Free Webinar
Our firm is proud to offer a Free Webinar on Monday, June 1, 2020 at 2pm. The topic of our webinar will be a very timely one: Legal Pitfalls of Distressed Real Estate Transaction.
The link to our Webinar is here
Our firm is proud to offer a Free Webinar on Monday, June 1, 2020 at 2pm. The topic of our webinar will be a very timely one: Legal Pitfalls of Distressed Real Estate Transaction.
The link to our Webinar is here
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.
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.
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.
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.
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?
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.