There’s a lot of emotion and money tied into real estate. When you go to a showing or an open house, you imagine your life inside of those walls. To have that dream realized, you may enter into one of the most significant financial transactions of your life.
Buying a home is complex yet manageable—especially when you have the right team in place. The purchase of your second home may even be tied into the sale of your first home. With that in mind, you never want to add layers of complication due to disputes, particularly ones that can be avoided.
Defects & Disclosures
Which defects are you required to disclose? That list will depend on the state where you are selling it. Arizona, for example, requires you to disclose if there is paranormal activity in your home. Outside of that, here are common things you should talk to your real estate agent about disclosing:
- HOA Restrictions
- Flooding
- Foundational Issues
- Easements
- Alterations & permits
What about issues you are unaware of? Here in Florida, for example, you have to disclose if your roof leaks—regardless of whether it is actively leaking during the time of the sale.
Title Searches
Imagine that you buy a home. After you close, someone tells you that they own it. Title insurance companies verify that the property has a clean title and offer insurance against claims.
Contracts
Real estate agents (generally) use templated forms to make offers. This is relatively common, but that doesn’t mean you can ignore this fact. When it comes to special considerations arising in real estate transactions, you want to ensure that the contract protects you and your interests.
The most efficient way of doing this is having a real estate attorney oversee your transaction. Another advantage is having someone representing you in case a contract gets breached. What happens if you discover a significant defect during the due diligence period and you choose to walk away from the transaction. Despite having a justifiable reason for doing so, the seller claims that your earnest money deposit is theirs to keep. You can challenge the claim efficiently when you have an attorney representing you.
These are the types of claims your lawyer can defend you from, especially when there is a reliable contract to fall back on.
Cueto Law Group, P.L.
Because the real estate market continues to grow, so do the disputes that come alongside it. Buying property is a transaction that sound contractual agreements can govern. If you face a real estate dispute in Florida, contact the Cueto Law Group to schedule a consultation.
