Whether a family is looking for a first home or an investor is hoping to score a profit on development, Florida is the site of a huge number of real estate transactions every year. Often, in the excitement or possible confusion, people sign documents without knowing why. It’s always worth the time to understand these papers.
How do we start the real estate closing process?
A purchase agreement starts committing the parties to buying or selling the property. The document must be in writing, as oral contracts are not enforceable.
How can I be sure the seller is authorized to sell the property?
A warranty deed is the usual proof of ability to sell a residential property in Florida. It proves the seller owns the property and there are no liens or other encumbrances on it. The next most common deed is a special warranty deed, which may protect some purchases like developers if an encumbrance does exist.
Are there other types of deeds used in Florida real estate sales?
A quitclaim deed is fairly common, but it doesn’t prove an absence of encumbrances on a seller’s title. It only transfers a seller’s existing rights to a property to another person. This may apply in the transfer of timeshares and other fractional ownership properties.
Do I need a lawyer when buying real estate?
It may not be legally required, but an attorney is often a buyer’s best ally. A lawyer can keep track of all documents relating to a sale and work with sellers to keep the process on track.