Seller’s Disclosures

Seller’s Disclosures

seller's disclosureSeller’s Disclosures

In Florida, sellers have an obligation to disclose any material defects that may not be readily observable to a buyer at the time of inspection of the property. At times, a seller may provide any prospective buyers with a Seller’s Property Disclosure Form, which addresses any defects with the property. If one is not available, an inquiry should be made of the seller as to whether any material defects exist with the property that the prospective buyer should be made aware of.

Why is due diligence important, and how can a lawyer help?

Purchasing a property is not as easy as many would have you believe. Navigating the real estate closing process can be a long and confusing process with many steps and contingencies that may sometimes be too baffling for the lay person to comprehend.

Orlando Residential Real Estate Attorneys will help by negotiating the terms of the purchase and sale agreement to ensure that any represented buyer has the time and the flexibility to conduct any inspections that a buyer may need. An Orlando Real Estate Lawyer will negotiate the terms so that a buyer is given enough time to inspect the property. This will give the buyer an opportunity to feel comfortable with the property and with moving forward in the purchase of the property.

It is important that you have any inspection deadlines calendared so that you do not pass the time period allotted for the inspection. Once the inspection period expires, any earnest money deposit tendered in the transaction, would likely be forfeited to the seller in the event that you opt not to purchase the property due to the condition of the property. An Orlando Real Estate Lawyer will ensure you are keeping track of your calendar so that you can timely cancel the transaction, if needed.

Bottom Line

While skipping the due diligence part of property purchase may make the process faster and even give you an edge over your competitors, it can also be counterproductive, since it may set you up for legal issues and other unforeseen expenditures in the future. To ensure that you don’t find yourself in that position, consult an Orlando Real Estate Attorney to guide you when conducting due diligence.

The Orlando Real Estate Attorneys at the Law Offices of Nishad Khan P.L. serve clients with Residential, Commercial, and Investment Real Estate Transactions. Let our expertise in Central Florida Real Estate help you.