This post updates our April 8, 2020 Post about the state of professional sports as a result of the COVID-19 pandemic. In our last post, we discussed the proposals that the NBA and MLB were discussing on how to restart the season. This post will discuss certain sports restarting their seasons.
As a result of the COVID-19 pandemic and Florida’s Safer at Home Order, according to the Florida Department of Economic Opportunity, the state has received 1,025,657 unique unemployment claims and has so far paid 452,526. The Miami Herald Article going into further detail.
It is very important to hire an experienced bankruptcy attorney to assist you in determining whether it would be proper to file a Chapter 7 (liquidation) or a Chapter 13 (repayment plan for wage earners). For more information, please contact the experienced bankruptcy attorneys at The Wallace Law Group with a convenient office location in Boynton Beach representing clients in Boynton Beach, Delray Beach, Boca Raton, West Palm Beach, Greenacres, Wellington, Fort Lauderdale, Coral Springs, Deerfield Beach, Parkland, Hollywood, Weston, Aventura, Miami, Miami Beach.
This will be the first in a series of blog posts that document the gradual reopening of Florida business and amenities with a spotlight on Palm Beach County, Florida where The Wallace Law Group, PL is located.
This Blog Post will provide 5 Tips to Purchasing a home in Florida provided to you by our Florida Bar Board Certified Attorney Steven Wallace, Esq.
Tip#1-Hire the Right Agent
Before you start going crazy looking at homes for sale in Florida on Zillow and Trulia, take a step back and hire an experienced real estate agent for the particular area that you are looking. Not everything has to be purchased over the internet and your new home certainly shouldn’t be one. Realtors have access to the most up-to-date listings and some that may not be featured on websites. They also might provide a lot of insight into options for your new home.
Tip#2–Consult with an Attorney
Once you have found your new dream home, you are ready to submit an offer to the property’s owner. Purchasing a new home is often the largest financial decision/obligation a person does in their lifetime. Although real estate agents are generally very knowledgable about your transaction, understanding all of the legal and financial terms of Florida real estate are overwhelming for even the most astute person. As such, it is always a good idea to have a knowledgable real estate attorney review your offer before it is signed or have the offer subject to your attorney’s review.
Tip#3–Always Hire a Property Inspector
Another major mistake that many parties make in purchasing real estate is that fail to have a property inspection conducted. A property inspector can often find repair issues that are not visible to the naked eye.
Tip#4–Understand All of the Costs of Homeownership (a/k/a Don’t be House Poor)
In addition to our firm’s vibrant real estate practice, we represent many clients that are having difficulty paying their debts as they become due and many end up filing for bankruptcy. Most of those clients fail behind on their obligations as a result of purchasing a home that utilize a good portion of their monthly income to maintain. Consequently, we always recommend that our clients try to have their monthly housing payment (principal, interest, taxes, insurance and condo/hoa payment) not exceeds 28% of their income if possible.
The costs of owning a home exceed your mortgage payment (if any), real estate taxes, insurance and HOA/Condo fees. This is even more important when you are purchasing a resale, do you know what the utility bills will be monthly? Do you know what the monthly landscaping and other home maintenance costs will be?
Tip #5–Always purchase title insurance
Title insurance is available to purchasers of real estate at closing and extremely important. Title insurance protects the purchaser against any “clouds on title” (i.e. unpaid liens or mortgages, other people claiming ownership of the property, errors in deeds).
For any questions about real estate, please contact the experienced real estate attorneys at The Wallace Law Group with a convenient office location in Boynton Beach representing clients in Boynton Beach, Delray Beach, Boca Raton, West Palm Beach, Greenacres, Wellington, Fort Lauderdale, Coral Springs, Deerfield Beach, Parkland, Hollywood, Weston, Aventura, Miami, Miami Beach.