The Real Estate Settlement Procedures Act is one of the most important acts within the Florida real estate laws. It is both administered and enforced by the Consumer Financial Protection Bureau in Florida State.
This act helps the state’s consumers clearly understand their mortgage settlement rights according to Florida real estate laws.
Requirements for enforcement of the act
RESPA is all about the closing cost settlement procedures.
A significant requirement mentioned in the act is a standardized Good Faith Estimate, which can facilitate the following:
- Improve the disclosure of settlement costs
- Improve the interest rate related terms
- Aid service providers
The Florida Statutes govern the Florida real estate industry.
Chapter 475 of this statute governs real estate. Real estate law is very complicated, and it varies from state to state.
Florida real estate laws are unique and different from other states.
Here are the important points that a buyer and seller should know about Florida real estate laws.
Florida Homestead Law exemptions
Florida real estate laws make the state one of the most favorable for home buyers.
Homestead laws in Florida state that part of a property is exempt from property taxes.
However, there are some exceptions. The Florida homestead laws do not protect against:
- General contractors and home developers
- Property liens established before the homestead
- All counties and municipalities in the State of Florida
Adverse Possession Laws
In Florida, any person may receive the title of a neglected or dilapidated property under the Adverse Possession Laws if he/she has:
- Been living in the property for seven years
- Paid the taxes of the property for those seven years
- Significantly improved the property from a neglected or dilapidated state
There are some requirements to meet before claiming property through adverse possession under Florida real estate laws.
Like all other states’ real estate laws and the federal laws of the USA, a home seller should disclose any defects the property or home has.
These defects include:
- Lead-Based Paint
Many homes constructed before 1978 still have lead-based paint which is a health hazard.
Home buyers have the right to know whether the home contains lead-based paint.
If the seller fails to disclose before selling the home, then a buyer can cancel the contract and file a suit against the seller.
As per Florida real estate laws, there are several other defects the seller must disclose before selling the home or property.
A buyer must receive the following from the seller before buying the home:
- EPA-approved information regarding identifying and controlling lead-based paint
- Any known information regarding the presence of lead-based paint hazards in the home
- A lead-based paint warning should be attached to the contract
- A paint inspection or risk assessment for lead-based paint hazards should be performed within 10 days
- If a buyer is concerned about lead-based paint, then he/she may appoint a certified inspector to inspect the lead-based paint hazards
Remedies of a Buyer in Florida Real Estate Laws
Where a seller wrongfully fails or refuses to perform under a contract, then the buyer has several legal and equitable remedies against the seller.
If the buyer fails to get any specific performance remedies, then he/she can file a suit based on the doctrine of res judicata.
For this reason, the buyer should file several lawsuits to get the remedies.
There is a lengthy procedure of lawsuits a buyer should go through, and it takes a long time to get the remedies from the buyer.
For that reason, it is better to check all the defects personally or appoint a certified inspector before buying the home.
If you have any questions regarding Florida real estate laws, then please do contact a qualified lawyer.