How Do I Qualify For Homestead Exemption In Florida?

How Do I Qualify For Homestead Exemption In Florida?

tax exemptionWhat is the FL Homestead Exemption?

The Florida homestead tax exemptions and benefits derive from Article VII, Sections 4(d) and 6 of the Florida Constitution and are codified in Chapter 196 and Section 193.155, Florida Statutes. The tax exemption and benefits may apply to a person who has legal and equitable title to real estate when that person maintains such real estate as his or her permanent residence. Since the homestead tax exemption operates to lower the assessed value of your home, the lowering of the assessed value of your home will, in turn, result in a reduction of your real property taxes owed to your local county tax collector.

Who is eligible for FL Homestead Exemption?

How is Homestead Exemption calculated?

Any property that qualifies for a homestead tax exemption shall have their homestead assessed at just value as of January 1st of the applicable tax year following the establishment of the property as homestead and shall be reassessed on January 1st of each year (subject to certain conditions).  The Florida constitution permits a standard homestead tax exemption of up to $50,000, which would be deducted from the assessed value of the homestead property. This exemption would apply so that the first $25,000 would be deducted from the assessed value of the homestead property, then the second $25,000 would be deducted from that portion of the property’s assessed value that is between $50,000 – $75,000. In this way, a homestead exemption in Florida can exempt up to $50,000 of the estimated value of your home from tax liability. In additional to the general homestead tax exemption of up to $50,000, certain taxpayers may qualify for other exemptions provided that the taxpayer has been approved by the applicable municipality for those other exemptions.

How Long Does Homestead Exemption Last?

The duration of the homestead exemption in Orlando is until there is a change of ownership in the applicable property. In fact, the homestead tax exemption is automatically renewed each year, which means that, once established, the taxpayer is not required to affirmatively apply for the exemption each year; however, it is important to keep in mind that a taxpayer is required to notify the applicable property appraiser office if the taxpayer moves, if the taxpayer’s marital status changes, or if the taxpayer transfers the property.

How Your Real Estate Attorney Can Help You Determine If You Qualify 

There are a few things you need to do to determine if you qualify for the Homestead Tax Exemption. For instance, you will need to affirmatively apply for the tax exemption.

Qualifying for the exemption takes some time, effort, and persistence. Remember, there is a lot to learn. At times, your application for the homestead tax exemption may be denied or revoked. You should hire a Nishad Khan P.L real estate attorney with a broad understanding of Florida real estate homestead laws to reduce your risks.

By asking your Orlando real estate attorney for advice, they will give you a good idea if you meet the criteria for the homestead tax exemption. Florida Homestead attorneys can also provide you with the information about the other homestead exemptions you may qualify for. Most of them will take time to assess your specific circumstances and requirements to give you an informed decision.

escrow account for real estateWhen buying real estate in Florida, whether you’re a buyer or a seller, it is important to understand that any deposits or monies paid in the transaction must be deposited into an escrow account. Any party who handles escrowed funds is legally required to have an escrow account, for example, licensed brokers, title agents and attorneys typically deal with monies paid in real estate transaction; therefore, they are required to maintain escrow accounts for such real estate transactions.  You’ve probably heard about escrow accounts and the role they play in real estate transactions, but what exactly is an escrow account? And what does an escrow account do? These, among others, are questions that will be answered in this Article.

What is an Escrow Account? Is it necessary?

If you are new to real estate, it is essential that you understand what the word escrow means and further what escrow is all about. In most real estate transactions, parties to the transaction often require a demonstration of a commitment through the payment of a deposit. It is recommended that a deposit be paid by the buyer and that such deposit be held by an escrow agent in an escrow account. The rule regarding escrow accounts is that they are held by a third party and not the seller or the buyer. With the competence and professionalism that our Orlando Real Estate Lawyer presents, you can trust that your deposit is held by an attorney who is ready to comply with the fiduciary duties owed to the parties as an escrow agent in the transaction.

Every aspect of a real estate transaction has its legal framework, and the same applies to escrows. The holding of monies in escrow, by a third-party escrow agent, is a way to protect both the buyer and seller of a property. In a scenario where the payment of an escrow deposit is required, the contract will direct the buyer to deposit the monies with a mutually designated third-party escrow agent, and such monies deposited with the escrow agent in connection with the purchase/sale is then deposited by the escrow agent into an escrow account and released only when the escrow agent receives proper authorization to release such escrowed funds.

