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Video Guide on Florida Real Estate Law management

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Commonly Asked Questions about Florida Real Estate Law

Floridas real estate market is governed by a comprehensive set of laws and regulations designed to protect both buyers and sellers. The main law that governs property transactions in the state is the Florida Real Estate Settlement Procedures Act (RESPA).
The new law includes criminal penalties for unauthorized occupants, including misdemeanor charges for providing false documentation purporting to be a valid lease agreement, deed, or other instrument conveying real property rights and fines for damages caused.
Under the new system, sellers will no longer have to offer upfront to cover the cost of the buyers agent, and those buying a home will now negotiate directly with their realtor about the fees.
Effective October 1, 2024, sellers are required to disclose certain flood information to prospective buyers at or before executing a contract for the sale of residential property. This disclosure helps buyers make more informed decisions and reduces post-closing disputes.
Starting August 17th, 2024, all real estate Brokers providing brokerage services to a buyer will be required to have the buyer execute an Exclusive Buyer Brokerage Agreement before touring any homes.
Average Home Prices: The average median home price in Florida is $419,200. In 2024, experts predict the median sale price may decrease due to the increased inventory. Currently, the sale-to-list price ratio is at 96.90%, with a decline of 0.53 pt YoY. Home Sales: As per June 2024 data, home sales decreased by 14% YoY!
In July 2024, Floridas legislation is tightening the rules around financial transparency for HOAs and condominium associations. Key changes include: Annual Budget Disclosure: Associations must now provide detailed annual budgets to all members, outlining expected expenses and reserves.
In addition to these basic requirements for adverse possession, Florida law requires that an adverse possessor occupy the land for at least seven years and meet either of the two following requirements: (1) adverse possession under color of title; or (2) adverse possession without color of title.