Florida Real Estate transaction law is based on federal statutes, state statutes and common laws. Since the state laws vary from one state to the other, individuals should keep themselves abreast on real estate laws that are applicable to their state before engaging in property transactions. Due to vast nature of real estate transaction laws that deals with selling buying, selling, developing, constructing, leasing, managing and financing, it becomes tough to understand all the associated nuances. An easier way is to seek put the help of an attorney. They can assist you with the property transactions in accordance to real estate laws from contract to closing, while protecting your interests and enlightening you on subjects in the contract that may subject you to liability in the future.
Florida laws that concern property sellers
The state of Florida expects residential property sellers to make disclosures to the buyers regarding the history and condition of the property, and other property-related facts that can considerably impact the desirability or value of the same. However, homeowner are not held responsible for defect that they are unaware of. Home sellers do not have to guarantee the buying party that the property is without defects, as that is an unreasonable promise to make for any homeowner. The statutory expects the home-seller to present the buying party with a disclosure summary of the property tax.
There are also some property conditions that sellers and property agents in Florida need not disclose, whether or not they are appealing. These include facts like, the property was inhibited by a person who had been infected with AIDS or a suicide or murder occurred in the property previously. Florida law protects the sellers' interests through these disclosure norms,as many buyers would probably demand for drastic reductions on the asking price when such information is divulged to them.
State laws regarding brokers
Florida real estate transaction law permits transactional brokerage. In transaction brokerage, one or more agents from the same agency, may provide brokerage services to the seller, the buyer, or both parties, as a non-agent.In Florida, agents and brokers are allowed to provide real estate services to their consumers by taking on non-agency roles, acting as an intermediary or facilitator. These brokers have limited or zero fiduciary duties to perform with regards to their clients, even if they are representing the buyer or seller party individually. The state law necessitates transactional brokers to carry out their services fairly and honestly, while disclosing all facts to the buying party, that could affect the equity of the property and are not readily visible to the same. Florida's statute protects the rights of property licensees and consumers equally.
The role of real estate transaction attorneys
Transaction law attorneys can assist with:
- Advising clients on applicable laws
- Advising transaction structure that can be adopted to minimalize or manage risks, both legal and commercial
- Making drafts of documents and contracts for clients
- Negotiating on behalf of the client
- Assisting clients to manage and execute the transaction successfully
If you have any questions about Florida real estate transaction law or would like to speak to us about your options, please contact us at (813) 518-7411. We represent clients during stressful and difficult times in their lives. We are empathetic, responsive, and push for a quick resolution. We look forward to helping you resolve your issue quickly, fairly, and in a way that will help you to return to the stable, predictable life that you deserve.