Escrow is necessary because it protects both the buyer’s and seller’s interests and ensures each party’s seriousness in meeting their respective contractual obligations throughout the course of the transaction.

How Your Real Estate Attorney Can Help Protect Your Rights And Ensure Rules And Laws Are Followed

Nishad Khan P.L-the Real Estate attorney can help draft a contract that will protect you from any unforeseen circumstances that might occur when buying or selling a property. The real estate attorneys Orlando also help create escrow agreements in connection with the sale and transfer of any real property.

To learn more about escrow, you should consult with an attorney. Our Orlando Real Estate Attorneys from the law office Nishad Khan P.L. have wide knowledge in the field of real estate and can offer you all of the information and guidance you require on escrows and escrow agents.

lease agreementWhen hiring a residential real estate attorney in Orlando to help you review and negotiate any residential lease agreements, one of the topics that may be covered is who is responsible for maintenance and repairs to the property. Generally, normal wear and tear is expected, but additional repairs could be required by the tenant. It is important to understand what is considered normal wear and tear when you are going to sign any type of residential lease.

What is Ordinary Wear and Tear?

When you are going to rent any residential property, it is important that you understand the concept or ordinary wear and tear. In general, ordinary wear and tear are considered to be any deterioration or depreciation in value of the property that will occur based on typical and ordinary use of the property. Ordinary wear and tear will not include damage that occurs due to misuse, intentional damage, accidental excessive damage, or neglect.

Generally speaking, ordinary wear and tear are to be expected. However, it is important for you to understand that you are going to be responsible for caring for and maintaining the property as well as possible. This will include cleaning, doing general maintenance on appliances, and doing your best to keep the property in good condition. It makes best sense to review your lease before you sign to confirm what will be your maintenance responsibilities as a tenant in connection with the property being leased.

What Happens if There is More than Ordinary Wear and Tear?

No matter what type of dwelling you lease, there is going to be wear and tear that will usually be expected by all parties. At the end of the lease term, there will typically be some form of post-occupancy property inspection completed. The inspection will then be used to evaluate whether there were additional damages to the real property and repair needs that go beyond normal wear and tear. If this happens, it is often the responsibility of the tenant to pay the damages arising from landlord having to make the necessary repairs after you move out of the leased property. However, there can be some disagreement as to whether a certain repair need is normal or excessive, and there can also be some disagreements as to whether the landlord followed proper procedure if landlord elects to make a claim on the security deposit if one was paid. When hiring a residential real estate attorney Orlando, residential tenants can receive the legal support they need in these situations. This should help you come to a fair resolution of the situation.

What is Covered in a Lease and Who is Responsible for Damages?

When you are going to sign a residential lease, there may be many provisions that will need to be negotiated. One of the most negotiated provisions in the lease agreement is often who is responsible for certain maintenance and repairs of the property. The lease should cover who is responsible for what repairs that need to be made on the property. Some residential leases for single family homes may include provisions, which hold the tenant responsible for making any maintenance and repairs to the property. Generally, under these leases, the tenant needs to return the property in the same condition it was received, normal wear and tear excepted; however, there are other types of leases, which may shift the burden of any maintenance and repairs the responsibility of the property owner.

When you are going to lease a property, it is important that you hire an Orlando real estate lawyer. While the Orlando residential real estate attorney can help you review and negotiate the lease, he or she can also help if you have any type of dispute in the future regarding maintenance and repairs. If you are looking for a real estate lawyer Orlando business owners should reach out to Nishad Khan P.L. When working with these Orlando real estate attorneys, you can receive the support you need to understand your maintenance obligations and to handle any disputes which can occur in the future.

 

real estate disputesThere are many disputes arising during commercial and residential real estate transactions. Today, disputes are becoming more and more common in deals. Let’s go through the most common disputes you may face in Florida while purchasing real estate. In order to resolve most of them, you will need professional help of a real estate attorney in Florida.

