However, before we get out of hand due to the excitement of your new plan, we want to be a voice of reason and objectivity in this process for you. Despite the eagerness of buying a home, homeownership does bring with it an array of complex legal obligations that have to be met in order to move forward with your acquisition.
Since you are living in the State of Florida, there will be state laws applied to homeownership on top of the national mandated real estate laws as well. You will need to be aware of what these are and how to approach them.
For the mentioned reasons above, we would like to ask you to join us throughout this detailed account. In this article, we will learn some tips when purchasing Floridian homes, specific real estate laws, and how a real estate attorney in Florida can help you during the whole process. Let’s delve right in!
Steps When Buying Real Estate Property In Florida:
- The first step is to do the research in trying to find the property that fits your interests, needs and budget. In Florida, prices tend to rise quickly, so it will be important to be sure where exactly you’ll want to live in the state. On average, property prices tend to be lower in the north of the state, while higher in the south. Once you find the area of your choice and feel drawn to the offered features, including price, you will need to check out the property in person.
- Next, you need to actually have a base for financing your home. This will be a crucial milestone so that you can actually be eligible for purchasing power. At this point, you will seek to get a pre-mortgage approval. The bank will check your credit score, debt to income ratio, and investigate your financial standing. If all of that checks out okay, you will then receive a mortgage pre-approval letter.
- Following your pre-approval you will then have to decide which property you actually want to make an investment in. Once you do, you will have to make an offer to the seller. In the State of Florida, offers are written in a detailed contract which specifies all of the terms of both the buyer and seller. Have in mind that this is where negotiations officially begin. Also know that if a seller rejects your offer, he or she is not entitled to disclose a reason why.
- If the seller likes your offer, you will transition into an offer acceptance. As exhilarating as this can be, it is important to keep your feet on the ground. After the seller accepts your offer, you will need to place earnest money which is a fraction of the deposit. Once you move forward with the negotiation, you will need to provide the remaining figure of the deposit.
- The next step will be to draw out the contracts regarding payments, details of the home, the type of contract used, and the official sum that has been offered. In the State of Florida, most contracts are “as is.” On these terms, buyers have more leeway to actually pull out of the negotiation if they see any contingencies within the home that make them realize that the property is not for them.
- Lastly, you will attend a closing meeting to seal the deal. You will review that all of the pertinent paperwork is signed and up to date. However, this is perhaps the most important instance in which it was vital to have a real estate lawyer by your side. In the following section, we will explain why.
Hire A Real Estate Attorney
Knowledge Of The Market
- By hiring a real estate attorney, buying real estate in Florida will be much easier for you. This is because they have expert knowledge on knowledge of the community, median home prices, and market conditions.
- They will be able to point you towards available properties that fit tailor to your needs and possible budget
- An attorney has expertise preparing a well thought out offer.
- They handle other paperwork, and provide a key role in negotiating the final deal so that you interests always go first
Florida Real Estate Contracts
- Let’s begin by talking about the specific details regarding house buyer contracts. This instance is perhaps one of the most important parts when initiating the negations with the other party or realtor. You need to know the terms, the contract length, and what exactly you are getting yourself into. For that reason, it is very important to have a South Florida real estate lawyer by your side to guide you through this specific section of the process.
- Real estate lawyers can make sure that the specific terms that are decided become legally binding in a formal contract. They will negotiate on your behalf, always promoting your interests and making sure that the contract also adheres to all of the mandated state laws. Once you do sign the contract, you will have three days until after the negotiation until it officially becomes binding. Having a competent legal representation throughout this 3 day period is extremely advantageous because they will revise and assure you that everything within the document is fair and up to legal standards.
Assistance For The Homeowner in Title Searches
- Your South Florida real estate attorney can help you when there is a revision of title searches. Oftentimes, the potential homeowner is not really aware of the potential contingencies that arise in these titles and how there are a bunch of issues that could hurt them down the road. For that reason, the real estate lawyer can conduct a thorough revision of the official title and make sure that there aren’t any encumbrances.
- These are property liens or judgments that define a situation in which a claim is raised against a property by another party that does not hold an official title or past ownership. There are cases in which the party who is handing over the title leaves an encumbrance without the homebuyer knowing.
- This is quite unfortunate especially when the contract becomes binding, negatively affecting homebuyers. Furthermore, an encumbrance can ultimately impact the transferability of the property, and thus restrict its free use until the encumbrance is lifted.
- Lastly, an attorney can also make sure that if you are involved in an encumbrance in the past, that there is proof that the judgment of it has been resolved. This is crucial when you seek to apply for a mortgage or loan from the property.
Provides You With The Right Contacts
- Even if you believe that the property you chose is the right fit, you need to proceed with caution. When you view the home in person, your perspective on it might not be enough to move forward. Even more so, is the seller’s word in terms of the state of the house? For that reason, it is important to ask for a home inspection to ensure that there aren’t any hidden issues with the property, maybe even some that the seller is not disclosing to you.
- An attorney can actually provide you with the contacts of reputable home inspectors that will make sure that you are treated fairly.
Go Ahead and Find The Property Of Your Dreams!
We are certain that we have provided you with the ample knowledge on the basics of purchasing real estate in Florida. Even though this is not an easy process to undergo, when you achieve that success in buying your home there truly is not a better feeling. However, the most important takeaway from the article, is that the process will definitely run more smoothly if you have a real estate attorney by your side.
For that reason, we are proud to say that the attorneys at Homeowners Claim Denied are ready to take your case. We are a proud firm serving in South Florida, that works to serve the needs of our homebuying community. We will accompany you in every step of the way ensuring that your interests and rights are protected at all times. Get in touch with us, so that we can assist you in acquiring the property of your dreams!