Florida Keys Personal Injury Claims Attorney | South Florida Construction Contract Lawyer

    Hershoff, Lupino & Yagel, LLP
   90130 Old Highway
   Tavernier, FL 33070

   phone: 305-852-8440
   fax: 305-852-8848
    email us

Real Estate Information

Home Closings - Commercial Closings - Tavernier, Key Largo, Marathon, Florida

Recently, mortgage rates have been at their lowest level in 40 years. Lower mortgage rates can save you thousands of dollars over the life of a mortgage loan. Many people are using these lower rates as an opportunity to enter the housing market or to move into a larger home. If you are a first-time buyer or have decided to "trade up" during this period of relatively low rates, contact an experienced residential real estate attorney to assist you in negotiating and closing your transaction. Good legal advice is the best way to protecting yourself, whether you are buying, selling or developing real estate.

When you are buying or selling a home or commercial property, you need to make sure that all the documents involved are accurate and that they meet your needs and expectations. The experienced real estate lawyers at the law firm of Hershoff, Lupino & Yagel, LLP, will review every document, help you negotiate the contract, take care of any changes you need in real estate closing documents, and issue title insurance.

If you have a home closing or a commercial closing scheduled, make sure you have the right lawyers. The experienced real estate lawyers at Hershoff, Lupino & Yagel, LLP, represent clients throughout the Florida Keys and South Florida including Key West, Key Largo, Islamorada, Marathon, Tavernier, Plantation Key, and Monroe County.

Real Estate - An Overview

Real estate law includes both federal and state issues, with the state-level rules varying widely from jurisdiction to jurisdiction. These state and federal laws encompass everything from ownership of land and buildings to related issues such as financing, leasing, construction, taxes, environmental rules, and a multitude of others. A competent and experienced real estate attorney can protect a party's interests in both routine and complex transactions and disputes.

Glossary of Real Estate Topics

Real estate law includes lots of jargon and "legalese" that can be intimidating or at least confusing, especially to first-time homebuyers. An attorney with experience in real estate law can help a buyer or seller understand the terms and concepts pervasive in real estate. Read on to learn more about the terminology of this specialized area.

Frequently Asked Questions about Real Estate

Q: What is "real estate"?

A: Real estate (also called "real property") refers to land and things attached to land. For most consumers, real estate consists of their home and the lot surrounding it. Commercial real estate may include factories, equipment, and other facilities. In addition to buildings and equipment, resources existing on (or under) the land, including minerals and gas, are part of real estate. Some of these aspects of real estate can be sold separately; for example, a farmer could sell the mineral rights to a specific field to a mining company while retaining the right to farm the surface.

Q: What are deeds for?

A: Deeds transfer and document ownership of real estate. A deed contains the names of the old and new owners, a legal description of the property, and is signed by the person transferring the property. The different kinds of deeds, such as a quitclaim deed, a grant deed, or a warranty deed, transfer different interests. For example, a warranty deed assures the buyer that the seller will defend his title to the property from all other persons. A quitclaim deeds conveys only whatever title the seller owns, with no warranty against the claims of others. A warranty deed provides a buyer with the most legal protection.

Appraisals: An appraisal is the estimate of value of real property made by a third party not involved in the transaction, usually comparing the sales price to the value of similar properties in the area. Mortgage lenders usually require an appraisal before they will make a loan.

Assessments: An assessment is a charge for improvements completed by the local government that are beneficial to adjoining property (such as sidewalks or road work). The assessment is each benefited property owner's proportional share of the cost of the improvement.

Deeds

Usually deceptively short, a deed is an unassuming piece of paper that has a big legal impact. A deed documents the transfer of ownership of real estate, and no real property transaction is finished until the deed is delivered to the buyer. A finished deed includes the names of the buyer and seller and the property's legal description. The deed is signed by the person transferring the property, and may make that person responsible to the buyer for other claims against or conditions on the property. A knowledgeable real estate attorney can review the deed to ensure that it is accurate and properly executed.

Deed Requirements

A deed for property must always be in writing, and it must follow state laws for property transactions. Different states may require different deed language or forms or even paper sizes, so it's important to make sure the rules are followed. While not strictly required, it is a good idea to record a deed to make the ownership change a public record.

Home Inspections

Buying a home can be stressful and time-consuming. Obtaining a home inspection can take some of the worry out of the process. An independent home inspector will give a buyer a complete picture of the condition of the property he or she is considering buying. Most houses are not perfect, and the inspector's detailed report gives the buyer an unbiased evaluation letting him or her know what needs work now and what will probably need work in the near future. Obtaining a home inspection and reviewing the results with an experienced real estate attorney can put a home buyer in the best position to negotiate his or her purchase.

The Inspection

The type of inspection that a buyer needs depends on many factors. Of course, every buyer should make his or her own basic inspection. A buyer should also obtain a professional whole-house inspection by a reputable person in order to uncover defects that may not be readily apparent. If the buyer is using an FHA or VA loan, a third, somewhat less thorough, inspection occurs at the time of the appraisal. The appraisal required by the lender is not as thorough and focuses on the value, not the condition, of the property. It does not substitute for an inspection.

What to Expect at Closing

A closing, or settlement, is the meeting during which ownership of the property is officially transferred from the seller to the buyer. The buyer and the seller, their attorneys, both real estate sales professionals, a representative of the lender, and the closing agent typically attend the closing. The closing involves settling any open issues, balancing and verifying an often-complex closing statement, and signing all documents necessary to complete the transaction. An attorney with experience in closing real estate transactions will advise you at closing to ensure that your rights are protected.

Closing Costs

Closing costs are one of the least-understood aspects of the home purchase procedure. Although a good closer will take time to walk a buyer through the numbers, an experienced attorney will provide additional insight and verify that the costs are being appropriately allocated between the buyer and the seller.

Real Estate Resource Links

U.S. Department of Housing
This general site for the U.S. Department of Housing and Urban Development contains information on homes and communities.

National Association of Realtors®
This website of the National Association of Realtors® contains information about the real estate industry, including a section on real estate law and policy.

Yahoo! Real Estate
This site includes numerous real estate related resources, including links to information about buying, selling, financing, and improving real property.

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