Contract Disputes

A real estate purchase contract is a signed agreement for the purchase and sale of real property. Usually, contract disputes arise after the agreement is signed by both parties, but before the real estate transaction is completed. There are several different reasons why a contract dispute may arise, including without limitation, the following:

Title Defect

A title defect means there is a defect in the condition of title relating to certain real property. Essentially, there is a lien or encumbrance to title, which prohibits an owner of real property from conveying good and marketable title to the owner’s property to a third party. Examples of title defects include, without limitation: public record errors, mechanic’s liens, wild deeds, unpaid debts, and missing heirs. Some of these defects can become quite complicated to resolve, so you may need the help of a Florida real estate dispute attorney.

Boundary Disputes

A boundary dispute is a disagreement about the rights to use land and land ownership. Boundary disputes are among the most common disputes between neighboring property owners. Usually, these types of disputes are common among neighbors who cannot agree on a shared boundary line. Boundary disputes can also become quite complicated and can get quite emotional when you are dealing with a neighbor. Given this, it is recommended that these types of disputes be resolved with the help of a qualified and experienced real estate attorney.

The most common claims that involve boundary disputes involve matters of quiet title, adverse possession, civil trespass, boundary by acquiescence, or declaratory relief.

Failure to Disclose Defects

One of the most common disputes between sellers and buyers is the failure to disclose issues or defects on the property, which are not readily observable at the time that an inspection is conducted on the property. 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.  If you purchased a Florida property with defects that were not disclosed, you may have the right to file a claim against the seller for failing to disclose the issue or defect, you should hire a qualified real estate attorney who will help you determine whether you have a claim against the seller.

Landlord/Tenant

When purchasing real property, it is important to inquire as to whether anyone else, other than the seller, is in possession of the property. For example, once the property is purchased, will there be a tenant or a squatter that you will need to evict in order to obtain possession of the property? Additionally, you are purchasing the property, subject to the tenants, it is important that you conduct proper due diligence concerning the tenants, such as confirming what lease payments have been made, to date, and whether any past due lease payments are owed, and confirming whether any tenant deposits will need to be transferred at closing. In order to avoid any unexpected surprises such as a holdover tenant or a squatter, it is recommended to work with a real estate lawyer Florida.

Nishad Khan P.L. Florida Real Estate Attorneys That You Can Trust

Are you from Florida and are facing one of the above-mentioned real estate disputes? Then, you definitely need to hire a Florida real estate lawyer, who will be able to help you. The attorneys at Nishad Khan P.L. are qualified and experienced Orlando real estate attorneys.

If you have any questions, or you are ready to schedule a consultation with a real estate attorney Florida, feel free to give Nishad Khan P.L. a call.

 

 

 

power of attorney documentA power of attorney (POA) document is extremely powerful. Before you sign a POA, it is recommended that you consult with an estate planning lawyer regarding same, in order to get a legal review of what it says and, most importantly, what it does.

Below you will find information regarding the two types of POA documents that are acceptable in Florida: a “general” or “durable” power of attorney and a “limited” power of attorney.

“General” or “Durable” Power of Attorney:

Exercise extreme caution when granting a “general” or a “durable” power of attorney. If one is presented to you, talk to an Orlando estate planning lawyer before you sign anything. This document gives the appointed agent very broad powers to perform any legal act on your behalf. If one is presented to you, it is recommended that you consult with an attorney so that you are aware of the powers you are granting to the appointed agent within the document.

For example, a person who is appointed as an agent under this type of power of attorney can gain control of the principal’s person’s assets, including bank accounts, real-estate, and other things of value. Additionally, the agreement may grant the agent with the power to sell or dispose of the principal’s assets without first obtaining the approval of the principal. This is a very powerful document which provides very broad powers to the agent, and therefore, it should be taken seriously.

Limited Power of Attorney:

A limited power of attorney document grants limited powers to the agent. In other words, the agent is appointed to perform a specific act. For example, a person may give a limited POA that is limited to one specific obligation or asset, such as the management of a single piece of real property. A special POA may be very detailed as to what the agent can and cannot do.

Conclusion

A power of attorney document is a very important legal agreement that needs careful thought, consideration, and the advice of qualified legal counsel. Never sign any POA without reading it completely and having it reviewed by an attorney before you sign.

Contact Nishad Khan P.L. if you need help with creating or reviewing a power of attorney document.

estate planningEstate planning is complex. Mistakes may be very costly. It is a wise idea to use the services of a competent Orlando estate planning attorney to help manage these affairs properly.

