Here we, KALIS & KLEIMAN P.A., provide written and audio answers to frequently asked real estate questions. For Attorney Neal R. Kalis' audio reply, click on the play arrow.
(The reader should not consider this information as specific. Anyone viewing this website should obtain specific advise pertaining to his/her particular situation and all cases.)
Q: What is real estate?
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 components of real estate can be sold separately.
Q: What are deeds for?
Deeds indicate, and are generally required to transfer, ownership of real estate. A deed contains the names of the old and new owners and a legal description of the property and is signed by the person transferring the property. The different kinds of deeds, such as the warranty deed, quit claim deed and grant deed, transfer different interests in property. For example, a seller conveying property by a general warranty deed assures good and marketable title to the buyer and will defend the tile to the property from all persons. In contrast, a seller conveying property by a quit claim deed conveys only what title the seller may have to the property, with no warranty as to ownership or defects in the title.
Q: What is a disclosure statement?
A disclosure statement is a form some states require a property seller to complete and provide to the buyer, disclosing certain defects and other information about the property. The disclosure requirements vary by state.
Q: What are some typical restrictions imposed on property owners?
Real estate owners can't do whatever they want on their property. Federal laws provide environmental restrictions, while local ordinances control everything from noise levels to fence height. Local law is also the usual source of zoning rules, which limit the uses of property in certain areas. State laws typically regulate who can access property and how boundaries are established and changed.
Private agreements and other restrictions may also control property use. For example, a development may contain restrictive covenants regarding lot size, architectural design, vehicle parking, and other details.
Q: What is joint tenancy?
Joint tenancy is an arrangement in which more than one person owns a piece of property. Many spouses own their property as joint tenants, with equal shares in the property. Joint tenancy can include a right of survivorship, which allows the property to transfer to the other tenants when one joint tenant dies.
Joint tenancy is just one way that people can hold property jointly. Tenancy in the entirety is similar to joint tenancy, except each spouse holds an undivided half of the property. Tenants in common can own unequal shares of property and is a common way for commercial partners and cohabiting unmarried couples to hold property.
An attorney can help a real estate purchaser to determine which form of ownership is most beneficial under his or her specific circumstances.
Q: What happens to a deed after it is signed and notarized?
A signed deed should be recorded, or filed, in the appropriate land records office, usually in the county in which the property is located. The office, which has a different name in different states, is typically called the County Recorder's Office, the Land Registry Office, the Registrar, or Register of Deeds. To record the deed, a person must deliver the signed, original deed to the land records office, and the clerk will stamp the deed with the date and officially record the transaction. The county will charge a small fee to record the deed. Recording the deed gives public notice of the change in ownership and the interests in the property.
Q: What happens in a mortgage foreclosure?
If a homeowner fails to make mortgage payments, the lender may foreclose on the property. Depending on state law and the terms of the mortgage contract, the lender may do a statutory foreclosure without going to court or a judicial foreclosure in court. State laws provide strict regulations regarding proper notices and opportunities to pay before the property is sold in a foreclosure sale. In several states, a homeowner may stay in his or her home during a foreclosure. A lender may want to avoid foreclosure and its costs by working out an agreement with the homeowner, frequently accepting interest-only payments or partial payments in order to assist the homeowner. If your home mortgage is at risk of foreclosure, you should consult with an attorney as soon as possible to discuss your options including, without limitation, loan modification, short sale, deed in lieu of foreclosure and bankruptcy.
Q. What is a Title Search?
Title Search is an examination of the public records to determining what documents have been filed that may affect a piece of property whether it be a lean, a mortgage, or transfer of title.
Q. What is usually in the Contract of Sale?
Usually in the contract for sale or sometimes called a purchase and sale agreement are the terms agreed to between a buyer and seller as to the purchase and sale of the piece of property.
Q. What is Earnest Money?
Earnest Money is the same or other words for a deposit that a buyer would put down in order to hold a piece of property in connection with a purchase.
Q. Can oral promises constitute a contract?
In real estate an oral contract is not enforceable. It must be in writing and have two witnesses to be enforceable.
Q. When should we involve a lawyer?
In my opinion a lawyer should be brought into the transactions as soon as possible, preferably before contract for sale and purchase is signed, so the attorney can over with his client the terms and conditions to make sure that the client is in agreement with what the written words in the contract say.
Q . Why should I list my home with a real estate agent?
In my opinion a real estate agent provides an invaluable service to a potential seller by giving the seller that person the great exposure to the market place, being able to assist the seller in making important decisions about pricing and negotiations and helping them to eliminate purchases who really don't have the ability to buy their home.
Q. What fee will I pay on the sale of my home?
In transactions involving residential property, generally real estate commissions are running between 5 and 6 percent. In addition to those expenses, if you have an attorney, an attorneys fee which could run anywhere from $750 to several thousand dollars depending on the complexities of the transaction, as well as the amount of the sale involved, and other costs as documentary stamp tax, recording fees, proration of taxes, and settlement of liens and mortgages.
Q. How can I find out the current real estate taxes on my home?
In Florida, most counties have a property appraiser's website that you can look up and navigate through the different prompts on the website to find that information or you can call your office and we will assist you.
For more information, contact us. We are never too busy to answer your questions.
KALIS & KLEIMAN – Attorneys & Counselors at Law
KALIS & KLEIMAN is a Real Estate Transaction and Commercial Litigation law firm serving clients in Davie, Ft. Lauderdale, Cooper City, Hollywood, Plantation, Weston, Sunrise, Hallandale, Pembroke Pines and all of Broward and South Florida. KALIS & KLEIMAN also serves clients in Ocala, Gainesville and Central Florida.
Main Office:
7320 Griffin Road Suite 109
Davie, FL 33314
Tel: 954.791.0477
Fax: 954.791.0506
Maps & Directions
Copyright © 2012
Kalis & Kleiman
All Rights Reserved
Designed by BARD Marketing
Powered by eOS