Are you interested in the real estate market outside of simply owning a home? Do you want to buy a commercial property? Do you want to become a landlord? Are you ready to buy your first home? All of these are known as real estate transactions. These transactions can quickly fall apart due to various legal issues that arise in Florida.
A common issue centers around the zoning of the land. Someone might want to buy a property and then build a duplex or side-by-side residences not knowing that the zoning does not support this type of construction. This can quickly derail the transaction, especially if the buyer doesn’t want the property anymore since he or she cannot build what he or she intended.
Another issue is that the seller did not have the authority to sell the property. Some properties are placed into trusts. This means the trust owns it and not an individual person or business. If someone tries to sell the property, the trust will legally be able to stop the attempted sale.
The failure to put the entire transaction in writing can cause a lot of problems when selling real estate. For example, the seller said he or she would make repairs to the garage prior to closing. This needs to be in writing with a thorough explanation of what will be completed.
Many arguments during the sale of a property occur when the seller takes items from the home the buyer thought would remain with the property. These can include light fixtures, appliances, tools and more.
The legal issues presented today are just some of the problems that can go wrong with a St. Petersburg real estate transaction. Make sure you know the law and protect yourself when entering into a contract.
Source: Findlaw, “What is Real Estate and Real Property Law?,” accessed June 13, 2018