Here are five of the most common mistakes:

Mistake Number 1 – Not Planning

The first mistake is not doing any estate planning. That is an enormous mistake. We have all heard the stories about the wealthy person who dies without a will. In this circumstance, passing away without an estate plan in place could lead to a legal dispute that could very costly, very emotional, and could drag out for decades. A simple will could avoid tying up an estate in ligation for years.

One common misconception is that estate planning only helps others after you die. Estate planning is an extension of retirement planning. Working with a qualified estate planning attorney in Florida helps you set up your retirement plans and your estate so that they work together smoothly.

Mistake Number 2 – Not Understanding Tax Strategies

The tax code is complicated. Your attorney can work with your CPA, insurance agent, and financial planner, if you have them, to structure certain transactions in such a way as to minimize the tax burden.

Mistake Number 3 – Not Preparing for Emergencies

Sound estate planning advice includes the evaluation of any potential emergencies in order to effectively mitigate the risk if they occur.

If you are part owner of a small business, estate planning includes having a written plan about what happens if you suddenly die or become legally incapacitated. A business can fail if it cannot operate, and such failure can trickle down and affect others such as your employees or your customers. Ask your attorney about creating a “sudden-death, buy-sell” agreement to avoid this problem.

Another important consideration is the ability to use a living trust to transfer assets immediately upon death to a spouse or another relative without the estate having to go through probate. You may want to work with an attorney to set up a revocable trust that can be undone if the need arises due to an emergency.

Mistake Number 4 – Losing Control of Assets Prematurely

At times, it may not be wise to name your spouse or your children as joint-owners of your assets because if something goes wrong either with them or in their lives, either they or their creditors could attempt to attack your assets.

Mistake Number 5 – Forgetting to Update Estate Planning

It is vital that your estate planning is reviewed regularly to make sure it is up-to-date with any life changes you experience, such as getting married, having a baby, getting divorced, buying or selling real estate, buying or selling stocks, buying or selling a business, making other investments, and contributing to retirement accounts.

One common error is to update a will but not change the beneficiaries on any life insurance policies, retirement accounts, or other annuities you may have, which pass outside of your will.

At a minimum, you should have an annual review with your attorney to make sure everything is current and have an interim review if there are any substantial changes to your circumstances during the year.

For all your estate planning needs, contact Nishad Khan P.L. for a private, professional consultation.

commercial property for leaseCommercial Lease Do’s and Don’ts in Florida

If you are trying to find commercial property to lease in the local area, you have probably realized that the market is very competitive right now and that your search has been quite challenging. All is not lost as usually a competitive market seems to indicate that businesses are doing well. Once you find a property that works well for you, if you are serious about leasing, you will need to review and negotiate the terms of the lease in order to ensure that you walk away with a lease agreement you feel comfortable with. What are a few examples of do’s and don’ts you should follow if you want to get the best possible lease? Take a look at the list below.

Do Shop Around

First, you should make sure that you shop around. Even though it may feel like there are not a lot of options available, there are actually plenty of locations as long as you are willing to look hard. You need to take advantage of social media, websites, and professional agents who can help you navigate the current market. That way, you can find the right option for your business. If you are willing to put in a little extra work, you might be able to find a lease that can help you save money while still providing you with the exact amount of space you require.

Don’t Over-Lease Your Needs

As you go through the process, it is easy to get frustrated. Particularly if you are going through this process the first time, you may be tempted to take something that isn’t quite right for your business. For example, you might end up leasing a space that is too big for your business. You do not want to end up paying for something you do not require, so you want to ensure that you do your research and that you have a general idea of the exact type of space that you intend to lease. Of course, the more unique the idea for your space, the harder it will be to find, but at least, having a general idea of what you are looking for will be a step in the right direction. In general, you will need to ensure that you have enough square footage to accommodate your business and there is sufficient parking to meet your needs when at capacity. Additionally, if this is your first commercial lease and you are unsure about the potential success of your business, you might want to consider a shorter lease term; however, keep in mind that shorter lease terms typically cost more in leases.

