Real Estate Law: The Basics

Real Estate law is usually state-specific.  A standard form will not provide the type of Florida-specific language you need to make sure your rental agreement is legal and in your favor. At a minimum, if you must use an online template, take it to an experienced attorney to review and finalize it with you.

If you need a rental agreement for your properties or have any questions about how to make a legal rental agreement contact, contact Attorney Francis Boyer today.

Florida ancillary probate

Closing

The closing is the end of the long and arduous process of buying a house. It refers to the day you close the deal on a piece of real estate and on the mortgage to buy that real estate. Essentially, it’s the final transfer of money and keys.

Additionally, timing is critical when scheduling the transaction. make sure you take into consideration your current living situations, mortgage considerations, work schedules, and moving.

The Real Estate Documents
•    HUD Form 1 or Disclosure/Settlement Statement. This is one to read carefully (though, of course, all these papers are important and need to be read). The form will contain all the actual settlement costs and amounts.The closing agent will go over this document with the buyer and seller.

•    Warranty deed. This document should include the names of the buyer, the seller and a description of the property. Often this deed also guarantees that the seller has the right to sell the property. With the signatures of the seller and buyer, this piece of paper transfers the title of property.

•    Proration agreements. These describe how you and the seller are divvying up the costs of the house for the month in which it is being bought.

•    Tax and utility receipts. You’ll probably also be signing various city and state receipts acknowledging that this or that has been paid by the seller or will be paid by the buyer.

•    Name affidavit – This document is certifying that you are who you say you are.

•    Acknowledgment of reports. More legalese assures that the buyer has seen all of the reports regarding the property. These can include surveys and a termite inspection.

•    Search or Abstract of Title – gives a listing of every document that has been recorded about this particular piece of property.

Costs

Lastly, once all the documents are signed it is time to end the closing. This is the favorite part for most buyers and sellers: handing over the money and receiving the keys. Here are a few things a buyer will be paying for at the closing:

•    Closing costs. Expect to pay a portion of the closing costs. These can vary from state to state and even from county to county. Also, most are negotiable (ahead of time), so closing costs can vary greatly.

•    Payment for the house. The buyer brings the down payment (if any) at this time, minus any earlier deposit(s).The money is given to the closing agent, along with the lender’s check for the balance.

•    Escrows. Often the buyer’s annual taxes, insurance and other items are paid through the lender. An escrow account (or reserve) will be established at this time. To learn more on real estate closings read here. 

Why do I need a real estate attorney?

Some of the main advantage points of hiring a real estate attorney are:

– Ensuring that you receive clear title to your new property;
– Drafting and explaining to you the appropriate documents;
– Finalize closing and register the deed in your name

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