Closing on Vacation Property
Florida Real Estate Attorney Experienced in Vacation Property Closings
Orlando Real Estate Law Firm Focuses on Vacation Property Transactions
Purchasing vacation property in Florida can be a sound financial move for investors, buyers looking for a vacation home, and beach lovers alike. For most people, the purchase of vacation property is one of the most important purchases they are likely to make during their lifetime, along with their primary residence.
Regardless of where the buyer’s permanent home may be, Florida law controls the purchase of vacation property in the state, and hiring a real estate lawyer like Nishad Khan, P.L. can protect your rights and help you close the transaction in a smooth manner.
Why Do I Need a Real Estate Attorney?
Some sound reasons to hire a lawyer when purchasing and closing on vacation property include:
- A Florida real estate attorney will be aware of local codes and state regulations pertaining to the purchase of the property
- An attorney with foreclosure defense experience can negotiate with the bank in the case of a short sale or bank-owned property
- A real estate lawyer can help arrange for an inspection of the property prior to purchase
- Real estate attorneys can act as escrow agents and hold earnest money deposits
Certain documents that a buyer of vacation property will need to keep from the closing include:
- The Real Estate Settlement Procedures Act (RESPA) statement, also called a HUD 1 statement, that itemizes all costs associated with the closing
- The Truth in Lending Statement that summarizes the terms of your loan
- The mortgage and the note that explain the legal terms of your mortgage obligation and repayment terms
- The deed transferring ownership of the property to you
- Affidavits signed by either party
- Riders, or amendments, to the sales contract that might affect your rights and use of the property
- Insurance policies that provide proof of coverage
Contact a Florida Real Estate Lawyer Today
If you need assistance with a vacation property closing, Orlando attorney Nishad Khan P.L. has years of experience with all aspects of real estate transactions, particularly those involving vacation property. Contact our firm online or call (407) 228-9711 to schedule your free initial consultation today.