Real Estate

Contract Overview

Most realtors and real estate agents use a real estate sale contract that is standardized and uniform. However, when you hire a Florida real estate attorney, your attorney typically drafts the contract so that he can control the terms, conditions, and wording to protect his client.

Regardless of whether you use a form contract, or your attorney drafts a detailed contract, several items shouldbe included in every real estate contract in Florida:

• Specify the seller and the buyer;

• Date contract was drafted;

• Provide a specific, detailed description of the property being transferred;

• Identify any personal property that remains with the property and transfers with the property to the new owner;

• Purchase price and escrow amount;

• Date of closing and place of closing; and,

• The dated signatures of all parties to the real estate transaction.

In addition to the common terms in a contract for sale, you usually have other terms and conditions specific to your real estate transaction. For example, an “as is” contract typically means that you accept the property just as it is right now. You do not expect the seller or anyone on his behalf to make repairs or do anything to the home except clean out the property that is not being transferred with the house. You may also add contingencies such as selling your current home, clean inspections (i.e. roof, termites, foundation, HVAC, etc.), obtaining financing, and a clear title search.

In addition, other details that you need to ensure are included in a real estate sale contract include:

• Submission of copies of Homeowners' Association or Condominium Association documents, including Restrictive Covenants for the neighborhood, before closing

• Payment of closing costs

• Drafting the deed

• Closing attorney

• Title Insurance

• Earnest deposit information

• Pro-ration of real estate taxes and assessments

• When possession of the property will be transferred

• Final inspections

• Fixtures and improvements included in the sale of the property

• Any other special conditions that you and the other party agree to as part of the transaction

Enhanced Life Estate Quit Claim Deed

Florida Enhanced Life Estate Quit Claim Deed (Lady Bird Deed)

The attorney at The Wilson Advocacy Group, P.A.  have created a Florida Enhanced Life Estate Deed, which is also known informally as Florida “Lady Bird” deed. The Florida Enhanced Life Estate Deed is a great estate planning tool because it allows a person to qualify for Medicaid and keep the homestead. Often using a regular life estate deed can disqualify a person from long-term government assistance.

How The Florida Life Estate Deed Works

A Florida enhanced life estate deed is similar to a traditional life estate deed but has some key distinctions. Think of a life estate deed as a type of payable on death bank account. The person that owns the home has a life estate interest in the house. This means that he or she can live and use the house for the rest of that person’s life. In Florida, a homestead is usually an exempt asset if a person needs Medicaid or nursing home assistance. Once this person dies, the house automatically transfers to a beneficiary without the need to spend thousands to open a probate for the home, which is just like how a payable on death account works.

A house that transfers through a life estate deed completely avoids probate, so there is no court administration needed. The life estate deed states what person will receive the house when the deed’s creator passes away. While the deed’s creator is alive, the beneficiary is known as the remainderman. This person has a contingent or “remaining” interest in the house but no interest while the life estate holder is alive.

 Foreclosure Litigation

All commercial foreclosures begin with the lender filing a complaint with the clerk of the court. Within the complaint, the lender will seek a foreclosure on the property and damages they incurred as a result of the defaulted loan. The lender may also include a receivership clause that allows a receiver to take control of the property, and the assets related thereto. Once the complaint is filed, the lender will then serve you or your business with a copy of a summons and the complaint. You have 20 days to respond to the complaint and if you do not, the lender will likely obtain a default judgment of foreclosure. After a default judgment has been issued, it is extremely difficult to defend the case.

Even if you respond to the lawsuit, the lender will still likely try to obtain a summary judgment from the court. They will argue that there are no arguments pertaining to the facts of the case and the law and so, there is no need for a trial. If there is a question of fact ,the borrower may file an affidavit in opposition to the lenders motion for summary judgment and will prevent the foreclosure of your property. The lender will not be able to foreclose the property unless they prevail at trial and are able to prove their case.

Defenses to Commercial Foreclosure

Facing a commercial foreclosure is scary, but it is not hopeless. There are many defenses available that will allow you to challenge the case of the lender. The most common defenses used in commercial foreclosure cases are as follows:

• Usury, or the lender charged an unreasonably high interest rate
• The absence of a default
• The statute of limitations has expired
• Fraudulent inducement
• Lack of notice or defective notice
• Lender cannot prove they own the loan

After a Florida foreclosure lawyer has reviewed the facts of your case, they will determine which defense strategy is most appropriate for your case.

Purchase and Sale Agreement

When you enter a Purchase/Sale Agreement, many terms and conditions must be negotiated with the other party. Some of the terms of a real estate contract include the sales price, ownership interests, inspection periods, closing costs, financing, zoning and environmental issues, and contingencies. A real estate lawyer assists with the negotiations, but he also explains the legal consequences of the contract. He can help you determine the best way to take title to the property based on your unique financial position.

Many of the terms in a sales contract can have serious legal consequences. You need to understand each term and condition fully before signing the contract,or you could lose money on the deal. Your Daytona real estate lawyer ensures that there are no vague or unclear terms in the contract that could cause a dispute or issue during the transaction.

Quit Claim Deed

A quitclaim deed in Florida is a legal document that transfers whatever title a grantor has in real property to someone else. The person receiving the property is called a grantee.

The quality of title the grantee receives depends upon the title in the hands of the grantor. If the grantor has good and marketable legal title to a property, free and clear of all liens and encumbrances, then the Florida quitclaim deed will transfer good and marketable title to the grantee. However, if the grantor owns a property having defects in the chain of title or liens on the property, then the quitclaim deed conveys the same title problems to the grantee.

Florida Quit Claim Deed Rules and Requirements

Under section 695.26 of Florida law, a Florida quit laim deed must include:

• Grantor. The current owner of the property.
• Grantee. The person receiving the property.
• Consideration. The amount of money received by the grantor in exchange for giving the property to the grantee.
• Legal Description. A formal written description used to identify the property. Note this is not the USPS address.
• Signature of the grantor. But not the grantee.
• Signatures of two witnesses.
• Signature of a notary.