A home purchase is arguably one of the biggest purchases

A home purchase is arguably one of the biggest purchases most people will make during their lives. Having an attorney with experience in handling real estate transactions is the most effective way to avoid the pitfalls and complications that can eventually lead to disastrous consequences, including the loss of the home.
At Palma Law Group, we help clients navigate the entire home purchase process from the initial sales contract all the way through closing to make sure their interests are protected.
Contracts
In Florida, a real estate contract must be in writing, and while several standard contracts have been developed and approved by both the Florida Association of Realtors and The Florida Bar (so-called FAR/BAR contracts), that doesn’t mean these contracts have been designed to be easily understood by a non-professional. Every contract has sections that specify the obligations and responsibilities of all parties, including details on escrow, inspection, closing costs and other issues that can have a bearing on your sale and the costs for which you’ll be held responsible. Many “fine print” disclosures and clauses provide critical information, but the professional language used to create these documents makes it all too easy for an untrained eye to overlook or misinterpret this information, even when it’s carefully read and reviewed.
Closings
The actual settlement of sale begins long before you sign the check and receive the keys for your new home. A title search will help establish the home’s ownership and identify the liens that may be written against it as well as determining if the home is insurable. A property survey will determine encroachments and easements as well as clearly identifying property boundaries. Inspections of the home’s construction as well as electrical, plumbing and other systems need to be scheduled and, if the home is being financed, an appraisal needs to be conducted. Finally, the HUD-1 settlement statement will need to be completed and distributed to all parties.
Once contracts are signed during settlement, the mortgage, deed and other documents need to be filed with the local records department and title insurance documents need to be completed and returned to the new owner and mortgage company.
In Florida, all of these steps and others must be completed in the proper order and time frame in order for the sale to be completed. Even a single misstep can result in the sale falling through.
Call us.
If you’re considering purchasing a home in the Clearwater or Tampa area, we want to make your home buying process as simple and foolproof as possible. Call the Palma Law Group today at 727- 669-3909 to learn how we can help.

Post a Comment

Your email is never shared. Required fields are marked *

*
*