REAL ESTATE ARTICLES

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The state of Florida is one that is filled with natural beauty, warm tropical breezes, and friendly people. Because of this, many people like the idea of buying real estate in Florida. What are some of the most common questions that people ask attorneys about real estate law in this state?

What Are Common Problems With Purchase Agreements?

There are a number of steps that must be completed in order to close a deal on a home, and these are outlined in the purchase agreement for the deal. A common problem with this is that the parties involved do not get the steps done on time. They may be late getting approval from a lender, late in scheduling inspections, or similar.

What Should I Consider When Buying a Distressed Property?

When buying a distressed property, you must do your homework ahead of time. Be sure to have clear goals about what you'll do with the property and get an accurate cost estimate of any rehabilitation. Get a thorough title search, and understand the neighborhood that you're dealing with, too.

How Are Real Estate Contracts Enforced?

The best way to enforce a real estate contract is to make sure it's a solid contract, to begin with. This is where a skilled real estate attorney's advice can be invaluable. An ounce of prevention is worth a pound of cure here, as the only way to enforce a questionable contract is probably with a lawsuit.

Am I Likely to Lose Money on My Investment?

An experienced real estate attorney can evaluate your real estate investment using his/her knowledge of the market, local prices, rental rates, and property use and can advise you as to whether or not it's likely to be a good investment. If you're in doubt, don't try to go it alone.

What Can Go Wrong Before a Closing?

There are many things that can go wrong before the closing of a real estate purchase. These things range from issues with lender approval, hidden construction problems or defects, issues with the title, hidden liens, and many others. That's why it's wise to consult with a real estate attorney before closing.

What Kinds of Real Estate Fraud Occur in Florida?

Unfortunately, fraud is not uncommon in Florida real estate deals. The seller may try to hide damage to the property or issues involving his or her ownership. To protect yourself, get a thorough inspection and consult with a skilled real estate attorney.

What Should Be Done About Boundary Disputes?

When there's a boundary dispute over property, surveys or title work may be done. However, it's also wise to have a skilled attorney review the real estate contract.

Call to Schedule a Free Consultation With a Florida Real Estate Attorney Today

If you have questions about Florida real estate, call to schedule a free consultation with a Florida real estate lawyer today. 

Please give us a call at (904) 310 - 5133 and let our friendly staff answer any questions you may have. 

Making the decision to purchase a home is one of life's most important events. Once you've chosen the home of your dreams, you then face the prospect of moving, getting used to the new neighborhood, and settling in. There's a lot of stress and excitement involved, and you'll have a lot on your mind. However, the often complex details of the home purchase transaction can require a level of attention that you may not be prepared to give. That's why it's a great idea to hire an experienced Florida real estate lawyer to accompany you on your home-buying journey.

Working With a Lender

Every home that has a mortgage also has a lender, and working with this lender can be complicated. A federal law called the Real Estate Settlement Procedures Act ensures that any home buyer may hire a lawyer to help clarify issues that surround a mortgage when buying a home. Homebuyers must also deal with the title insurance company, which is an independent entity whose job it is to determine whether a seller actually has the legal right to sell a property. In order to uncover any possible legal issues that may exist further down the road from the transfer of a property, it is wise for the buyer to ask for the advice of a skilled Florida real estate lawyer.

The Closing

The closing process of a home purchase is the final hoop through which the buyer must jump before s/he becomes the owner of the home. There are many documents involved in a real estate closing including the purchase and sale contract, a transfer deed, and a closing statement revealing all costs that are related to the sale of the property. A Florida real estate lawyer can thoroughly evaluate all of these documents for you at the closing to make sure that you are protected from any legal complications that may arise in the future. You can then go forward with your purchase with the confidence you need to start a life in your new home.

Call to Schedule a Free Consultation With a Florida Real Estate Lawyer Today

If you are considering the purchase of a home of your own, call to schedule a free consultation with a Florida real estate lawyer today. The law firm of Smith/Barbara is dedicated to ensuring that your home purchase goes smoothly and that you are legally protected during the entire process and for the future as well. Please give us a call at (904) 310 - 5133 and let our friendly staff answer any questions you may have. 

Has the Coronavirus Quarantined Florida’s Residential Real Estate Market?

Updated: Mar 16

Having practiced real estate law for the last twenty-plus years, I witnessed wide swings in the Florida real estate market. From the 2009 mortgage bubble crash to the coronavirus, Floridians buy and sell real estate with caution.

Real estate is an essential business under the Florida Governor's executive order allowing it to remain open. Still, residential real estate by its nature is personal and, therefore, in most cases, handled through person to person. Coronavirus restricted this interaction, and the reduction directly translated to a loss of sales in real estate.

Q1 2020 showed a 4.3% increase in residential real estate sales over Q1 2019, with a 13.2% increase in Broward County home prices. April 2020, homes sales dropped a whopping 47% from the same time in 2019. Home prices similarly slowed off the Q1 pace to 9.5% increase over the same time in 2019, as shared by Broward Board of Realtors.

Don’t lose heart; however, the number to watch is inventory. 2020 home inventory has only dropped 10% from 2019 during the coronavirus stay at home order. So, people are still selling, buying, and moving during the coronavirus outbreak.

Inventory drives pricing. Less product for buyers to choose from translates to buyers willing to pay more to secure the product over other buyers. Economic cause and effect.

Real estate markets are lived locally but driven by national trends. Here is where Florida's real estate is well-positioned.

The Sun-Sentinel in January 2020 noted that Northerners are migrating to Florida in large numbers, and this has directly resulted in a net gain to Floridan's income of $4.5 billion in 2018. The Orlando Weekly highlights in July 2019 that more than 300,000 new residents are coming to Florida annually.

With increased wallets and more buyer competition, Florida real estate may have slowed, but a southern turn to 2009-2010 market levels is unlikely due to coronavirus.

More importantly, coronavirus's impact on the Northern states that traditionally send residents to Florida for a safe personal income tax haven: New York, Connecticut, New Jersey. With Florida, a top choice, social instability with the loss of small businesses in these communities has accelerated the flight to southern states. As the clique says, "A butterfly flaps its wings in New York, and there's a hurricane in Florida."

July 2020, the New York Post discussed how coronavirus had broken NYC's housing market where 2/3 of its residents are renters. Businesses are closing, and their owners are leaving. Tenants not paying rent due to loss of work and evictions halted until September 2020 has resulted in small landlords defaulting on July 18% property tax payments, mortgage payments, and upkeep. This trend may lead the way back to the 1970's fatal housing period when owners abandoned properties where rent rolls didn't cover costs, let alone produce an income for the owner's livelihood. Loss of housing or poor housing options will increase southern migration.

The escalation of the northern housing market collapse means more residents for Florida's communities and more reliance on online tools to locate housing before relocation. Coronavirus transformed daily life with zoom meetings and grocery deliveries. Coronavirus limited person to person contact in real estate. Home renters and buyers are becoming more conformable with making online real estate choices because of increased competition, convenience, and the speed the medium offers.

As home rentals fill with new out of state occupants, rents increase with lower vacancies. Increased rents with low-interest rates keeping mortgage payments low create new home buyers who see value in paying a mortgage over renting. New home buyers create more competition for home purchases. Lower home inventory increases home prices.

National economics during the coronavirus pandemic is driving the local markets.

Take heart, Florida. Our real estate market will remain steady with healthy increases for years to come regardless of coronavirus. With new residents arriving daily with their wallets and willingness to rent or buy real estate, we have a product in national demand.

Please give us a call at (904) 310 - 5133 and let our friendly staff answer any questions you may have.