What are four common legal matters where a Florida real estate attorney may be required?
Florida – November 28, 2022
Because real estate law can cover many legal topics and conflicts, it is prudent to consult with an Orlando real estate lawyer regarding a focused property dispute, claim or concern. Real estate transactions may seem simple, but they are complex interactions impacted by state and federal laws, legal rights, and policies significant to the county property location and type of transaction (business or residential). A common subject of contention in real estate legal matters is the real estate contract that governs specific terms and conditions relevant to the sale and transfer of title on a Florida property.
Common real estate legal issues.
Contract breaches, mortgage disputes, foreclosure actions and implied warranties are common legal matters where a Florida real estate attorney may be required.
- Contract breach penalty clause. A real estate contract may impose a penalty upon a mortgage lender or borrower if they violate terms of the contract. One of the most common types of penalty clauses is the prepayment penalty clause which is imposed if a borrower tries to make a mortgage payment prior to a date or period as stated in the contract. Even though a lender may prefer early payment, if a mortgage is paid off too quickly it could impact the amount of money the lender would make, and some prepayment penalties include a monetary fee.
- Mortgage disputes. Mortgages are usually made up of a promissory note and a deed of trust. The promissory note is a type of legal contract with terms stating that one party promises to pay a specified amount of money to a lender within a given timeframe. A promissory note holds a borrower legally responsible for repaying the loan. Disputes may arise when the payor does not pay within the terms laid out in the contract and the lender exercised their right to take possession of the property referenced in the promissory note and deed of trust.
- Foreclosure actions. The process where a lender takes possession of a piece of real estate because the borrower has defaulted on their payments. Once the foreclosure process is complete, the lender most commonly sells the property at a public auction and uses the proceeds to recover their losses. If the sale of the property does not amount to as much as the lender is owed, the borrower may be required to make up the difference.
- Implied warranties. the seller makes an assurance about the quality of the goods, products, or services that the seller provides. A warranty is generally useful to a buyer because if the product fails to perform in the way that the buyer was led to believe that it would, the seller could be held legally accountable. Implied warranties automatically apply when the seller offers some product for sale, regardless of whether the seller says anything about the way in which the product will perform. Two of the most common implied warranties are for merchantability, and fitness for a particular use.
Services provided.
Florida attorneys are knowledgeable about the constant changes to real estate law and the market trends of a specific area. Either the seller or buyer should hire a real estate attorney to make certain the purchase of a property goes smoothly. They may provide both seller and buyer with transactional materials relevant to a sale for its conclusion and protect interests of either party when one reconsiders and wants to walk away from the agreement.
Legal transfer of property.
The duty of a real estate attorney is to guarantee the legal transfer of a property from a seller to a buyer and they are responsible for transporting the documentation between the two parties for the transaction to conclude as well as filing property titles and deed with the appropriate counties.
Legal Counsel, P.A.
189 S. Orange Ave., Ste. 1800
Orlando, Florida 32801
Phone: 407-982-4321
Sources.
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