Can You Help Me Evaluate My Real Estate Purchase Or Investment Risk?
Evaluating real estate purchases is part of the job of the real estate attorney. Typically, attorneys get involved once a contract has been signed but there are other instances. For example, you have commercial buildings where you need some type of re-zoning or you are dealing with an HOA and want to make sure there aren’t large assessments. One of the valuable tools that I bring to the table is that not only am I a real estate attorney, I’m also a licensed Florida real estate broker. If there are accounts to be done or any evaluations, I may suggest that you do a quick title search. For investment purposes, it’s very helpful, especially if the investor is a beginner in the area of real estate investments.
What Are The Most Common Purchase Agreement Problems That Clients Face In Florida?
The most common problem is when a residential buyer and seller are handling the transaction alone or have a real estate agent helping them. There is an agreement and there will be some type of issue that pops up which may not be covered by the contract. One side will either ask for greater concessions or to negotiate price and the other will want to back out.
The seller can enforce what is called specific performance, which means you have to go through with the purchase, or there may be a liquidated damage clause that says if you breach the contract by not performing, you have to pay a certain fee.
What Problems Do Florida Real Estate Clients Generally Face?
If you are looking to buy a homestead piece of property that you are going to live in, then most of the issues are going to be between the review of the contract and the closing. For more sophisticated buyers, there are all kinds of issues that can pop up, such as land use, title, and easements. You may have to go through the city or the county board and you may have to comply with state and federal regulations, especially if it’s some type of waterfront property. There are coastal lines that have to be adhered to. There are countless miscellaneous issues that can pop, which can be prevented. If they do pop up and the person hasn’t consulted a lawyer, then they can use a lawyer to try to straighten it out pre-litigation. If not, a suit may have to be filed on your behalf.
For more information on Evaluating Risk In Real Estate Investments, a case evaluation is your next best step. Get the information and legal answers you are seeking by calling (772) 242-3600 today.
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