Do Value Lease Flexibility

When you are trying to find a lease that works for your company, you are probably going to be focused on the price. Even though you do need to think carefully about the amount of money you spend, you also need to consider other terms within the lease that may be of importance to you, such as negotiating flexibility for certain circumstances. For example, it is difficult to predict what is going to happen in the future, so if you are a new business owner, you will want to ensure that you have a good understanding of not only the price, but also the other terms that could potentially impact your business at a later date. Let’s say you find yourself in a situation where you believe you will need a larger space at a later time, you will want to ensure that you have the flexibility to do so in the event that the opportunity presents itself. Also, what does the price per square foot include? Are there any amenities or common area maintenance fees included? Or are those charges separate? Having an idea of what are your obligations under the lease, before you sign it, will help avoid any potential issues in the long run.

Don’t Get Discouraged During the Process

It is critical to make sure you do not get discouraged during the process. You are probably going to get frustrated as you take a look at properties and realize that the properties don’t work for you. Even though this can be difficult to process, you need to be persistent and patient. In particular, landlords are probably going to ask about your business’s financial status, request credit reports, and check references, and these items will take some time to review, which may end up delaying the transaction. Given this, comply with any landlord requests, ensure that you have an Orlando Real Estate Attorney representing your interests, and you should end up with a favorable lease.

Do Hire an Orlando Real Estate Lawyer

Finally, do make sure you hire an Orlando real estate attorney. Orlando real estate lawyers have experience helping businesses navigate commercial leases. Orlando commercial real estate attorneys can make sure you avoid common pitfalls and traps that could otherwise lock your business into a bad lease. When you partner with Orlando real estate attorneys, you have access to a professional who can advocate for your best interests.

If you are looking for the best real estate attorneys in Orlando FL, partner with Nishad Khan, P.L. Contact us today to learn more about how our Orlando commercial real estate attorneys can help you!

 

 

couple thinking of getting their house5 Tips to improve your competitive position when buying your next home

Buying a property is probably one of the largest investments you will ever make. However, the real estate market is very competitive these days. Properties are sold on average within one month or even less- just taking a few hours to get off of the market in most parts of the United States. Customers have less time to identify, bid, and score the property of their choice. Factors like the desirability of the learning institution district, walkability, and nearness to working stations are some of the common things elevating the prices of homes.

Currently, the high rents across the states and attractive low interest loan rates are convincing most individuals to take the property-ownership leap as soon as they can. However, by being a bit flexible when considering these features, purchasers can improve their competitive position and find and acquire a property of their choosing.

How to be more competitive when purchasing your next home

Here are the five common tips to get through the home-buying competition:

  1. Cash is king

Although cash isn’t mandatory, it certainly makes an offer more attractive. Paying in cash eliminates the need for a financing contingency within a contract. A financing contingency essentially means that if a buyer cannot procure financing within a specific time for the purchase of the property, the buyer has the option to cancel the contract. In this circumstance, if the buyer were to timely cancel, any earnest money deposit tendered in the transaction would likely be reimbursed to the buyer. By eliminating the financing contingency, the seller will have one less thing to worry about when it comes to getting the transaction to closing, which is why cash is king!

  1. Get preapproved

Although it should go without mentioning in the “current market,” most buyers still start visiting properties without an approval letter, in hand, from their mortgage lender. If cash is unavailable and you opt to go with financing, you should ensure that you have an approval letter in place before you start visiting properties. An approval letter is different from a preapproval or prequalification letter in that, with an approval letter, the lender has already vetted whether you qualify for a mortgage loan. When an approval letter is granted, it means that your lender has already evaluated your credit history and other factors and has officially approved you for the loan.

Issuing an offer to the seller with just your prequalification or preapproval documents could potentially sink your bid since prequalification or preapproval only evaluates what amount a buyer may be able to borrower based on the information provided to the lender. Orlando Real Estate lawyers can help you with ensuring you have all of the items you need when you start visiting properties you may be interested in purchasing.

  1.     Find diamonds in the rough.

Many in-demand neighborhoods have these types of homes, the homes that have a lot of wear and tear, but that also have the potential to amount to so much more. Purchasers searching for their dream homes are most likely to avoid houses that do not have all of the state-of-the-art bells and whistles, but sometimes a diamond in the rough could be all that is needed. Buying a property that requires investment, additional maintenance, and upgrades to raise it to your desired standards might be worth considering provided that all of the upgrades do not put a dent in your pocket.

