Real Estate Law FAQ
Navigating Florida Real Estate Transactions and Disputes
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- The Law Offices of Travis R. Walker, P.A. Assists with Florida Real Estate Matters
- Do I Need an Attorney for a Real Estate Transaction in Florida?
- What Is Title Insurance and Why Do I Need It?
- What Is the Difference Between a General Warranty Deed and a Quitclaim Deed?
- What Are Seller Disclosure Requirements in Florida?
- What Are Common Issues That Can Delay or Derail a Florida Real Estate Closing?
- What Is a 1031 Exchange and How Does It Work?
- What Are My Rights as a Tenant in Florida?
- What Is a Mechanic’s Lien and How Can It Affect My Property?
The Law Offices of Travis R. Walker, P.A. Assists with Florida Real Estate Matters
Our real estate attorneys help buyers, sellers, landlords, tenants, developers, and investors throughout Treasure Coast, FL navigate Florida’s real estate laws. Below are the most frequently asked questions we receive about real estate law in Florida.
Do I Need an Attorney for a Real Estate Transaction in Florida?
Florida does not legally require buyers or sellers to have an attorney for a residential real estate transaction. However, having an experienced real estate attorney review your contract and handle your closing is strongly advisable. A real estate contract is a legally binding document with significant financial consequences. An attorney can identify unfavorable terms, ensure contingencies protect your interests, review title searches, and resolve any issues before closing. The cost of an attorney is almost always worth the protection they provide.
What Is Title Insurance and Why Do I Need It?
Title insurance protects against defects in the title to real property, such as prior liens, encumbrances, fraudulent prior deeds, errors in public records, or undisclosed heirs who may claim an interest in the property. In Florida, there are two types of title insurance: a lender’s policy (which protects the mortgage lender) and an owner’s policy (which protects the buyer). Unlike other forms of insurance, title insurance protects against past events that may affect your ownership rights. An owner’s policy is a one-time premium paid at closing and provides coverage for as long as you own the property.
What Is the Difference Between a General Warranty Deed and a Quitclaim Deed?
A general warranty deed provides the buyer with the strongest form of protection, as the seller warrants that they hold clear title to the property and will defend against any claims arising from defects in the title going back to the property’s origins. A quitclaim deed transfers only whatever interest the grantor has in the property, without any warranties. Quitclaim deeds are commonly used in transfers between family members or in divorce proceedings, but offer no protection to the recipient if title problems arise later.
What Are Seller Disclosure Requirements in Florida?
Florida law requires sellers of residential property to disclose all known material facts or conditions that are not readily observable and that could affect the value of the property. This duty to disclose applies even if the buyer does not ask about the specific condition. Sellers are required to disclose issues such as roof leaks, mold, foundation problems, sinkholes, flooding history, termite damage, and other significant defects. Failure to disclose known material defects can expose the seller to rescission of the sale and damages.
What Are Common Issues That Can Delay or Derail a Florida Real Estate Closing?
Several issues commonly arise that can delay or prevent closing, including:
- Title defects or unresolved liens on the property
- Survey issues, boundary disputes, or encroachments
- The buyer’s failure to obtain financing approval
- Failure of the property to appraise at the contract price
- Unresolved inspection issues or repair disputes
- Homeowners’ association approval delays
- Outstanding code violations or unpermitted work
What Is a 1031 Exchange and How Does It Work?
A 1031 exchange (named after Section 1031 of the Internal Revenue Code) allows a real estate investor to defer capital gains taxes on the sale of an investment property by reinvesting the proceeds into a like-kind replacement property. Strict timing rules apply: you have 45 days from the date of sale to identify potential replacement properties and 180 days to close on the replacement property. A qualified intermediary must hold the proceeds between transactions. An attorney can help you navigate the 1031 exchange process and avoid mistakes that could disqualify the exchange.
What Are My Rights as a Tenant in Florida?
Florida law provides tenants with specific rights, including the right to a habitable dwelling, proper notice before entry by the landlord, and specific procedures that must be followed before eviction can occur. Landlords must provide written notice of at least 3 days (non-payment of rent), 7 days (lease violation), or 15 days (month-to-month tenancy termination), depending on the reason for termination. Landlords who engage in self-help evictions — such as changing locks or removing belongings — without going through the court process can face significant legal liability.
What Is a Mechanic’s Lien and How Can It Affect My Property?
A mechanic’s lien (also called a construction lien) is a legal claim that contractors, subcontractors, suppliers, and laborers can place on your property if they are not paid for work or materials provided. Florida has specific procedures and deadlines governing the filing and enforcement of construction liens. As a property owner, you can protect yourself by requiring a contractor to provide a list of all subcontractors and suppliers, obtaining lien waivers as payments are made, and working with an attorney before undertaking significant construction projects.
Contact The Law Offices of Travis R. Walker, P.A. to speak with an experienced Florida real estate attorney about your transaction, dispute, or concern.
