The Essential Guide to Residential Real Estate Transactions in Florida

Key Steps in Residential Real Estate Transactions

1. Engage a Real Estate Attorney

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• In Florida, working with a real estate attorney offers invaluable guidance and protection.
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• Attorneys assist in drafting and reviewing contracts, negotiating terms, and safeguarding your interests throughout the transaction.

2. Understand the Contract

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• Every real estate transaction begins with a contract.
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• The contract should clearly outline:
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  • Purchase price
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  • Property boundaries
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  • Fixtures and appliances included in the sale
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  • Closing date
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  • Contingencies such as financing or inspections

3. Conduct a Title Search and Secure Title Insurance

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• A title search ensures there are no liens, encumbrances, or ownership disputes associated with the property.
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• Title insurance protects against future legal claims and provides peace of mind.

4. Perform a Home Inspection

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• A thorough inspection helps identify structural issues, pests, mold, or other potential problems.
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• Buyers can negotiate the sale price or request repairs based on inspection findings.

5. Navigate the Closing Process

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• Closing involves signing critical documents, such as the deed, bill of sale, promissory note, and mortgage (if applicable).
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• Your real estate attorney ensures that all paperwork is accurate and that agreed-upon terms are met.

Common Legal Issues in Real Estate Transactions

1. Disclosure Disputes
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   • Sellers in Florida must disclose specific details about the property’s condition and history.
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   • Failure to disclose can lead to disputes and potential legal claims.
2. Boundary Disputes
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   • Property line misunderstandings are common. Obtaining a property survey can help prevent these issues.
3. Contract Breaches
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   • Breaches occur when either party fails to meet the contract terms, potentially requiring legal intervention to resolve.

Conclusion