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For Sale by Owner Transactions
Trusted Legal Guidance for Your Real Estate Transactions In Florida
Even though Florida’s property laws do not require those engaged in buying and selling real estate to hire real estate lawyers, it is undeniable that you will face a lot of risks if you do not have a strong advocate at your side.
Having our real estate lawyers in St. Petersburg is the key to ensuring that your interests are met fairly and that the terms of your contract are performed as agreed. Moreover, we can make sure that every process, from the beginning negotiation to obtaining insurances at closing, all go smoothly.
Call our law office today at 727-877-3188 to get started on your free consultation.
What to Consider When Selling a Home Yourself
A real estate attorney will have years of experience in helping clients with a variety of different real estate matters. Your lawyer will be there to help support and provide you with guidance through each and every step.
Mandatory Real Estate Disclosures
If you are selling property in Florida, then you must disclose any facts or conditions about the property that can have a substantial impact on its value or desirability. Sellers in Florida must disclose dangers linked to radon gas and information about any mandatory membership and monthly fees if the property is in a community regulated by a condo or homeowner’s association.
If you are selling coastal property, then Florida Statutes §161.5 states that you must disclose the potential for erosion and that the property might be subject to regulations regarding construction, rigid coastal protection structures, beach nourishment, and the protection of marine turtles.
Although many buyers might want to know if a property they are considering has been the location of a homicide, suicide, or death, Florida Statute §689.25 states that sellers are not required to disclose this information because it is not considered a material fact.
Title Search & Insurance
A title search determines the legal status of a property and if there are any liens, encumbrances, or mortgages on the property. It essentially verifies whether the seller has the right to transfer ownership. A title search can range from $300 to $600.
Although the person responsible for paying for title insurance searches varies depending on the county, title costs can be negotiated in the contract. In general, the seller pays for the title insurance and chooses the title company, but sometimes, the parties agree to split the costs.
Purchase documents for residential real estate deals generally include the following:
Closing Disclosure: This document details all closing costs for the buyer and the seller. Buyers must have this document at least three days before closing so they have enough time to ask questions and resolve any issues before signing.
The Deed: This document is the legal description of the property. After it is signed, it must be filed with the county recorder of deeds to officially transfer the property from the seller to the buyer.
The Bill of Sale: The bill of sale lists all property being transferred from the seller to the buyer. this includes items like furnishings, appliances, light fixtures, water features, and security systems.
Seller’s Affidavit: As a seller, you must provide the buyer with a notarized statement attesting that they have rightful ownership of the property. The seller’s affidavit also states any potential claims on the title, such as outstanding leases, liens, boundary line disputes, or pending sales contracts.
Abstract of Title: The abstract is a summary of the public records for who can claim ownership over the property. This document should be carefully examined. Even with a title search, the buyer is still liable for any claims that are made on the property.
Tax Declarations: Buyers and sellers must pay taxes whenever a property is sold. The documentary stamp tax is due when the deed is filed with the county clerk. Additionally, there is a proration agreement that states how much the buyer and seller will pay to split the outstanding property taxes.