We believe that you are here because you wish to become a homeowner. Knowing the necessary regulations is highly important when purchasing real estate. The real estate market changes on a regular basis, thus prices of households tend to fluctuate.
For that reason, you will need the help from a residential real estate law firm in Florida. Attorneys are highly trained experts, who will guide you through the complexities surrounding the purchase of real estate. We urge you to join us for a detailed explanation of the legal standards of residential real estate, and the benefits of having a competent attorney on your side.
Real Estate Law
Real estate law, also known as property law, is the regulation that governs the different forms of ownership of personal property. Property refers to legally protected claims and resources, such as land and personal property. Property can also be exchanged through contract law, and if for whatever reason that space is violated, individuals can file a lawsuit to protect it.
Residential real estate is a legal term used to define leaseholds, and homes, such as condominiums, townhouses, single-family houses, or multi-family houses. Residential property is for non-business use, and is instead designed to provide individuals a place to live in. Furthermore, property, such as hotels, campgrounds, and other temporary living spaces are not considered residential property. These places are categorized as commercial real estate.
Residential Real Estate Regulations
Residential real estate laws can vary depending on the state you live in. For that reason, it is important to receive legal advice from a lawyer.
Here are some of the real estate regulations within Florida:
- Florida homestead laws state that you can protect the entire value of your home if you file for bankruptcy, although there are some limits on total acreage. Homeowners may exempt an unlimited amount of value in their home, or other property covered by the homestead exemption. However, the property cannot be larger than half an acre in a municipality, or 160 acres elsewhere.
- Leases and rental agreement laws are governed by state laws, which define limits on security deposits, and other provisions. These regulations also prevent discrimination from landlords. Florida leases and rental agreement laws do not place limits on the number of security deposits, but prohibit all the same types of discrimination stated on the Fair Housing Act.
- Adverse possession laws establish that if an individual moves into a neglected, or deteriorated property, and improves it, he/she can be granted title to it after a period of time.
- Civil statute limitation laws seek to create fairness when it comes to filing lawsuits for physical damages suffered in someone else’s property. Potential defendants should be put on notice that they might have committed some harm against another party, but not have a legal matter hanging over their head indefinitely.
- Legal expertise: Lawyers have a vast understanding of the procedures needed to purchase residential real estate. They offer consultations, representation, and other legal services for you to be more aware of the fluctuations on the real estate market.
- Filing paperwork: Attorneys from a residential real estate firm can help you file the pertinent documentation to complete the sale and purchase of a property. They also value your time and will file your paperwork on time according to legal deadlines.
- Contract concerns: Real estate lawyers can help you comprehend the legal jargon written on contracts. Also, they will ensure that you understand all terms within the contract, and advise you if any of these are potentially detrimental.
You have learned the legal concerns regarding the purchase or selling of a property. For that reason, if you are about to purchase a household, you will need legal advice from a residential real estate law firm in Florida. All you need to do is pick up the phone, and make the right call!