  1.     Gather the highest down payment

If you are serious about purchasing the property, be sure to present an offer with the best earnest money deposit payment that you can easily manage. For most clients, gathering finances for a down payment might be difficult, so investigating whether you qualify for a down payment assistance program may be helpful. Also, if you decide to present your offer with the best earnest money deposit payment that you can manage, ensure to calendar any contingencies in place so that you can timely cancel and get a reimbursement of your deposit in the event that you elect not to purchase the property. Real estate attorneys in Orlando FL can help provide you with guidance when you are preparing an offer to purchase real property.

  1.     Consider which contingencies matter most to you

You may hear that removing all contingencies from an offer will give you a competitive edge over other prospective buyers, but it is important that you consider keeping any contingencies in place that may be material to your success in the transaction. For instance, if you intend to finance the transaction, you may want a financing contingency in place, so that you have the right to cancel and receive a return of your deposit in the event you are unable to procure financing. Having a financing contingency in place will ensure, in most circumstances, that you will receive your deposit back in the event that you are unable to procure the financing. While removing a financing contingency may be more desirable to a seller, it is important that you evaluate whether you are able to afford risking your deposit in the event you are unable to timely procure the financing needed to purchase the property.

How can a lawyer help with the process of buying a home?

An Orlando real estate attorney is accredited to practice law with a focus in real estate transactions. Our professional Orlando Real Estate Attorneys understand all aspects of the property-buying process and can assist any lender, seller, or buyer, with their legal needs.

Some buyers hire a lawyer early in the procedure to deal with matters like reviewing the brokerage contracts with an agent, while others will wait until the before or after the purchase and sale agreement is drafted. It all depends on your preference. Whatever is your preference, Orlando Residential Real Estate Attorneys are here for you, every step of the way.

Bottom line

We have a team of experts at the Nishad Khan P.L, who can make the property-buying experience smoother, particularly for a first-time property buyer.

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.

due deligenceShould I ever skip due diligence when buying a home?

Due diligence is an important part of any real estate transaction since any failure, on the buyer’s part, to conduct inspections could end up costing the buyer dearly in the long run. While due diligence can be a very confusing and daunting process to complete on your own, it is essential to ensuring that you are getting what you are paying for. Having a general understanding of what due diligence means and why it’s necessary, will help make navigating the due diligence process much easier. Here is everything you need to know about due diligence and why you shouldn’t skip this important step when buying a home.

What is Due Diligence?

According to Nishad Khan, P.L., due diligence is conducting inspections on certain real property to confirm whether the property is acceptable to the buyer. Most times, due diligence is performed by the buyer after both buyer and seller have entered into a purchase and sale agreement. Due diligence may include, but is not limited to, conducting research on the property to confirm whether it meets the buyer’s needs, inspecting the structures on the property to confirm whether any structural defects exist, conducting a wood-destroying organisms (WDO) inspection, and surveying the property. While due diligence is not mandatory in all real estate transactions, it ensures that the buyer is given the opportunity to investigate, and ultimately, know what he or she is buying, which is why you need certified lawyers such as Orlando Real Estate Attorneys by your side.

Due Diligence Steps

Conduct a visual inspection of the area

Before you sign any contract or make an offer, it is recommended that you take a tour of the area where your prospective home is located and conduct some preliminary research of the area to ensure that it meets your needs. This will enable you to have an idea of such things as the school rating in the area, the home-to-school distance for any kids you may have, the traffic patterns at certain times of the day, the neighborhood, the crime rates, the amenities offered, and the surrounding property values.

House Inspection

Request to inspect the home. You want to be sure of what you are getting. A good home must have items, such as, electrical connectivity, plumbing, cooling, heating equipment, good insulation, and a good roof. A licensed home inspector should provide you with a full, detailed report on any major or minor issues or defects that may exist with the house.

According to Orlando Real Estate Lawyers, at minimum, a general house inspection should be conducted to ensure that the house is structurally sound. Additional items to consider inspecting are the pool, the roof, the plumbing, the septic tank, and for any wood destroying organisms.

Additionally, as buyer may be interested in ensuring that the structure on the property does not pose a serious health risk. In these circumstances, a buyer may decide to test for the presence of mold, defective drywall, lead-based paints, radon, or asbestos. Real Estate Attorneys in Orlando FL, can help provide guidance on due diligence in connection with real estate transactions.

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.