How Do I Buy or Sell a Property “As-Is”?

 

Video Summary

I’m often asked to prepare contracts that say a property is in “as-is” condition. The seller wants to be sure that the buyer cannot come back later and say that there is a problem with the property and sue them for any deficiencies in the property so they want to make it “as-is” so that whatever the buyer sees when he purchases the property is what he gets and the buyer does not have recourse to sue the seller later on if there are any problems with the property. A contract will provide for an inspection period to give the buyer a time period in which to inspect the property, after which time they either accept the property or withdraw from the contract. However, a seller does have the obligation under Florida law to disclose to a buyer any matters that may materially affect the value of the property and are not readily observable. This would include anything you wouldn’t normally see just by walking through the property, such as roof repairs, previous fire or sinkhole damage, etc. With an as-is contract, the seller still has an obligation to disclose to the buyer any matters that may materially affect the property and is not insulated from liability if they fail to do so.

If you have a question about a contract or would like me to represent you, please call us at (727) 847-2288. Thank you.

Read more
No Comments

What is a Quitclaim Deed?

 

Video Summary

A Quitclaim Deed is a form of conveyance whereby the person is transferring whatever interest they have in a property with no warranties. They do not state or warrant that they have any interest in the property. To give an example, I could sign a quitclaim deed for your house, although I have no ownership in it, and give it to a third party. I’m not stating that I have any ownership interest in your house, therefore I would be conveying no title in the property and would have no liability to transfer the deed to someone else, other than clouding the title, which could become a problem for you.

On the other hand, if I gave you a quitclaim deed to property that I own, I would be conveying marketable title or clear title to the property, or whatever interest I may have, whether it be subject to a mortgage or not.

So a Quitclaim Deed is simply a form of conveyance or a deed that says I convey whatever interest I may have in the property to you, whether it be no interest or a good title to the property. If you’re interested in us handling your real estate transactions or preparing deeds for you, give us a call at (727) 847-2288.

Read more
No Comments

Can I Transfer My Homestead Exemption?

 

Video Summary

Can a homestead exemption be transferred to another piece of property? The simple answer is no, you cannot. However, when you purchase a different property you can apply for a homestead exemption on that property. If you sell your property after January 1 of a year in which you have homesteaded your property, the purchaser of the property will benefit from your homestead exemption for that calendar year.

You can, however, transfer your “Save Our Homes” assessed value to another home in the state of Florida. This process can be complicated but we would be happy to help. Please call us at (727) 847-2288.

Read more
No Comments

What is a Living Trust?

 

Video Summary

A Living Trust is a document signed during someone’s life that generally makes legal provision for the way his or her assets are to be used during the individual’s life time as well as for who is to receive those assets upon his or her death. A will, on the other hand, does not take effect until a person passes away. Either document can be modified at any time during the person’s lifetime. Many choose to set up a trust because it is not subject to the probate process after the individual’s death. It is also important to note there there are revocable and irrevocable trusts.

Read more
No Comments

Buyers Beware!


Video Summary

Buyers and sellers wonder about the phrase, “Buyers Beware!” About 20 years ago, the Florida Supreme Court handed down a ruling regarding the sale of residential real estate that changed that rule of thumb. In the case of Johnson v. Davis, the Supreme Court ruled that a seller is obligated to disclose to the seller any problems with the real estate that may affect the material value of the property. These flaws which are not readily observable are referred to as latent defects. Realtors generally ask the seller to complete a disclosure sheet to provide such information about a house. Standard language in a real estate contract includes a guarantee that the seller has disclosed any latent defects. As a result, the buyer has recourse in the case of undisclosed defects and can choose to invalidate the contract or to sue the seller for fraud. However, a buyer’s best protection against latent defects in a property is still to have his own inspections and make as thorough an examination of the property as possible before making a purchase.

Read more
No Comments