Florida is known for its variety of homes, peaceful neighborhoods, and spacious lands to build different types of property. Since Florida is one of the country’s most lucrative states, several individuals desire to buy a property and settle down in the sunshine state.
However, each state imposes its regulations when it comes to investing in the real estate market. As a result, different rules may appear when purchasing or selling types of property in Florida. For instance, prices of land may fluctuate everyday or your home may suffer damages due to circumstances beyond your control.
We know that those situations may sound quite worrying. However, there is a solution to these complexities. By seeking the expertise of a qualified attorney, you will receive the best guidance on how to invest in real estate in Florida.
Throughout this article, we will discuss the different real estate regulations in Florida and the advantages of hiring a real estate lawyer.
What Is Real Estate?
Real estate is real property that consists of land and improvements such as buildings, fixtures, roads, structures, and utility systems. Buying a property will grant you the title of ownership of the space. This means that you will be the owner of the land and natural resources surrounding the area such as minerals, plants, animals, and water. Furthermore, you will be allowed to renovate and improve your property as well.
Real estate covers 4 types of property. They are land, residential, commercial, and industrial property.
- Land generally refers to undeveloped or vacant spaces, farms, and ranches. Developers acquire this space, combine it with other properties, and rezone it in hopes of increasing the value of the land.
- Residential real estate refers to developed land utilized to live, sell, and buy. This type of real estate covers single-family houses, condominiums, townhouses, and multi-family houses. This is the most common type of real estate in the United States.
- Commercial real estate refers to property used for business purposes. Commercial real estate also includes shopping centers, malls, supermarkets, educational buildings, hotels, and offices.
- Industrial real estate covers buildings utilized for production, distribution, research, and storage of goods. Industrial real estate includes manufacturing buildings, factories, and warehouses.
Understanding Real Estate Law in Florida
Real estate law, also known as property law, generally refers to the mandates that regulate the ownership or use of land in the United States. Real estate law is a branch of civil law that mandates the right to possess, utilize, purchase, and sell land and the permanent man-made additions attached to it.
Real estate law covers a series of related issues surrounding the property such as:
- Rights and interests in real estate and real property,
- Sales, purchases, and other transactions of real estate,
- Legal aspects of rental property and landlords,
- Tenants’, renters’, and homeowners’ rights,
- Settlement of claims against property rights,
- Property development,
- Zoning and land use,
- Related agriculture issues,
- Home loans and foreclosures.
In order to maintain real estate transactions free of dishonesties, the State of Florida has imposed 4 main regulations:
- Florida Homestead Laws: These mandates prevent individuals from losing their homes if there is a disclosure or change in economic stature. In addition, these regulations allow people to register a limited portion of their property as “homestead”. Unlike other states, Florida homestead laws do not state a maximum value that can be designated. Moreover, with Florida’s homestead exemption, you can protect the complete value of your home if you file for bankruptcy, however, there are limits on total acreage.
- Florida Lease and Rental Agreement Laws: These establish limits on security deposits and time limits for the return of the deposits. These laws do no limit the number of security deposits but forbid any type of discrimination or breach of contract from any party.
- Florida Adverse Possession Laws: When individuals move into a damaged property, they defend their interests in performing changes in the space. Furthermore, these mandates grant people the title to the property after renovating it.
- Florida Statute of Limitation Laws: These determine the amount of time that clients are given to file a lawsuit for personal injuries, damaged property, trespassers, theft, and more. In Florida, damaged property claims must be filed within 4 years after the incident.
Why You Should Hire a Home Insurance Lawyer in Florida
- A qualified attorney possesses the skills to negotiate with insurers. They can review the contract and verify that there aren’t any schemes that may jeopardize your interests.
- It is significantly important to develop background checks before purchasing a property. For that reason, home insurance lawyers can assist you in developing background checks in hopes of effectively buying a property.
- Realtors and sellers often are more inclined to sell properties to people who are represented by lawyers.
- Attorneys can help you with disputes after a contract breach. In addition, they can assist you with different issues such as:
- Claims concerning statutory building schemes and easements,
- Condominium Disputes,
- Damage to the property,
- Mortgage enforcement and foreclosure.
- Lawyers can also facilitate title searches. These are crucial when it comes to negotiating because they help you identify the individual with whom you should be doing business. For instance, if the person selling the property does not possess the authority to do so, the entire negotiation can be nullified.
Hire an Attorney Right Now!
We thank you for taking your time in reading this article. This information was brought to you by the best law firm in Florida. We hope that you are more knowledgeable about what real estate in Florida is all about. Remember, there are several factors that may compromise the purchase of the house of your dreams. That is why you should not hesitate in hiring a lawyer. Contact one right away!