Buyer Representation: What To Obtain From The Title Insurance Company And What Are They Legally Required To Provide?

Buyer Representation: What To Obtain From The Title Insurance Company And What Are They Legally Required To Provide?


What To Obtain From The Title Insurance Company And What Are They Legally Required To Provide?

Under the FRBAR Contract, the obligation is on the SELLER (per 9(c) under Closing Costs, Fees and Charges) to deliver Contract specific documents and copies. A Buyer may request documentation from a Seller’s chosen Title Company, however the Title Company may choose not to adhere to any requests made by the Buyer.

This lack of customer service may be irritating, but it is not necessarily a breach of Contract, as the Title Company is not the responsible party to deliver such documentation. The Seller alone is responsible for timely delivery of Title Evidence, Insurance documents, and ‘Legible Copies of Instruments Listed as Exceptions’, and should be held accountable for such requests.  Legally, a Title Company can refuse to provide a number of pertinent documents to the Buyer, and may simply cite that they will be available in the final settlement statement.

What should you do if the Title Company fails to deliver the required documents? Send a demand to the Seller to preserve any conditions in the contract. That will usually get their attention.

The information presented in this “Tuesday Takeaway” is intended for informational purposes only. This information should not be used as legal advice applicable to a specific situation. In addition, our provision of this information to an individual in no way constitutes an attorney-client relationship.

Takeaway Tuesday
Takeaway Tuesday

When multiple Agents and Brokers become involved in a Real Estate Transaction, commission splits and fees can become difficult to understand and navigate. How is commission split? Why is there an broker administration fee? Who is issuing this fee? And who pays the fee?

Need help navigating a real estate transaction? Reach out to Nishad Khan P.L. for help!

In Florida, Buyer’s Agents and Seller’s Agents rarely exist, as most are known as a Transaction Broker – a legal concept unique to Florida. While a broker administration fee from a Transaction Broker is common practice, the amount does vary from Broker to Broker.

Commission splits on multiple listing service listings are fairly straight-forward since they are set in the MLS listing. Frequently though, these MLS listings include a broker administration fee for the Transaction Broker, in addition to the commission split.

With access to the MLS, you can view or print a “Broker Full” listing information sheet, where you will find a section where the listing Broker states the co-broker commission being offered. In a straightforward percentage split, the offered compensation will just list the percentage paid to the Seller’s Broker and Buyer’s Broker (for example, 3%).  However, if there is a broker administration fee applied, the compensation will show the split as the percentage less the fee (for instance, 3% – $295).

The information presented in this “Tuesday Takeaway” is intended for informational purposes only. This information should not be used as legal advice applicable to a specific situation. In addition, our provision of this information to an individual in no way constitutes an attorney-client relationship.

Not sure how to use this status for one of your listings? Read this helpful tip below to learn more.

Takeaway Tuesday

When Hurricane Season hits, there may be a sharp increase in Temp Off Market Listings – so be prepared if you need to take action!

A listings should be set to ‘Temp Off Market’ if you still have a listing agreement on the property, but the seller has asked you to remove it from the market for some reason other than the agreement being cancelled, such as for repairs or remodeling.

Listings with this status are still considered to have REALTOR representation, and sellers should not be contacted directly in accordance with the Code of Ethics and State Law.

The information presented in this “Tuesday Takeaway” is intended for informational purposes only. This information should not be used as legal advice applicable to a specific situation. In addition, our provision of this information to an individual in no way constitutes an attorney-client relationship.

Takeaway Tuesday

As a Landlord, you are required to maintain specific facilities for your Tenants and are NOT required to maintain others. This week’s Tuesday Takeaway will focus on what reasonable provisions are required to be maintained by the Tenant.

Below is what a Tenant MUST maintain:

83.52 Tenant’s obligation to maintain dwelling unit. – The tenant at all times during the tenancy shall:

(1) Comply with all obligations imposed upon tenants by applicable provisions of building housing, and health codes.

(2) Keep that part of the premises which he or she occupies and uses clean and sanitary.

(3) Remove from the tenant’s dwelling unit all garbage in a clean and sanitary manner.

(4) Keep all plumbing fixtures in the dwelling unit or used by the tenant clean and sanitary and in repair.

