Buying or selling real property is one of the largest investments that most homeowners and business owners make. Florida has one of the hottest real estate markets in the country. According to the latest data from Zillow, the median home price in the state is now $377,706, and the median home that is for sale goes pending in just 31 days. Commercial property is even more expensive.
Whether you are buying property or selling property, it is imperative that you take the proper steps to protect your rights and your interests. At Jacqueline A. Salcines, PA, our team works hand-in-hand with buyers and sellers through real estate transactions. Here, our Coral Gables real estate law attorney highlights key things to know about buying and selling property in Florida.
Do the Research: Make Sure Clarify Your Goals and Know the Market
As there is a lot on the line with a residential or commercial real estate transaction, it is crucial that you do your research—and this requires having a clear understanding of your goals. Familiarize yourself with the local real estate market by reviewing recent sales, comparable properties, and market trends. Doing so will put you in the best possible position to make informed decisions and set your expectations. Research is important for both buyers and sellers. Key considerations include location, property type, budget, and potential return on investment. By clarifying your goals and having a solid grasp of the market, you can best navigate real estate transactions.
Seek Professional Guidance and Support
You do not have to figure everything out on your own. Both residential real estate transactions and commercial real estate transactions can be complex. Seeking professional guidance and support provides much-needed protection. A South Florida real estate lawyer who has a deep knowledge of the law and a comprehensive understanding of the local market can make a big difference. An attorney’s expertise can guide you through the negotiation process, provide insights into market conditions, and ensure compliance with legal requirements.
Know the Importance of the Contract (Carefully Review the Language)
With real estate transactions, the contract is everything. Do not go by verbal representations. Whether you are a buyer or a seller, you need to review (and understand) the contract language. If any sort of legal dispute or other issue arises, the contract will be used to resolve the matter. A real estate purchase agreement should outline the terms and conditions agreed upon by both parties.
To safeguard your rights, it is imperative to carefully review the language and ensure you understand each provision. Pay particular attention to clauses related to contingencies, disclosures, deadlines, and penalties. Consult with a real estate attorney if necessary to clarify any ambiguous terms and negotiate changes if needed. A well-drafted and thoroughly reviewed contract will not only reduce the risk of problems, but it will also help to protect your rights if any arise.
Three Key Tips for Homebuyers in Florida
With picturesque beaches and great weather, South Florida attracts homebuyers from across the country. Whether you are a local or you are moving to the state, you must act to protect your rights and interests when buying property. Here are three tips for homebuyers in Florida.
- Know How to Effectively Use Contingency Periods: Contingency periods are an important part of any real estate transaction for buyers. During this time, the buyer can conduct inspections, appraisals, and other due diligence activities. In Florida, contingency periods can vary in length. You should refer to any agreement to clarify the deadline.
- Make Sure You Have a Full Understanding of the Costs: Cost matters. Beyond the purchase prices, costs include closing, property taxes, and insurance. It is essential to have a full understanding of these costs before making a final offer on a home in South Florida. You should also factor in the cost of any repairs or renovations that may be necessary.
- Do Your Due Diligence (Inspection): You need to know what you are buying as it is represented. It is essential to have a thorough inspection of the property before closing. You should also research the neighborhood and surrounding areas to ensure that the property is in a safe and desirable location.
Three Key Tips for Homesellers in Florida
If you are planning to sell your home in Florida, there are several factors that you should keep in mind to ensure that you get the best possible price for your property and to avoid any potential legal headaches down the road. Here are three key tips for sellers in Florida.
- Know the Value of Your Property: A critical factor in selling your home is to know its value. Conduct a thorough analysis of the current market conditions, including things like recent sales of similar properties in your area. Knowledge is power.
- Be Sure to Meet All Disclosure Requirements: In Florida, sellers are required to disclose any known defects or issues with the property to potential buyers. Failure to do so could be a very serious problem, you could even be held legally liable for the damages sustained by a buyer. Compliance with residential disclosure requirements is a must.
- Ensure the Purchase Contract is Pristine: The purchase contract is the core legal document that specifies the terms of the sale. Be sure that the contract is clear, concise, and free of any errors. A seemingly small mistake could cost a home seller thousands of dollars in the long run. You should consult with a Florida real estate attorney to ensure that the contract is legally sound and in your best interests.
Speak to Our Florida Real Estate Transactions Lawyer Today
At Jacqueline A. Salcines, PA, our Florida real estate transactions attorney provides the solutions-first legal guidance and support that you can trust. We protect the rights of buyers and sellers in real estate transactions. Call us now at 305-669-5280 or contact us online for a fully private case review. With a legal office in Coral Gables, our firm serves real estate buyers and real estate sellers in Miami-Dade County and throughout all of Southeastern Florida.