Miami Real Estate Contract Lawyer
Buying a home in Florida is an exciting purchase; for many it can be a dream. However, it is critical to have a knowledgeable attorney on your side so that your dream does not turn into a nightmare. Real estate contracts are extremely complex and can contain multiple hidden provisions you may miss unless you have a professional read through them.
Buying and Selling
A standard real estate purchase and sale contract can be both at turns simple and extraordinarily intimidating. By law, it must contain specific disclosures regarding the home and the land, as well as identifying information such as the buyer and seller’s names, the purchase price, and the real and personal property included. If the contract does not include these pieces of information, it is likely not enforceable.
While this aspect can be simple, the contract itself can also be very intimidating if one is not familiar with its requirements, and in some cases, misunderstandings can happen that can lead to detriment for the buyer. For example, certain disclosures are required by Florida law, such as whether the property is in a flood zone or whether damage has been done to the house, but it is also required for a broker to disclose the nature of their relationship with the buyer or seller. Some real estate brokers are ‘single agents,’ and some are ‘transactional brokers.’ A transactional broker works with both sides to get a deal done – which is completely antithetical to what most people expect when they engage a real estate broker. A local attorney will understand how to determine which type is which.
There are other real estate situations in which you may require a contract, or require someone to evaluate a contract before you sign it. The most common of these is probably when you are seeking a loan modification, either before a foreclosure or during a short sale (a situation when you reach an agreement with your bank to sell the property to them in exchange for waiving any remaining deficiency judgment). When potential foreclosure is on the line, it is absolutely crucial that everything in the contract be correct.
Another occasion where a real estate contract attorney can be helpful is if you are interested in a condominium or if you are purchasing a deed-restricted home, with membership in a homeowners’ association (HOA). Condo associations and HOAs can be quite specific and restrictive as to their covenants (that is, their rules for the use of the property), and if you do not understand something, it is imperative that you have a professional investigate before you sign something to which you will be bound.
Contact An Experienced Miami Real Estate Contract Lawyer Today
Real estate transactions can be some of the most important and significant events in a person’s life, and to ensure that they go according to plan, having an experienced contract lawyer on your side is a good idea. Our Miami real estate contract lawyers at Nowack & Olson, PLLC can walk you through the process, and try to answer any questions. Contact us today to set up an appointment.