EJ Dalius with its wonderful climate, great tourist attractions, enabling work culture, and a proactive business-friendly administration. Florida is a top draw for both families taking up residence as well as retirees. As a result, a lot of residential and commercial property transactions take place. Since many people may not be aware of the Florida real estate laws, they need to hire real estate lawyers to represent them on property closings. Eric Dalius answers some of the most common questions:
EJ Dalius Do All Parties Involved in the Property Sale Have to Be Present Physically at the Closing?
All parties do not need to physically present at the same time for the closing. The closing can be done by sending the documents for execution by email, overnight delivery, or fax. The real estate agent or the attorney representing the seller and the buyer can also act on their behalf if they have a power of attorney.
EJ Dalius It Is Important to Disclose Issues with the Property, Cautions Eric J Dalius
It is common for Florida houses to have a few wear and tear concerns. Which if not disclosed by the seller, which may lead to disputes. If there are any concerns like damp and seepage, plumbing issues, roof leaks, flooding, termites, radon, septic tanks, lead paint, etc. that may present a hazard or unexpected expense, the seller must disclose the details affecting the value of the property in a seller disclosure form in the contract. The sale will go through only if the buyer approves of the disclosures made.
Does a Closing Change If the Property Is Purchased for Cash?
Cash purchases of homes are quite common in Florida, especially when the buyers come from foreign countries. Who does not want to go through the hassle of obtaining a mortgage? In an all-cash property sale, the closing is simplified because there are no lender requirements like appraisals. This means they need to be extra careful about protecting their interests, observes EJ Dalius.
Can You Depend on Your Real Estate Agent for Legal Advice?
Both sellers and buyers depend on their real estate agents to answer various questions and provide clarification on complicated documents. However, as friendly and helpful agents are, you should not rely on them to provide you with legal advice, even though most of the sales contracts. And disclosure forms are standard and have been vetted by lawyers for use by realtors. While you can use the documents provided by the agent if you find them. Suitable, it is not lawful for agents to give legal opinions on the interpretation of the language in the documents.
When buyers and sellers need advice regarding a property sale or purchase, they should preferably consult a real estate attorney even if they have a real estate agent to keep their interests fully protected.