Florida Real Estate Lawyer Protects the Rights of Buyers and Sellers
Orlando Law Firm Focuses on Real Estate Law
Some people believe that buying and selling real estate in the state of Florida can be successfully completed without the assistance of a qualified real estate attorney, since there are no laws mandating legal representation. But because commercial and residential real estate transactions are often complex and several government agencies monitor such acquisitions, it is best for any party involved to retain the services of an experienced Orlando real estate attorney like Nishad Khan P.L.
Florida Real Estate Law – Know Your Rights
There are only a few states that allow homestead exemptions, and Florida is one of them. The two types of homestead exemptions available to property owners in Florida are:
- Homestead exemption for real property tax purposes, which may reduce the amount of real property taxes by a specific amount of each year if the owner is the permanent resident of the property
- Homestead exemption for asset protection purposes, which provides the property owner with a defense from almost all non-lien creditors, if the property is the owner’s primary residence
Decisions Regarding Escrow
When one is buying a new home, the question often arises regarding whether or not the deposit should be placed in escrow or if the funds should be released to the builder. Under Florida law, buyers make the choice and must indicate in writing which option they are choosing.
The decision relies on several factors, including the buyer’s risk tolerance and the likelihood that the builder will complete the project if he has to borrow the money. If the buyer decides to put the money in escrow, the builder has the right to charge the purchaser the builder’s cost of borrowing the money, less any interest obtained while the deposits are being held in the bank.
For more information about how Orlando Attorney Nishad Khan P.L. can assist you with a wide variety of real estate matters, contact us online or call (407) 228-9711 to schedule your free initial consultation today.