A real estate purchase may encounter obstacles along the way
The general framework of a real estate transaction is quite similar from state to state. There are local twists and different names for documents in some cases, but a real estate purchase and closing in one state will follow generally the same main steps as in another. For one thing, certain federal laws apply to the financing, environmental, and consumer protection aspects of a transaction, whether it is taking place in Florida or another state.
Federal laws administered by HUD and procedures dictated by RESPA guarantee that certain requirements and mandates will appear in just about all real estate transactions nationwide. This is especially true for residential property transactions, where federal law steps in to protect the rights of consumers to full disclosure and fairness. For example, sellers are required by both federal and state law to disclose certain information about the condition of the property.
It has been found that full disclosure rather than blind obeisance to the outdated mantra of “buyer beware” helps not only buyers but sellers also. It lessens the chances that a seller will be dragged into litigation months or even years later. Many sellers will wisely share all potential problems with the buyer in order to prevent accusations of fraud subsequently. At closing, all conflicts over the condition of the property will be resolved in one manner or another. After all, common sense tells us that a chronic condition or problem will continue to resurface and will be quickly discovered by the buyer.
When the real estate purchase agreement is signed in Florida and all states, certain procedures kick in. There will be a title search performed by a title company, and title insurance will be issued at the closing. A mortgage commitment will be sent in writing to the buyer or buyers when financing is obtained. Many transactions will allow buyers to exit the contract without consequence if they are denied a mortgage after making a good faith effort to get one. Both buyers and sellers will benefit greatly by having the services of an experience real estate attorney during the course of the transaction and at closing.
We handle all aspects of transactions, including the acquisition of parcels of land for development, review and issuance of title insurance commitments and policies, review of surveys, consulting with environmental professionals for environmental due diligence, financing, land use and zoning matters, development and management agreements, public –private partnerships, permitting, community association documents, sales and leasing.
This is not intended to be legal advice for any specific situation and the reader should consult their attorney regarding their situation.