What are the Seller’s Legal Duty to Disclose Defects on Property or Home?
Video Summary
What are the seller’s legal duty to disclose defects on the property, or home? Many years ago, I’m guessing about 30 years ago, the Florida Supreme court had made a decision in that style Johnson vs Davis. And in that decision, the court ruled that the seller has a duty to disclose to the seller any matters that may materially affect the property that are not readily observable. This has to do with residential real estate property. It does not apply to commercial property or to vacant property, and that there is no duty to make any disclosure as far as commercial property or vacant property is concerned. Also, if you use the standard, real estate contract provided by the realtors in the Florida bar, it has a clause in it that you have a contractual duty also to disclose any matters that may materially affect the value of the property. Many times when you list your property with a realtor, there is a sheet that is attached to it and questions you about various aspects of a home. And that’s an affirmative representation also. So those are the duties that you have. You don’t have to fill out that information sheet, but you do have the legal duty to disclose any matters that may materially affect the value of the property. So if you have any questions about any defects or you wish to have me handle your estate, closings will give me a call at (727) 847-2288.
- Published in Real Estate – Selling, Videos
What is a Secured Transaction?
Video Summary
What is a secure transaction? A secured transaction is one where you have an obligation, which is usually a promissory note. And there is a pledge of collateral that goes secures the note so that if the note is not paid, then the lender has a right to take back the collateral. So, the obligation is secured by what the collateral is and a real estate transaction. You have the bar or sign the note, and then they also sign a mortgage. And the mortgage states that if they don’t make the payments on the promissory note, they don’t pay the taxes or keep the property insured. Then you have a right if they default to foreclose and take their property away. So, you’re secured for the value of whatever the collateral is. If it is personal property, such as an automobile, they have, you signed what they call a security agreement.
And that’s where you’re pledging the automobile for the repayment of the loan. If you default on the loan and there that controlled by the uniform commercial code, which allows them self-help, which is usually a repossession of your automobile with a tow truck driver or whatever. And then they sell the, automobile at auction or whatever, to try and recoup as much as they can to repay a portion of the debt. So, sometimes the obligations are over secured in which case you’re entitled to any excess. If the collateral is not worth or not worth what is owed well, then you may be sued. And for the difference between the value of the collateral when it was sold or at the time of the sale, and how much is owed and a judgment entered against you. If you have any questions about a foreclosure action, or give me a call at (727) 847-2288.
- Published in Real Estate, Real Estate - Foreclosure, Real Estate – Selling, Videos
Can I Fire My Real Estate Listing Agent?
Video Summary
Can I fire my real estate listing agent? Yes, you can. There are certain restrictions in your listing agreement which says that if you terminate it, you will be obligated to pay them a termination fee. Also, any time that you discharge them, they will be entitled to a real estate commission for any, anyone that they have introduced to the property or you have received inquiry during the listing period and they would be entitled to a real estate commission if you’re, I suggest if you wish to discharge your listing agent, you discussed with them the discharge and either paid them and have a release as far as being able to list it and also asked them if they would provide you with the list of any persons whom. They have introduced the property to so that you would know if you were going to sell it on your own, whether or not you would be obligated to pay them a real estate commission. Usually you would be hiring a different real estate agent and that would be satisfactory are usually okay with the real estate listing agent if you discharge them. They don’t necessarily have to release you from the listing agreement. And so if you, just because your firearm doesn’t mean that they’re not entitled to a real estate commission for the duration of their listing as well as their protection period after their listing expires. If you have any questions about discharging your real estate, listing agent, you have to be on call at (727) 847-2288.
- Published in Real Estate – Selling, Videos
Are You Required to Fill Out a Sellers Disclosure Form?
Video Summary
Are you required to fill out a Seller’s Disclosure Form? The answer is no. You’re not under Florida law. Whenever a seller is selling residential real estate, they’re required to disclose to the buyer any matters that may readily affect the value of the property, which are not readily observable. So that is the duty of the seller. To do that, most of the standard real estate contract also makes out a contract provision that you are disclosing any matters that may material affect the property. And a realtor will also require you to fill the seller’s disclosure form out since they want to be protected and not have a buyer accuse them of not disclosing matters that they knew about and that they can rely upon the seller’s disclosure. a seller’s disclosure is not required on vacant property or commercial property. That is a Buyer Beware and no seller disclosure is required and do not suggest the seller of commercial or vacant property, complete a seller disclosure form and further caution them about reviewing the contract and make sure it’s not one of the standard residential contracts that required disclosure since that may impose additional liability on them that they ordinarily would not have. If you have any questions about selling your property and disclosing matters, will call me (727) 847-2288.
- Published in Real Estate – Selling, Videos
Does Florida Have Land Contracts Like They do in Michigan?
Video Summary
Does Florida have land contracts like they do in Michigan? And the answer is no. Whenever you sell property in an installment basis, you must file a judicial mortgage foreclosure action. And in order to eliminate the interest of the purchaser’s, interest in the property, that’s whether you called it a land contract agreement for deed, or no mortgage. The Florida Supreme court has a rule that even unrecorded agreements, and when they’re on an installment, sales basis, , with real property, you have to file the poor closure action. Florida is one of, I believe, seven States that has a judicial foreclosure proceeding versus a nonjudicial proceeding, which allows you to foreclose or take back your property without going through court. I received this question, periodically from people who are in the Midwest and Michigan, which are nonjudicial foreclosure States. But, in Florida you cannot have a land contract. If you do, it still has to be foreclosed, which is, I understand the primary purpose and using a land contract. So if you have any questions on how to sell your property on installment basis, give me a call at (727) 847-2288.
- Published in Real Estate – Selling, Videos