So You Want To Invest In Florida Residential Real Estate?
Buying your first piece of real property can be an intimidating event, particularly if you are looking to buy in a state where you do not currently live. If that state is Florida, enlisting a realtor and an attorney can help smooth out the purchase process – but it is still a good idea for you to be familiar with the little details. Understanding the basics can help save considerable time and trouble.
Take Advantage Of Homestead Laws
If you are planning to relocate to Florida, and are searching for a new home, understanding the state’s homestead provisions can help you both save money and choose the right place. Florida’s homestead law applies to a person’s primary residence of up to one-half acre in a municipality, or up to 160 acres in unincorporated land. The homestead is protected from sale by creditors , but not from liens such as those imposed by unpaid contractors or the Internal Revenue Service (IRS).
A homestead also offers a significant property tax break, as up to $50,000 of the homestead’s value can be exempted from assessment. However, one must also keep in mind that a spouse has an interest in a homestead property even if their name is not on the deed. So, for example, if you decide to transfer the homestead one day, via gift or sale, your spouse must consent before the transaction can proceed.
Know Your Rights As A Buyer
When you have decided on a potential home, it is crucial to ensure that you are aware of what you may and may not request from the seller. For example, Florida jurisprudence requires that sellers make certain disclosures about a property – specifically, if the seller knows facts about a home that would ‘materially affect the property’s value,’ and are not readily apparent to the buyer. If they fail to disclose, it is actionable after the fact.
Another common issue between buyer and seller is the question of whether title is marketable (that is, free of encumbrances). One might expect a seller to be required to present proof of this, but in Florida, the burden lies on the buyer to conduct a title search and purchase insurance before closing a deal. If a buyer does not do a full search and later discovers a cloud on the title, it is considered to be out of the seller’s hands in most cases.
Call A Tampa Real Estate Attorney
Purchasing a home is an enormous step, and familiarizing oneself with real estate law can be confusing and time-consuming. While it is a good idea to know the basics, a Tampa real estate attorney from the Seward Law Office can help handle the little details and smooth out the legal process as much as possible. Call our office today to schedule a consultation.
Source:
leg.state.fl.us/Statutes/index.cfm?Mode=Constitution&Submenu=3&Tab=statutes&CFID=241755126&CFTOKEN=32602505#A10S04
