- Title issues: One of the most important aspects of a real estate transaction is making sure that the title to the property is clear and free of any liens or encumbrances. Title issues can arise if there are outstanding mortgages or judgments against the property, or if there are disputes over the ownership of the property.
- Zoning and building code compliance: Before purchasing a property, it's important to ensure that it complies with all local zoning and building codes. Failure to comply with these regulations can lead to fines or even the need to make costly renovations.
- Environmental hazards and restrictions: Environmental hazards such as mold, asbestos, or lead paint can also be a concern in real estate transactions. These hazards can be costly to remediate and can also pose a health risk to the occupants of the property.
- Flood zone designations: Florida has a high risk of floods, so it's important to check if a property is located in a flood zone and if the property has flood insurance. If a property is located in a flood zone, it may be more difficult to obtain a mortgage and it may require additional insurance.
- Homeowner associations: Many properties in Florida are subject to homeowner associations (HOA) and the rules and regulations of these associations can be complex and may affect the use and value of the property.
- Property taxes: Florida property taxes can be high and it's important to understand how property taxes will be assessed and paid on the property.
- Surveys and easements: It is not uncommon to have issues with surveys or issues with easements causing properties to become landlocked.
It is highly recommended to consult with real estate lawyers who understand the law and can advise on the best course of action. And not all real estate lawyers are the same. Some do only transactional work such as closings. Some do only litigation work when the disputes arise. We at KYZ Law handle both. Jane Kim is a licensed real estate brokers in Florida (as well as in Illinois), and our lawyers handle both, transactional real estate work (buying and selling real estate as part of a business acquisition, for instance), and we litigate cases involving real estate in state and federal courts.