Key Florida Real Estate Laws Every Investor Should Know
Florida is seen by many as the tropical paradise it can be. It is the vacation destination of dreams for many, and the final destination chosen by many retirees to be their home in their golden years. The desire to “be” in Florida means that real property in Florida can offer a real value to home owners and investors – but there are also a lot of risks and rules that you should take into account.
This article will briefly go through some of the important real estate laws you should know. Real estate litigation is an all-too-real situation that many unsuspecting people find themselves in. Come to the table as prepared as you can be – and in the event you need to protect your rights, engage with experienced real estate litigation attorneys at Suncoast Civil Law.
- Types of Ownership
Florida law specifies different types of property ownership. The type of ownership selected will affect what happens with the property in cases of death, lawsuit, future sale, etc. It is important to understand the different types of ownership and the rights and consequences tied to that choice. There is, for example, Joint tenancy with right of survivorship – this ownership allows title to pass automatically if one of the joint tenants passes away. This is ideal for couples or a family buying a home together. Tenants in common, on the other hand, is ownership where each owner retains their own separate, transferable share – this is more common among, for example, investors buying a duplex.
Understanding the type of ownership that best works in your situation can save you a headache from unnecessary legal complexities down the road.
- Homestead Protections
Florida offers unique protections to Florida homes that are used as your primary residence. Florida homestead laws can protect owners in powerful ways, including some shielding of your home from certain creditors, tens of thousands of dollars in property tax exemptions, and other special rights.
- Community vs. Separate Property
Unlike some other states, Florida does not follow the rules of community property division in divorce. Instead, Florida follows common law property rules. Common law property rules establish that assets that are bought before the marriage or that are received as gifts or inheritances are considered separate property. These details can matter if a couple breaks up and then seeks to divide a property that may or may not be subject to division.
- Contracts
Contracts for the purchase and sale of property must be in writing, and must meet all the criteria of forming a binding legal contract. This means there must be an offer and acceptance. The statute of frauds specifies that the contract must be in writing, and it is wise to have a contract of any large purchase go through the hands of an attorney for their inspection. If a seller pressures you to accept a contract “as is” without looking into it further – that should be considered a red flag.
- Understand Lease Rules
In Florida there are differences between residential leases and commercial leases. Residential tenants have set legal protections, to include required disclosures, protections on deposits, and eviction procedures. Commercial tenants, on the other hand, hold fewer default protections under the law. They must negotiate some of those terms automatically granted to residential tenants.
Contact Suncoast Civil Law
The Sarasota real estate litigation attorneys at Suncoast Civil Law can help you with any of your real estate legal needs. Contact our office today to begin discussing your own situation with our team.
Sources:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0100-0199/0196/Sections/0196.031.html
mynews13.com/fl/orlando/news/2024/03/25/national-associations-of-realtors-lawsuit–