Buying a home is a significant event in anyone’s life. Your home is likely the most expensive thing you’ll own at any given time. However, most Floridians know little about real estate transactions. They rely on their real estate agents for guidance. However, these transactions are governed by state laws. Florida has some unique real estate laws. Therefore, even if you’ve purchased property in other states, buying a home in Florida can present some potential challenges.
It’s never a bad idea to have an experienced real estate attorney at your disposal when buying a home. You may not need them to guide you through every aspect of your transaction. However, they can offer valuable advice on some key aspects of your purchase. Let’s look at a couple of examples:
Purchase agreement
This may seem like a standard form. However, both the buyer and seller can make changes in the purchase agreement to reflect their wishes. These agreements can include a good deal of valuable information and restrictions. For example, what recourse does a buyer have if hazardous materials or toxic substances like asbestos or lead paint are found? What happens if the closing doesn’t occur as scheduled? The purchase agreement should also state that it’s contingent on the buyer securing financing for the purchase.
Closing
The closing is the most significant part of the home purchase transaction. This is where the title to the property is transferred from the seller to the buyer. You should receive a closing statement prior to the closing date. It’s a good idea to have an attorney review that — particularly if there have been issues during the home purchase. Sometimes, both buyers and sellers will have their attorneys present at the closing to ensure that their rights are protected and that no terms or fees are included without the buyer or seller’s knowledge or understanding.
It’s essential to have an experienced real estate agent whom you trust. However, they typically aren’t attorneys as well. By asking an attorney to review the contracts you sign throughout your home purchase, you may prevent unforeseen issues later on.