(5) Use and operate in a reasonable manner all electrical, plumbing, sanitary,heating, ventilating, air-conditioning and other facilities and appliances, including elevators.

(6) Not destroy, deface, damage, impair, or remove any part of the premises or property therein belonging to the landlord nor permit any person to do so.

(7) Conducts himself or herself, and require other persons on the premises with his or her consent to conduct themselves, in a manner that does not unreasonably disturb the tenant’s neighbors or constitute a breach of the peace.

The information presented in this “Tuesday Takeaway” is intended for informational purposes only. This information should not be used as legal advice applicable to a specific situation. In addition, our provision of this information to an individual in no way constitutes an attorney-client relationship.

Takeaway Tuesday

As a Landlord, you are required to maintain specific facilities for your Tenants and are NOT required to maintain others. Unless otherwise addressed in the Lease, a Landlord may not be required to maintain a great number of provisions. It can become a costly mistake to omit specific responsibilities when drafting a lease. This week’s Tuesday Takeaway will focus on what reasonable provisions are not required, and therefore may be the Tenant’s responsibility.

(2)(a) Unless otherwise agreed in writing, in addition to the requirements of subsection (1), the landlord of a dwelling unit other than a single-family home or duplex shall, at all times during the tenancy, make reasonable provisions for:

  1. The extermination of rats, mice, roaches, ants, wood-destroying organisms, and bedbugs. When vacation of the premises is required for sure extermination, the landlord is not liable for damages but shall abate the rent. The tenant must temporarily vacate the premises for a period of time not to exceed 4 days, on 7 days’ written notice, if necessary, for extermination pursuant to this subparagraph.
  2. Locks and keys.
  3. The clean and safe condition of common areas.
  4. Garbage removal and outside receptacles therefor.
  5. Functioning facilities for heat during winter, running water, and hot water.

     (b) Unless otherwise agreed in writing, at the commencement of the tenancy of a single-family home or duplex, the landlord shall install working smoke detection devices. As used in this paragraph, the term “smoke detection device” means an electrical or battery-operated device which detects visible or invisible particles of combustion and which is listed by Underwriters Laboratories, Inc., Factory Mutual Laboratories, Inc., or any other nationally recognized testing laboratory using nationally accepted testing standards.

     (c) Nothing in this part authorizes the tenant to raise a noncompliance by the landlord with this subsection as a defense to an action for possession under s. 83.59.

     (d) This subsection shall not apply to a mobile home owned by a tenant.

     (e) Nothing contained in this subsection prohibits the landlord from providing in the rental agreement that the tenant is obligated to pay costs or charges for garbage removal, water, fuel, or utilities. 

(3) If the duty imposed by this subsection (1) is the same or greater than any duty imposed by subsection (2), the landlord’s duty is determined by subsection (1).

(4) The landlord is not responsible to the tenant under this section for conditions created or caused by the negligent or wrongful act or omission of the tenant, a member of the tenant’s family, or other person on the premises with the tenant’s consent.

The information presented in this “Tuesday Takeaway” is intended for informational purposes only. This information should not be used as legal advice applicable to a specific situation. In addition, our provision of this information to an individual in no way constitutes an attorney-client relationship.

buying a home

When you are looking to make a long-term personal financial investment, buying a home is a great option. Those that own their homes are able to build personal equity and provide a nest egg for their future. This investment also provides property tax deductions.

While there are a lot of benefits of owning a home, there are also risks to consider. This can include a wide variety of legal obstructions associated with title, survey, and loan documents. Considering the potential risks that come along with a life-changing real estate purchase, having legal representation from an experienced Orlando real estate attorney at Nishad Khan P.L. will ensure you are properly protected and represented through the process of buying a home.  These legal experts will provide guidance for individuals ready to purchase real property, whether the transactions are commercial or residential.

 

Here are several benefits to hiring an Orlando real estate attorney.

Benefit #1: Document Review 

When you are in the process of buying property, real estate and complex legal documents need to be reviewed. Your attorney will ensure all necessary and requested elements and requirements are covered and addressed They will oversee mortgage and title documents, as well as ensuring all transfers are legal, binding and in the best interest of their client.

