Tagged: Real Estate

Orlando, FL, Resident Jacob Kupp Discusses Things to Consider Before Purchasing a Home in Florida

Between 2016 and 2017, more than 145,000 people relocated to the sunshine state, more than any other state in the two-year span. Florida’s tropical weather, pristine beaches, and low taxes have made the state extremely popular with Boomers and an ideal retirement destination. While Florida offers residents an excellent quality of life, those considering moving to Florida are encouraged to thoroughly research its housing market to ensure there are no surprises come moving day. Jacob A. Kupp, an Orlando, Florida, resident and real-estate attorney, understands the ins and outs of the Florida market and the less-known aspects of purchasing a Florida home. Below, Jacob Kupp of Orlando, Florida, will provide readers with an overview of what to expect when purchasing a home in Florida. 

Homeowners Insurance in Florida

Florida may be known as a paradise, but that does not mean the weather stays sunny all year round. The sunshine state also experiences its fair share of downpours, floods, and hurricanes. This means that families looking to purchase a home in Florida will need to look for a home that can withstand high force winds and flooding and invest in excellent homeowner’s insurance. If you purchase a Florida home built in 2002 or newer, insurance costs will often be lower as the home was built to the latest building code regulations. However, it is always a good idea to factor in home insurance to your house budget when looking for a home on the coastline. 

Prepare for Closing Costs 

Today, Florida has among the highest closing costs of any state in the US. When budgeting, families are encouraged to either budget for this added expense or look for other ways to reduce closing costs. Some ways to avoid these costs include paying in cash, negotiating with the seller to cover a portion of the costs, or rolling the costs into the mortgage.

Ask about HOA/Deed Restrictions

It is common for Florida communities to have their own Home Owners Association (HOA) and deed restrictions. While this means Florida communities will have restrictions for what residents can do to the exterior of their property and how they can use their property, it also means there may be hidden homeowners association costs associated with your property. Before purchasing a home, Jacob A. Kupp recommends researching any potential community’s HOA fees and rules and deciding whether or not these fees are within budget and what restrictions may be in place for the home.

Jacob A. Kupp Orlando, FL Real Estate Attorney Discusses the Most Common Causes of Real Estate Litigation

Purchasing property is one of the most significant financial decisions a person can make in their lifetime and often comes with its own unique risks and challenges. Each year, thousands of new homeowners find themselves pursuing real estate litigation, whether it be due to a seller failing to disclose a property defect, a specific performance failure, or some other litigation cause. Since joining legal group Shutts and Bowen, Orlando-based real estate attorney Jacob A. Kupp has helped hundreds of homeowners navigate the complex field of real estate litigation. Today, Jacob Kupp of Orlando, FL will discuss some of the most common causes of real estate litigation to help homeowners prevent future lawsuits. 

Failure to Disclose a Defect on the Property

If a property seller does not disclose to a buyer any defects that could affect the value of a home before closing, the buyer can pursue legal action against the seller. However, most states require that the buyer prove that the defendant knew about the defect and hid the fact in order to sell the property. Some of the most common property defects that are not disclosed include holes in the roof, mold in the walls, leaks, and any home improvement that never received the proper permits. 

Boundary Dispute

The most common cause of real estate litigation remains boundary disputes. When different parties in a real estate transaction have not correctly recorded property lines, real estate litigation will often take place. While there are instances of property boundaries not being accurately documented, the most common boundary dispute is when a person builds a physical barrier that is not consistent with the legally registered property line. The best way to avoid real estate litigation in regards to property boundaries is o research the legal boundaries of a property before purchase. 

Specific Performance Failure 

When a party involved in a real estate transaction fails to perform obligations required in the contract by an agreed-upon date, the other party has a right to pursue real estate litigation. If this occurs, the individual who has been wronged can file a specific performance lawsuit in order to force the other party to comply with the contract’s terms. If you are a buyer or seller in a real estate transaction and the other party pursues legal action due to your lack of completion of contract terms, it is essential to speak to a real estate attorney as soon as possible.