For Sale By Owner Transactions
Reliable Real Estate Lawyers Offer Guidance on Selling Your Home
At Boss Law, we know buying a home is a major investment, which is why
we understand that our clients want to sell their property for as much
money as possible. Although people often try to cut costs when they sell
their homes, real estate transactions in the state of Florida can be extremely
complicated if you aren’t familiar with the process or this area of law.
What to Consider When Selling a Home Yourself
If you are selling your home, our St. Petersburg attorneys offer the following
Mandatory Real Estate Disclosures
If you are selling property in Florida, then you must disclose any facts
or conditions about the property that can have a substantial impact on
its value or desirability. Sellers in Florida must disclose dangers linked
to radon gas and information about any mandatory membership and monthly
fees if the property is in a community regulated by a condo or homeowner's
If you are selling coastal property, then Florida Statutes §161.5
states that you must disclose the potential for erosion and that the property
might be subject to regulations regarding construction, rigid coastal
protection structures, beach nourishment, and the protection of marine turtles.
Although many buyers might want to know if a property they are considering
has been the location of a homicide, suicide, or death,
Florida Statute §689.25 states that sellers are not required to disclose this information because
it is not considered a material fact.
Title Search & Insurance
A title search determines the legal status of a property and if there are
any liens, encumbrances, or mortgages on the property. It essentially
verifies whether the seller has the right to transfer ownership. A title
search can range from $300 to $600.
Although the person responsible for paying for title insurance searches
varies depending on the county, title costs can be negotiated in the contract.
In general, the seller pays for the title insurance and chooses the title
company, but sometimes, the parties agree to split the costs.
Purchase documents for residential real estate deals generally include
Closing Disclosure: This document details all closing costs for the buyer and the seller.
Buyers must have this document at least three days before closing so they
have enough time to ask questions and resolve any issues before signing.
The Deed: This document is the legal description of the property. After it is signed,
it must be filed with the county recorder of deeds to officially transfer
the property from the seller to the buyer.
The Bill of Sale: The bill of sale lists all property being transferred from the seller
to the buyer. this includes items like furnishings, appliances, light
fixtures, water features, and security systems.
Seller’s Affidavit: As a seller, you must provide the buyer with a notarized statement attesting
that they have rightful ownership of the property. The seller’s
affidavit also states any potential claims on the title, such as outstanding
leases, liens, boundary line disputes, or pending sales contracts.
Abstract of Title: The abstract is a summary of the public records for who can claim ownership
over the property. This document should be carefully examined. Even with
a title search, the buyer is still liable for any claims that are made
on the property.
Tax Declarations: Buyers and sellers must pay taxes whenever a property is sold. The documentary
stamp tax is due when the deed is filed with the county clerk. Additionally,
there is a proration agreement that states how much the buyer and seller
will pay to split the outstanding property taxes.
Why Do I Need a Real Estate Attorney?
Although you hope your real estate transaction goes smoothly, there are
a variety of unexpected issues that can arise an negatively impact the
sale. That is why it is important to seek guidance from a qualified
real estate lawyer who can help you draft, review, and file all of the necessary legal paperwork.
Our knowledgeable lawyers at Boss Law can ensure your transaction complies
with all of Florida's real estate laws. We will take the time to become
familiar with your situation so that we can deliver comprehensive legal
representation that is tailored to your unique needs. We make it our mission
to get you top-dollar value for your real estate transaction, so please
don’t hesitate to get in touch with our firm so we can put our skills
and resources to work for you.
Call our law office today at
(727) 877-3188 get started on your