Knowledge Mondays –Financing Contingency in Real Estate Contracts

There is a high probability that when a buyer enters into a property purchase contract, he/she does not have the entire purchase price available. The buyer will have to secure financing for the property before it can close on the property. Securing financing for a property can be a difficult task for individuals that do not have the right credit score or yearly income. Thus, it is crucial that your purchase contract Read More

Knowledge Monday – Closing on a Property with a Homeowner’s Association

A homeowner’s association is an organization in a community or condominium that makes and enforces rules for the properties and residents. As a buyer or seller of a property with a homeowner’s association, there are a few things that you should keep in mind. As a buyer it is important to note that you automatically become a member of the association and are required to pay the monthly fees once you purchase the Read More

Knowledge Mondays – Final Property Walk Through

After entering into a purchase contract and satisfying all the conditions before closing, a buyer’s final step before signing at closing should be conducting a final walk through. The purpose of the final walk through is to make certain that the property is in the same condition as when you initially agreed to purchase it. The walk through is the final inspection before you make your purchase official, therefore it Read More

Case Law Wednesdays – Waiving Appraisal

Insurance policies usually have an appraisal clause which states that appraisal is mandatory if an insurance company or an insured properly demand it after property damage. Properly demanding appraisal is extremely significant as your insurance company may waive their right to appraisal. In Kennedy v. Frontline Insurance [1], the insureds reached out to Frontline Insurance just two months after hurricane damage to Read More

Knowledge Mondays – Future Home Inspections

When purchasing a property, it is crucial that you take time to fully inspect the interior and exterior of the property. Inspections provide buyers an opportunity to identify any issues with a home before they make one of the biggest purchases of their lives. In a purchase contract, if the buyer decides not to inspect the home and any problems are found after closing, they are the buyers responsibility. At the moment Read More

Case Law Wednesdays – Satisfying your Post Loss Obligations

Insurance policies typically contain post loss obligations that the insured must abide by before filing a lawsuit. Post loss obligations are conditions that the insured must perform after they have experienced a damage to their property. These obligations can include providing prompt notice of the loss, making reasonable repairs to protect the property, and/or providing a sworn proof of loss. A sworn proof of loss is Read More

Knowledge Mondays – Does an Attorney need to Handle my Closing?

Although Florida law does not require parties to hire an attorney to handle a real estate closing, buyers and sellers choose to hire an attorney to protect their interests. Buying or selling a house is a major purchase in your life, whether it is your first or fifth property it is crucial that your interest always be protected. During the closing process, sellers and buyers have real estate agents that guide them Read More

Knowledge Mondays – What is title?

Title refers to the right or ownership of a piece of property. When purchasing a property, you should receive clear title to the property at closing. Title will allow you, as the buyer, to have the right to use the property. When you purchase a property, you want to make sure that you are receiving clear title to the property. To protect yourself from any title defects that may arise, a clause should be included Read More

Knowledge Mondays – Homeowner’s Insurance Policy Period

What is a policy period? An insurance policy includes a policy period that states the time period in which your insurance policy will cover damages to your home. The start date on your policy is the date that your policy becomes effective and the end date is the last day that your insurance company will provide coverage for any damages that occur to your home. It is imperative that you are aware of your Read More

Knowledge Mondays – Do You Know What Your Insurance Deductible Is?

When choosing a homeowner’s insurance policy to protect your property, it is important to understand the deductible that is included. A deductible is the amount of money that you as a homeowner are responsible for paying in case of a loss. Almost every homeowner’s policy includes a regular deductible that is either a specific dollar amount or a percentage of the total amount that your house is insured for. This Read More