The South Florida real estate market is continuing to thrive. Unfortunately, the numerous real estate transactions taking place will likely result in some real estate brokerage disputes. Some brokers may have difficulty collecting on their brokerage agreements. Others may be sued by a client that believes the broker did something wrong. Our Fort Lauderdale real estate brokerage dispute attorneys have experience handling these types of cases.
Part III: Closing
If you take the time to be prepared, a closing should be simple and run smoothly. A closing is basically the buyer giving the seller their money and the seller giving the buyer the deed. While there is more involved than that, preparing with experienced Fort Lauderdale luxury real estate attorneys will help the closing process run efficiently.
Closing takes place at an attorney’s office, broker’s office, or some other place that can officially record the sale. The closing should be attended by the buyer and seller, their attorneys, and the closing agent. Additionally, the real estate agents, witnesses, and a notary may be present. A party may choose to attend closing without counsel; however, unexpected issues may arise that an attorney would be better equipped to handle.
Pearson v. Peoples National Bank,1D13-0685 (Fla. 1st DCA 2013):
This was an appeal of a non-final order that stayed a declaratory action and directed the parties to arbitration. Appellant and Appellee entered into a real estate sales contract. The vacant lot purchased by Appellant was described as having beach access in the contract. The Appellee was unable to convey that beach access and has argued that the contract is null and void. Appellee filed a complaint for a declaratory judgment as to the respective rights of the parties under the contract and other supplementary relief.
In Florida, residential real estate licensees may serve as a single agent, transaction broker, or maintain a no-representation status in a luxury real estate transaction. It is presumed that all licensees are acting as transaction brokers unless a single agent or no brokerage status is designated in writing to the customer. A transaction broker provides limited representation to a buyer, seller, or both in a real estate transaction but does not represent either in a fiduciary capacity or as a single agent. Limited representation allows a licensee to facilitate a real estate transaction by assisting both the buyer and the seller, but a licensee will not work to represent one party to the detriment of the other party when acting as a transaction broker to both parties.
Deeds are used to convey title to real estate. An important aspect of a real estate transaction is the type of deed being used. The type of deed being used determines the warranties the grantee is receiving from the grantor. The three types of deeds used in Florida include general warranty deeds, special warranty deeds, and quitclaim deeds. Our Fort Lauderdale real estate law firm can assist in luxury real estate transactions involving deeds.
When a “time is of the essence” clause is contained in a real estate contract, the parties are required to perform certain obligations within a specified time. If a party’s obligation is not performed within the essential time, the non-performing party has defaulted. By defaulting, the other party is provided the opportunity to cancel the agreement. “Time is of the essence” is not a standard provision.