Autumn on Florida’s west coast brings unique dynamics to the real estate market. As year-end approaches, both buyers and sellers are eager to close deals quickly, leading to a flurry of activity. Still, real estate transactions are major transactions involving hundreds of thousands, if not millions, of dollars. Certain hurdles must be managed to get the sale closed in a timely fashion. Failure to properly address these matters will only hold up matters later or may even lead to real estate litigation.
Challenges of the residential market
Whether it is snowbirds looking for a place to land or locals moving to a new location, here are some things to remember:
- Disclosure requirements: In Florida, sellers are legally required to disclose any known material defects in the property. This includes issues like roof leaks, plumbing problems or mold. Failure to disclose can lead to legal disputes and potential lawsuits. Buyers should ensure they receive a comprehensive disclosure statement and consider hiring a home inspector to uncover any hidden issues, even ones the seller was unaware of.
- Homestead exemption: Florida offers a homestead exemption that can significantly reduce property taxes for primary residences. To qualify, the homeowner must occupy the property as their primary residence by January 1st of the tax year and file for the exemption by March 1st. This exemption can be a crucial factor for buyers considering long-term residency.
- Quick transactions: As the year-end approaches, many buyers and sellers rush to close deals. Agents and attorneys must facilitate quick transactions and ensure all legal documents are in order, including the purchase agreement, title search and any necessary inspections.
Effective legal representation can speed the process
Effective legal representation is crucial for quickly navigating the complexities of real estate transactions and minimizing unnecessary legal risk. While real estate agents can help facilitate a sale and provide insight into the local market, a real estate attorney can provide valuable legal and financial advice, review contracts and ensure compliance with all legal requirements.