The final step of a property sale transaction, in which the legal documents (i.e. Deed, note, mortgage, affidavits) are executed and funds disbursed in accordance with the terms of the purchase contract or loan commitment.
The agent (real estate attorney) who oversees and conducts the many steps involved in the real estate transaction during the closing, including the down payment and all documents related to the sale.
A lien or encumbrance that, if valid, would adversely affect the title to the real property.
A written agreement in which the lender agrees to lend money if the borrower meets certain conditions.
A written CMA compares a home to comparable homes in the neighborhood that either are presently on the market or have sold in the last six months. This is not an appraisal.
Conditions (or escape clauses) in a contract where, if the contingency is not fulfilled, the affected party may walk away from the deal.
A legally binding document in which the buyer agrees to purchase specific property and the seller agrees to sell under stated terms and conditions. Also called a contract for purchase and sale, purchase and sale agreement, binder, or earnest money contract.
The attractiveness of a property and its improvements to prospective buyers viewing it from the street as compared with other such properties on that same street, neighborhood, or development.
The formal written document that transfers real property ownership rights from the seller to the buyer. It contains an accurate, specific legal description of the property and is delivered at closing.
The failure of a buyer to pay the monthly mortgage payment which includes the loan principal, interest, and possibly additional charges for taxes and insurance.
A transactional agent who works at a discount by providing only certain services.
The fair market value of a property minus what the property owners still owes on it. Homeowners sometimes borrow against their equity, taking out a home equity loan (also called a second mortgage), with tax-deductible interest, to pay for whatever they choose.
Money that is set aside so that the lender can pay taxes; hazard, flood, and mortgage insurance; and other special costs connected with owning property.
There are many different variations on the precise definition of this term. It is basically the value of a property on the open market that represents what a seller would reasonably sell the property for and what a reasonable buyer would purchase the property for given the presumed value of other similar properties that have recently sold in the same or similar market.
Federal Housing Administration. A federal agency within the U.S. Department of Housing and Urban Development (HUD). Using loan insurance programs to insure mortgages for lenders, the FHA stimulates the availability of housing for low and moderate-income families.
A type of mortgage in which the interest rate remains the same, or fixed, throughout the term of the loan. Lenders typically charge a higher interest rate for these mortgages. The most common fixed-rate mortgages are 15 year and 30 year.
When the lender gets a judgment ordering a public sale of the property to pay off the loan because the borrower has defaulted on the mortgage payments.
Required for all homeowners with a mortgage, it generally covers accidents, damage, and theft that might occur on their property.
A tax credit for Florida residents on their principal residence. The exemption basically takes $25,000 off the tax-assessed value of the property, giving the homeowner a tax reduction of about $500.
This is a document required by the Federal Department of Housing and Urban Development on all federally assisted loans. It is typically used in all residential real estate closings as the settlement statement which identifies how all of the money obtained at or before the closing is disbursed. The money is disbursed by the closing agent.
Examination of a property to see that it meets the standards of the contract, the lender, and the buyer.
A charge for a loan is usually a percentage of the amount lent. The IRS lets homeowners deduct mortgage interest and real property taxes, within limits, on annual income tax returns.
A legal claim on the property that acts as a security for the payment of a debt. If the debt is not repaid as promised, the lender or the lien holder can foreclose its claim on the property and force a public sale to pay the debt.
Property is said to have marketable title when the title or rights to a property have no problems or only minor problems that any well-informed and prudent buyer would accept.
Defects, including any property damage, malfunctions of major systems, and environmental hazards affecting the condition of a property, which should be readily disclosed to a buyer.
A document that places a lien on property. The lender holds the lien as security for the money borrowed.
A promissory note that is secured by a mortgage. A legal document that promises or pledges to pay back a loan.
A title insurance policy issued to the lender. It protects the lender for the amount of the mortgage loan.
A computer-based resource used by real estate agents that lists and contains descriptions of improved and vacant properties for sale in a particular area.
A title insurance policy issued to a property owner; it protects the owner’s equity against hidden title defects.
Up-front interest to compensate the lender for processing a mortgage. Also, known as “loan origination fees.” Each point equals 1 % of the loan amount. Points are also referred to as “discount points” because usually the more points paid, the lower the interest rate charged by the lender for the mortgage.
The amount of money borrowed in a loan on which interest is charged.
Initiating the loan approval process before finding a property to buy. Pre-approval involves providing information regarding employment, income, and debts to a lender to prove the buyer is a good risk. A more complex process than pre-qualification, pre-approval sometimes involves a fee.
Pre-qualifying entails speaking with a lender who offers an opinion of the loan amount the buyer is eligible to borrow, without providing any supporting paperwork or credit history. There is typically no charge for pre-qualification.
Taxes paid by property owners annually to local and state governments, on average about 1.5% to 2% of the assessed (appraised) value of the home, as determined by the county property appraiser. The assessed value is typically lower than a fair market appraisal would find.
A person tested and licensed by the state to put buyers and sellers together for a commission. Brokers have taken an additional test, generally following several years in the business, and are authorized to operate a private real estate agent firm. The commission is a specified percentage of the sales price of the property which is paid at the closing.
Refers to a parcel of land and to any permanent improvements to the land.
A licensed real estate professional who is a member of the National Association of REALTORS ®, a trade organization with its own educational standards and ethics in addition to those required by the state.
Requires sellers to inform buyers about known problems with the property or improvements that would lower its value.
A procedure whereby land is located and measured, and its boundaries are verified by a registered land surveyor.
