Due to tough economic times and a difficult housing market, many homeowners are facing foreclosure, or otherwise find that they cannot sell their house for what it is worth. If this happens to you, you might be considering what is termed a “short sale.” If you are going to buy or sell a short sale property, it is important to understand both the benefits and drawbacks that a short sale provides.
What is a Short Sale?
Simply put, a short sale is when the seller’s lender agrees to sell the property..
In real estate law, a “cloud on title” refers to a problem (or potential problem) with the title of a piece of real property. Some “clouds,” result in title deficiencies that would render the title unmarketable. In a Florida real estate transaction, an unmarketable title results in the buyer being able to back out of their contract to purchase the property, and may allow for them to recover certain costs from the seller.
If you’re buying or selling real estate in Florida, the law doesn’t require that you hire an attorney to attend the closing. However, regardless of whether you’re the buyer or the seller of the property, there are many reasons why it’s a good idea to have an experienced Florida real estate lawyer represent you when closing a real estate transaction.
Real estate sales involve many complex issues and intricate legal documents. It’s important that you clearly understand all aspects of the sale as well as every document that you sign. If you have questions during a real estate closing, you may be able to get these answered by the..
If you’re buying or selling property in Florida, it’s important to understand what the real estate closing process will entail. Although there can be slight variations in the specifics of a Florida real estate closing, the process generally follows the procedure described below.
Once the buyer and seller reach an agreement on the terms of the sale, and sign a purchase agreement, the buyer generally makes a deposit to the escrow account. Next, the buyer or their lender will request a title from the real estate closing agent who is handling the transaction. In Florida, either a title company or real estate attorney can act as the