Key Considerations When Buying Or Selling Residential Property In Florida

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In this article, you can discover:

• The importance of discussing your legal rights with an attorney before buying or selling property in Florida.
• The necessity of having financing in place early on in the process.
• The role of a real estate attorney in ensuring a smooth transaction.

What Should You Discuss With A Real Estate Attorney Before Buying Or Selling Residential Property In Florida?

Before you embark on the journey of buying or selling residential property in Florida, it’s essential to have a detailed discussion with an experienced real estate attorney. One of the first things to consider is whether you have the legal right to buy or sell the property.

As of July 1st, 2023, Florida has specific restrictions on land ownership by foreign nationals from certain countries, including Cuba, Venezuela, Russia, China, Iraq, Syria, and North Korea. It’s crucial to determine if these restrictions apply to you, especially if you are a foreign national who spends significant time in one of these countries.

For foreign nationals, other important considerations include understanding U.S. inheritance laws and how they might affect your ability to hold title to the property. Additionally, if you’re selling property, you need to be aware of the Foreign Investment in Real Property Tax Act (FIRPTA), which could result in a 15% withholding of the gross sales price at closing. Deciding how to hold title to the property is also a critical decision, as it can have significant legal and financial implications.

Regardless of your specific concerns, an experienced real estate attorney can guide you through these complexities, help structure your contract, and work with your realtor to ensure that your transaction aligns with your goals and is executed smoothly.

When Should Financing Be In Place During The Purchase Of Residential Real Estate?

It’s wise to have your financing in order from the very beginning of your property search. You don’t want to make an offer on a property only to discover later that you can’t afford it. While there are alternative financing options available, such as private loans with higher interest rates, it’s generally best to have your financing sorted out or at least considered upon acceptance of a contract.

Does A Real Estate Attorney Assist In Financing Your Home Or Commercial Property In Florida?

Typically, a real estate attorney does not directly assist in financing your property. Their role is more focused on working with your lender to ensure a smooth path to closing and addressing any legal issues related to the real estate transaction. While they may provide guidance or referrals to lenders, they do not represent the lender and, therefore, cannot assist with financing due to potential conflicts of interest.

For more information on Things To Consider Before Buying Or Selling Residential Real Estate In Florida, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (305) 363-6066 today.