5 Major Laws in Florida that Impacts Real Estate Sale and Purchase
5 Major Laws in Florida that Impacts Real Estate Sale and Purchase
There are different laws on real estate contracts in Florida. Realtors, sellers, buyers, and homeowners in Florida must be aware of the legislative laws that influence transactions and how to handle properties. Below are the five major laws on real estate contracts in Florida.
Real Estate License Law
Florida has laws directly affecting real estate licensees’ daily operations. And rules that indirectly impact how to conduct real estate transactions. Chapter 475 contained the Florida Real Estate License Law. The major divisions of the laws are;
Estate Brokers
Sales associates
Real Estate Appraisals
Commercial Real Sales
Commercial Real Estate Leasing.
The Florida Real Estate Commission (FREC) and the Florida Real Estate Appraisal Board (FREAB) are the regulatory authorities for the real estate and appraisal industries.
Consumer Protection Act
FS 501 contains the Florida Consumer Protection Act, divided into six chapters. This act specifies different schemes, tricks, and unfair activities that parties may face during real estate transactions. And it mostly affects licensees who rely significantly on telemarketing as advertising.
Conveyance of Land
The Statute” Title XL” section, known as FS 689, covers real and personal property, land conveyances, and declaration of trusts. This chapter is primarily relevant to persons who work with title companies or real estate attorneys during closings. FS 689.25 (1) (b) provides the disclosure requirements for stigmatized properties. It clearly provides that a fact that a real estate property once suspected to have been a site of a homicide, suicide, or death is not a material fact essential for disclosure in a real estate transaction.
Florida Condominiums Act
Florida Condominiums Act is FS 718 and has 6 major parts. Some of the sections in this act changed over time. Most condominiums may now be mortgaged with a conforming loan, whereas formerly, only those condominiums associations covering the costs of sufficiently high insurance were considered adequate collateral for lenders.
Business and Professional Regulations
FS 455 establishes general requirements for the majority of Florida’s regulated professions. The Florida Department of Business and Professional Regulations (DBPR) enforces this comprehensive chapter under the direction of the relevant boards or professional commissions.
In conclusion, consult your attorney to know more about real estate laws in Florida.
