How hiring a Fort Pierce real estate closings lawyer can make real estate contracts less confusing and daunting, even for people who have bought or sold property before.
Sometimes people get concerned with a particular aspect or clause and miss other important parts of the contract. For this reason, it is always a good idea to consult a Florida real estate attorney. He or she can go over the contract with you and point out any potential issues you may have missed while explaining both the buyer’s and seller’s responsibilities.
One important question to ask is if you have a complete list of all the buyers and sellers. This may seem simple, but sometimes, it may become complicated. Is the person selling you the property the sole owner of the property? You may want to ensure this is the case.
How Real Estate Transactions Can Quickly Get Delayed
Sometimes, real estate transactions are delayed because the seller is not the only one who needs to sign the contract. For example, if Aunt Mabel has passed on and left her estate to her four nieces and nephews, they can decide to sell the house.
However, all four of her nieces and nephews would need to sign the contract, even if Cousin Sarah is handling the sale while Cousin Billy backpacks around Europe. If Billy wants Sarah to sign the documents for him, he can have his lawyer draft a Power of Attorney form. However, if he did not do that before embarking on his trip, Sarah may have to wait until he returns to complete the sale.
An accurate property description is also essential in a real estate contract. In fact, for many years, Florida courts have considered this one of the most indispensable parts of an agreement to sell. Typically, the description is either in “lot and block” or “metes and bounds” format. “Lot and block” uses specific parcels of land identified by lot number or letter, with the block or subdivision plat where the lot is located. “Metes and bounds” uses lengths and angles of boundaries, starting at the point of beginning. The description should include a reference to where the deed is recorded, including book number and page, in county records.
Florida Real Estate Law
In general, Florida law considers it important that the buyer and seller have a “meeting of the minds” about what is being sold, and for how much. A significant misunderstanding may render the contract invalid. For example, if the buyer thinks he is getting 300 acres but it turns out to only be 250, it cannot be said that the parties to the contract have a “meeting of the minds.”
Fortunately, the closing process is very thorough, with multiple inspections and surveys, so if there is a significant misunderstanding, it will usually come to light before the closing is complete. In this case, you may want to try renegotiating the deal, or simply walk away. Your Florida real estate lawyer can advise you on your options.
If you have questions or concerns about real estate transactions, title closings, or other Florida legal services, please contact Apfelbaum Law for a consultation. We can be reached at 772-236-4009, or contactus@alawfl.com.
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