Real Estate Law in Florida: Closings, Foreclosure, Condominiums and Title
Florida real estate runs on rules that are easy to miss from outside the state: deeds need two witnesses, documentary stamp tax is charged on the mortgage as well as the price, foreclosure is judicial and can move quickly, and older condominium buildings face mandatory structural inspections.
Aaron Bedy and Jacob M. Stern, both admitted to The Florida Bar, handle our Florida real estate work, from contracts and closings to title and foreclosure disputes.
What is different about Florida closings, foreclosures and title
A deed must be signed before two subscribing witnesses; a lease needs none (s. 689.01). Documentary stamp tax on a deed is 70 cents per $100 of consideration, and consideration includes any mortgage on the property whether or not assumed (s. 201.02(1)(a)). A residential buyer must receive a summary disclosure of ad valorem taxes at or before signing the contract (s. 689.261). Within 10 miles of a military installation or critical infrastructure facility, the buyer must give an affidavit that it is not a prohibited foreign principal (s. 692.203).
Foreclosure is judicial. A lender has 5 years to file a foreclosure action (s. 95.11) and may request an order to show cause to speed final judgment, with a hearing no sooner than the later of 20 days after service of the order or 45 days after service of the complaint (s. 702.10). A mortgagor can redeem until the later of the filing of the certificate of sale or the date set in the judgment (s. 45.0315). On owner-occupied residential property, a deficiency cannot exceed the judgment amount less fair market value on the sale date (s. 702.06).
Condominium and cooperative buildings of three habitable stories or more need a milestone structural inspection by December 31 of the year they reach 30 years old, 25 where the local enforcement agency requires it, and every 10 years after (s. 553.899). Title problems have Florida-specific tools: quiet title actions (s. 65.061), adverse possession under color of title after 7 years (s. 95.16), and the Marketable Record Title Act, which extinguishes interests that predate the root of title (s. 712.04).
Purchase, Sale and Closing
Contract review, due diligence and closing, including deed, tax and foreign-buyer affidavit requirements.
Title and Quiet Title
Title review, lien and encumbrance disputes, and quiet title actions under Chapter 65.
Foreclosure Defense and Enforcement
Judicial foreclosure defense and enforcement, including show-cause hearings, redemption and deficiency exposure.
Condominium Transactions
Review of inspection and reserve study findings before you buy.
How much is documentary stamp tax on a Florida deed?
70 cents for each $100 of consideration. Consideration includes money paid, discharged obligations, and the amount of any mortgage or other encumbrance, whether or not the debt is assumed (s. 201.02).
How fast can a Florida foreclosure move?
A lienholder with a verified complaint may ask for an order to show cause, and the hearing cannot be set sooner than the later of 20 days after service of the order or 45 days after service of the complaint (s. 702.10). Unless a defendant shows a genuine issue of material fact or a legal defense, the court can enter final judgment at that hearing.
Can a Florida lender come after me for a deficiency?
A deficiency decree is within the court's discretion. For owner-occupied residential property, it cannot exceed the difference between the judgment amount, or outstanding debt in a short sale, and fair market value on the sale date (s. 702.06). A homestead tax exemption creates a rebuttable presumption of owner-occupancy.
Does a milestone inspection affect buying a Florida condominium?
It can. A building of three habitable stories or more must be inspected by December 31 of the year it reaches 30 years old, or 25 where local circumstances require, and every 10 years after (s. 553.899).
Facing a real estate matter in Florida?
The first consultation is confidential, and we respond within one business day. Tell us about the property and where the transaction or dispute stands.