Acquiring Real Estate In Florida

Legal Steps to Acquire Real Estate in Florida

Acquiring land, home and commercial properties in Florida can be overwhelming. This is because there are many legal requirements both the seller and buyer have to fulfill before a full and legal transfer of property could take place.

The following are the steps both buyers and sellers go through while transacting real estate in Florida:

1. Seller’s Acceptance

Generally, the buyer will always make an offer to the seller. The process of real estate transactions starts when the seller of the property accepts this offer. The two parties will then sign a contract of agreement confirming the sale of the property at a proposed price. At this stage, the seller may demand earnest money—a deposit—to be paid to an escrow agent or attorney. They will then send the signed contract to an attorney or title company who will carefully confirm the details of the property, and legally transfer the title of the property to the new owners.

2. Disclosures

Commonly refers to as disclosure, it is the responsibility of the seller to warn and inform the buyer of any known defects in the property. The disclosures may include environmental risk, past repairs, physical but hidden damage, and any other defects that could affect the value of the property. This disclosure must be done by the seller before the closing date and the buyer must also acknowledge every disclosure before the sale is completed.

3. Buyer’s Inspection

The buyer has to inspect the property within the time interval specified in the contract. There are many types of inspection depending on the property in question. For instance, drywall and termite inspection could be done to ensure the property is in a good condition.

4. Negotiation and Buyer Requests

The buyers may request the seller to reduce the sales price, complete repair work, or pay for some of the closing costs based on the outcome of the inspection. The seller can agree to some or all of these requests, but the buyer can end the transaction if the seller declines

5. Closing

The parties will sign the necessary documents related to the sale at this stage. Payments are made to the seller and access to the property is given to the buyer.