Are you planning to buy a primary residence or vacation home in Florida from a different state? If so, you probably hope everything will flow as smoothly as possible.
Purchasing a home when you’re living in another state can be complicated and scary, making knowledge and preparation essential. Here are some issues to consider when buying a home in the Sunshine State.
Florida-specific laws
Florida has a range of property laws that may function differently from the real estate laws in your current state. One example is the homestead exemption, which could significantly reduce property taxes if buying a primary residence or even shield your primary residence from creditors. If you are planning to make Florida your permanent home, it would be worthwhile to speak with an experienced attorney regarding this exemption to make sure you qualify and can take full advantage of one of the country’s most generous homestead laws.
The state also stringently protects its natural resources through various environmental laws that buyers should be aware of, as these laws may affect property values, development restrictions, and potential liabilities. These laws regulate activities that could harm natural environments. Learning about them can help you avoid violations if buying a beachfront or other protected property.
Title insurance and property taxes
Securing title insurance helps to protect you against potential legal claims regarding property ownership and can safeguard your investment. Florida is a highly dense and populated state, so if you are looking to invest here, title insurance will ensure that you are purchasing what you intend to, or provide recourse if issues arise after closing relating to the title of your property. Additionally, it’s important to research local property tax rates as they may differ from what you are accustomed to. The various taxes set by county and municipal governments may be drastically higher than what you had planned for, so it is imperative to do your research and budget accordingly.
Remote transactions
Buying a home in another state can involve remote transactions. Make sure that you’re communicating with the right people and use secure methods for sharing sensitive documents and information to prevent fraud. Additionally, be weary of any person or entity that tries to “rush” you through a transaction just to get it closed. If, at any point during your transaction, you feel uneasy, make sure to contact our office today to schedule a consultation, so that we can sit down and go through everything with you and give you the peace of mind to continue with the transaction or some tips on how to back out.
Local representation
Having Florida legal representation throughout your transaction can help you understand the state’s property laws, help ensure compliance, and prevent challenges or hardships. More importantly though, having the help of a local attorney can help protect you, your investment, or your family’s home. Contact Corey Szalai Law, PLLC today to schedule a consultation if you are looking to purchase property in the Sunshine state.