Avoiding Legal Issues How to Avoid Legal Issues when Buying or Selling Your Home

If not properly taken care of, the legalities surrounding a large financial investment from one party to another can become very problematic.

Educate yourself to avoid making legal mistakes, like the following:

Make sure that the brokerage agreement covers all bases so that you can rest easy during this process.

Many real estate agents use standard forms to be thorough, but this practice can backfire. Oftentimes, key information is left out of these agreements, which could leave you liable to pay a commission even if a sale falls through.

The Purchase Agreement: The Most Important Document in the Transaction Various legal questions may need to be tackled in the purchase agreement, for example:

If the buyer plans to change the property, can that be done lawfully? What are the ramifications for buyers if a home inspector inspects the property and dangerous materials like termites, asbestos, radon, or lead-based paint are discovered? If the property is discovered to hold hazardous waste, what would happen next? If the closing does not occur, what legal penalties will result, and what happens to my down payment? Do the escrow instructions state that a lawyer will hold the down payment in escrow? In what ways can the payment be made? Before a buyer obtains financing from a lender for most of the purchase price for a home, the purchase agreement should have a provision specifying that the buyer will get pre-approval for financing.

To avoid any legal issues when buying or selling a home in Florida, call us at 407-791-4713. We will be more than happy to provide you with a complete guide.