| Legal Considerations |
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| Written by Administrator |
| Sunday, 08 October 2006 23:32 |
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Will I need a lawyer? Not usually as the Title Attorney will handle the transaction for you. When you buy a property you take out Title Insurance, which protects you from faults in the Title described on the Schedule. Are property sales regulated in Florida? Yes, the Florida Real Estate Commission oversees every real estate transaction. How do I know that the agent is reputable? Real Estate agents must be qualified and licensed to work in Florida. Ask to see his/her licence if you wish. What is the legal buying procedure in Florida? A Title Attorney takes the title from the seller, checks that it is free and clear (no mortgages, liens etc.) and then conveys it to the buyer. The Title Attorney also ensures the financial transactions are in accordance with the Contract and Agreements relating to the purchase. What is a Title Attorney? He is a totally independent lawyer who acts for both sides of the transaction. Who hold the Title Deeds? The Title Attorney will hold them until closing when they are handed to the purchaser. Where is the mortgage recorded? At the Public Records Office. This ensures that all legal charges are identifiable and can be cleared before resale. What happens after the closing? You, or your agent, are given the title deeds and keys to your home (even if there is a mortgage). Please note the deeds can take up to 6 months to be received especially if the property is new. |
| Last Updated on Thursday, 19 February 2009 10:16 |