Benefit #2: Negotiations 

When you hire a real estate lawyer in Orlando, homeowners will benefit from negotiations made on their behalf. Real estate and mortgage contracts contain fine print that details both the buyer and seller must agree to. Who will be responsible for paying and completing inspections and property appraisal? Are there environmental or zoning issues? Our lawyers will negotiate with other attorneys, developers, brokers and investors involved on your behalf.

Benefit #3: Laws & Requirements.

An Orlando real estate attorney, will assure that you are getting the legal support you need to obtain the property you are invested in. They are familiar with the state, city and county laws and requirements that are needed when purchasing property in Florida. They can prepare, draft and revise deeds, purchase agreements and financing agreements as the process moves along. They understand the timeframes and dead lines required for every step of the real estate process.

Benefit #4: Create Custom Documents

Your real estate attorney in Orlando will prepare purchase agreements, all closing documents, write titles and help create insurance policies. They will also complete title research to ensure all transactions are handle correctly and in a timely manner.

If you are interested in learning more about how a real estate attorney can help you during a real estate purchase or sale of property in Orlando, contacting Nishad Khan P.L. We will provide you with details and help you understand the value that comes with getting quality and reliable real estate representation.

 

Takeaway Tuesday

As a Landlord, you are required to maintain specific facilities for your Tenants. However, unless otherwise addressed in the Lease, a Landlord may not be required to maintain a great number of provisions. This week’s Tuesday Takeaway will focus on what obligations Florida Statute REQUIRES for Landlord maintenance.

A Landlord shall at ALL TIMES during the Tenancy:

The landlord is NOT required to maintain a mobile home or other structure owned by the tenant. The landlord’s obligations under this subsection may be altered or modified in writing with respect to a single-family home or duplex.

The information presented in this “Tuesday Takeaway” is intended for informational purposes only. This information should not be used as legal advice applicable to a specific situation. In addition, our provision of this information to an individual in no way constitutes an attorney-client relationship.

divorce and home

When going through a divorce, one question to address is: What to do with the family home? Will one of the spouses stay in the home? Will they sell the home and split the proceeds? Hiring an experienced Orlando real estate attorney can help spouses navigate this difficult decision.

What are the options?

Option #1 Both spouses own the family home and they will have to decide if one of them will keep it or if they will sell it.

Option #2 One spouse decides to keep the home and that spouse needs to buy out the other spouses’ share of the property. This may be advantageous if children are involved and the custodial parent would like to keep the home so that they won’t need to change schools or adjust to a new home.

Option #3 Decide to sell a home, There are a few factors that should be considered:

Option #4 Agree to a deferred sale. A deferred sale is when both spouses stay on the home loan, but only one spouse remains living in the home. The home will then be sold at a later date after which the proceeds of the sale will be divided.

How can a real estate attorney help?

Navigating Orlando real estate law can be challenging if one doesn’t possess the proper knowledge. Nishad Khan P.L. are experienced real estate lawyers in Orlando and will help complete all the necessary paperwork when selling a home and will take care of all legal real estate issues that may arise during the transaction.

Entrusting the highly skilled team at Nishad Khan P.L. will ensure that the sale of the family home is done efficiently, leaving one less thing to worry about during the divorce process.

 

 

 

Takeaway Tuesday

What happens if your Landlord passes away during the term of your lease?

This does not mean you receive a free place to live! Typically, you will need to continue to pay rent to the estate. The Personal Representative of the estate will handle the financial affairs of the estate such as collecting rents, signing leases, etc.

Warning: There may be a transition period between the death of the Landlord and the appointment of the Personal Representative. It’s prudent to put the rent into a separate account during this transitional period, or alternatively, you can send the rent to the Landlord’s Attorney (if that information is known).

Remember, the Personal Representative would have the power to enforce the lease just like the original Landlord.  You should also send the same notices you would send to a Landlord if they were alive. Any disputes within the Landlord’s estate are immaterial to your obligations as a tenant. If the Landlord had a trust, the transition would be much smoother and any rental payments would be paid to the Trustee.

The information presented in this “Tuesday Takeaway” is intended for informational purposes only. This information should not be used as legal advice applicable to a specific situation. In addition, our provision of this information to an individual in no way constitutes an attorney-client relationship.

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