Title can refer to two things: 1) the rights of ownership and possession of a particular property; 2) the document that shows evidence of those rights.
Similar to other insurance agents, a title agency is authorized to issue title policies and prepare documents in connection with transactions for which it issues policies. Staff members of the title agency do not represent either party and can not give any legal advice.
Any legal right to a property claimed by a person other than the owner. Examples include unpaid real estate taxes, or claims to the property such as those of an unknown heir.
An examination of public records, laws, and court actions to make sure that a property’s seller is the legal owner and to disclose all other claims or encumbrances on the property affecting its ownership.
As part of the title search, a real estate attorney will list any “exceptions” to the title; situations where the title owner relinquishes control or use of some part of their property.
A type of insurance that protects the policyholder against loss sustained through title defects.
The title insurance underwriter is the entity that authorizes and issues authority for its agents to write title insurance policies. It is the entity that actually insures the property against title defects. Two well known title insurance underwriters are the Attorney’s Title Insurance Fund and Lawyer’s Title Insurance Company. An agent for the underwriter must qualify with the underwriter and meet very strict standards to remain an agent for any particular underwriter. The Law Offices of Paul A. Blucher, P.A., are qualified agents of these two companies.
One of the expenses typically paid by the seller on closing day as part of the closing costs, the transfer tax is based upon a property’s sale price (i.e. Documentary stamp tax).
Escrow maintained by an attorney.
This information is not intended as a conclusive explanation of the Law of Eminent Domain in Florida. It is to be considered only a summary for clients or prospective clients of this law firm. If you have any questions concerning a specific real estate transaction, you should consult an attorney experienced in the practice of real estate law.
The Florida Statutes – 73.092
73.092 Attorney’s fees.—
(1) Except as otherwise provided in this section and s. 73.015, the court, in eminent domain proceedings, shall award attorney’s fees based solely on the benefits achieved for the client.
(a) As used in this section, the term “benefits” means the difference, exclusive of interest, between the final judgment or settlement and the last written offer made by the condemning authority before the defendant hires an attorney. If no written offer is made by the condemning authority before the defendant hires an attorney, benefits must be measured from the first written offer after the attorney is hired.
1. In determining attorney’s fees, if business records as defined in s. 73.015(2)(c)2. and kept by the owner in the ordinary course of business were provided to the condemning authority to substantiate the business damage offer in s. 73.015(2)(c), benefits for amounts awarded for business damages must be based on the difference between the final judgment or settlement and the written counteroffer made by the condemning authority provided in s. 73.015(2)(d).
2. In determining attorney’s fees, if existing business records as defined in s. 73.015(2)(c)2. and kept by the owner in the ordinary course of business were not provided to the condemning authority to substantiate the business damage offer in s. 73.015(2)(c) and those records which were not provided are later deemed material to the determination of business damages, benefits for amounts awarded for business damages must be based upon the difference between the final judgment or settlement and the first written counteroffer made by the condemning authority within 90 days from the condemning authority’s receipt of the business records previously not provided.
(b) The court may also consider nonmonetary benefits obtained for the client through the efforts of the attorney, to the extent such nonmonetary benefits are specifically identified by the court and can, within a reasonable degree of certainty, be quantified.
(c) Attorney’s fees based on benefits achieved shall be awarded in accordance with the following schedule:
1. Thirty-three percent of any benefit up to $250,000; plus
2. Twenty-five percent of any portion of the benefit between $250,000 and $1 million; plus
3. Twenty percent of any portion of the benefit exceeding $1 million.
(2) In assessing attorney’s fees incurred in defeating an order of taking, or for apportionment, or other supplemental proceedings, when not otherwise provided for, the court shall consider:
(a) The novelty, difficulty, and importance of the questions involved.
(b) The skill employed by the attorney in conducting the cause.
(c) The amount of money involved.
(d) The responsibility incurred and fulfilled by the attorney.
(e) The attorney’s time and labor reasonably required adequately to represent the client in relation to the benefits resulting to the client. (
f) The fee, or rate of fee, customarily charged for legal services of a comparable or similar nature.
(g) Any attorney’s fee award made under subsection (1).
(3) In determining the amount of attorney’s fees to be paid by the petitioner under subsection (2), the court shall be guided by the fees the defendant would ordinarily be expected to pay for these services if the petitioner were not responsible for the payment of those fees.
(4) At least 30 days prior to a hearing to assess attorney’s fees under subsection (2), the condemnee’s attorney shall submit to the condemning authority and to the court complete time records and a detailed statement of services rendered by date, nature of services performed, time spent performing such services, and costs incurred.
(5) The defendant shall provide to the court a copy of any fee agreement that may exist between the defendant and his or her attorney, and the court must reduce the amount of attorney’s fees to be paid by the defendant by the amount of any attorney’s fees awarded by the court.
|
The Florida Statutes – 73.091 |
||||||
|
By submitting the above information to Blucher Law Group, PLLC you agree to and acknowledge the following:
You are requesting a direct solicitation from Blucher Law Group, PLLC, and Blucher Law Group, PLLC may, at its own discretion, provide a response, but does not guarantee that any response will be provided.
This submission does not create an attorney-client relationship and your particular matter is likely to have time-sensitive issues that may require immediate action.
You should speak with and retain an attorney as soon as possible and should not rely on this submission or allow it to delay your decision to retain an attorney.
There is no privacy guarantee with respect to this submission. Please do not provide any information that you wish to keep private or confidential.
We appreciate your submission and are honored that you inquired further about Blucher Law Group, PLLC.