, including document preparation, coordination with other parties involved in the transaction, and final settlement. By engaging a single law firm throughout the process, clients save time and reduce the risk of errors or misunderstandings.
Our reputation in the industry is built on delivering superior legal services and outstanding customer service. Our lawyers will accompany you through the legal process, safeguarding your interests at every juncture, whether you’re purchasing or selling your home.
The legal documents required for a real estate transaction in Florida may vary depending on the specific circumstances of the transaction. However, some common documents that may be required include a purchase and sale agreement, a deed, a bill of sale, a title report, and various disclosures and affidavits.
To ensure that the title to the property is clear and free of any liens or encumbrances, it’s important to conduct a thorough title search. A title search will reveal any existing liens, mortgages, or other encumbrances on the property, as well as any past ownership issues that may affect the title. It’s also recommended to purchase title insurance, which can provide protection in the event of any undiscovered title issues.
As a buyer or seller in Florida, you have certain rights and obligations under state law. These may include the right to a clear title, the obligation to disclose certain information about the property, the right to negotiate the terms of the purchase or sale agreement, and the obligation to fulfill any contractual obligations.
A disclosure form is a document that requires the seller to disclose certain information about the property to the buyer. In Florida, sellers are required to disclose any known defects or issues with the property that could affect its value or safety, such as structural defects, mold, or water damage.
Yes, specific state laws in Florida govern real estate transactions. These may include laws related to disclosures, zoning, property taxes, and homeowners associations. It’s important to consult with a knowledgeable real estate attorney to ensure you know all applicable laws and regulations.
To ensure that you are protected in the event of any legal disputes related to the transaction, it’s important to have a well-drafted purchase or sale agreement that clearly outlines the rights and obligations of both parties. It’s also recommended to work with a knowledgeable real estate attorney who can provide guidance and representation in the event of any disputes.
The process for resolving legal disputes during a real estate transaction in Florida may vary depending on the specific circumstances of the dispute. In some cases, disputes may be resolved through negotiation or mediation. In more serious cases, litigation may be necessary.
The timeline for completing a real estate transaction in Florida may vary depending on a variety of factors, such as the complexity of the transaction, the number of parties involved, and the specific requirements of the lender or other parties. However, the typical timeline for a real estate transaction in Florida is approximately 30 to 60 days from contract to closing.