Residential Real Estate Transactions for Buyers

Buying a new home is an exciting experience but involves many challenges. It’s best to work with an experienced Florida real estate attorney to protect your rates and avoid costly mistakes. With the assistance of Nishad Khan P.L., you can avoid bumps in the road as you buy your next home.

Buying a Residential Real Estate Property

Florida is a popular buyer location thanks to its warm inviting weather and coastal lands. In fact, recently, the U.S. Census recently confirmed that Florida now is the nation’s fastest growing state for the first time since 1957, the latest Census survey reveals that, from 2021 to 2022, Florida’s population grew about 1.9%! With so many people flocking to Florida, it’s important to ensure that your rights as a buyer are protected.

Florida doesn’t require buyers or sellers to hire a lawyer for real estate transactions, but an experienced attorney can provide a buyer with invaluable guidance and advice. Some of the many issues a real estate attorney can assist a buyer with include the following:

Contracts:

Florida real estate agents use a standard template when creating real estate contracts. The reason for this is to ensure that buyers are properly protected and to further ensure that real estate agents do not partake in the unauthorized practice of law.  An attorney can review this document and suggest amendments to the contract to further protect your rights. For example, a lawyer could add contingencies to the contract that would allow you to back out of the sale if a certain problem arose, such as, failure to timely obtain financing.

Disclosures:

In Florida, sellers are required by law to disclose all hidden or latent property defects the seller is aware of that materially affect the value of the property they’re selling. With the help of a real estate attorney in Orlando, you can ensure that the seller meets all their legal and disclosure obligations. Your lawyer can also help you to take action if the seller fails to disclose a major issue.

Along with disclosing property defects, sellers must disclose fees and restrictions associated with the property. Many homes in Florida are in deed-restricted communities, with governing declarations of covenants, conditions and restrictions, bylaws and rules you’ll need to follow. An attorney can ensure you have this information before closing a home.

Waterfront Property:

While many dream of living on the coast and buying waterfront property, they have unique challenges—Florida has several laws that apply to oceanfront property. An attorney can tell you more about the laws and statutes that will apply if you decide to buy a property on the water.

Property Taxes:

Property taxes can be a major expense, especially if the property being purchased is an investment property, which is why you’ll want to ensure that you can cover the taxes on the property you want to buy. An attorney can discuss your real property tax obligations and help you take advantage of certain tax breaks and exemptions, such as the Florida Homestead tax exemption.

Before buying a home, you’ll want to know whether you can afford the property taxes. Don’t rely on the property taxes your seller currently pays to estimate what you’ll pay, as this amount could substantially change.

Also, ensure you get all the Florida property tax breaks you deserve. Some home buyers in Florida may be eligible for certain tax exemptions.

How Residential Real Estate Lawyers Can Help

A residential real estate lawyer FL can assist you with every step of the home-buying process. In addition to providing you with legal advice, they can help you avoid potential costs. Working with an attorney can also be very helpful if you buy a home from out of state.

A lot can go wrong when you buy a home, so you shouldn’t try to do things yourself. It would be best if you worked with our real estate attorney at Nishad Khan P.L. Whether you currently live in Florida or are hoping to become a Florida resident, we can assist you as you buy your new home today. Contact us today to get the legal help you need.