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Real estate prices in Florida have shown an upward trend. Besides, resales are also on the increase. We also see a change in the pattern of consumers of real estate in California. Minorities such as Hispanics and Asians are making a foray into real estate purchases. Find out more about real estate contracts and what are the essential features that go into one.
Florida real estate
Florida real estate is governed by the Florida Real Estate Commission (FREC). This is a seven-member commission that meets monthly in Orlando. The Florida real estate commission oversees the administration and enforcement of real estate license law according to Florida Statutes.
Single-family homes are in much demand in the Florida real estate market. Resale was up by about 21% in the first quarter of 2004 according to the Florida Association of Realtors (FAR). Nearly 51,693 houses changed hands during this period. Prices of Florida real estate are on the rise indicative that the economy of the state and the nation as a whole is on the upswing. The Orlando metropolitan statistical area (MSA) reported nearly a 32% increase in home sales. The market prices for Florida real estate showed an increase of about 10%. Areas of Florida that are showing a boost in real estate activity are Tampa – St. Petersburg-Clearwater and West Palm Beach – Boca Raton. Panama City MSA has also reported a 38% increase in resale figures. Florida real estate seems to be attracting a lot of investment activity.
Real Estate Purchase Contract
A real estate contract for purchase is a standard form contract. A legal description of the property is mandatory on the real estate purchase contract. The essential features of any real estate purchase contract are:
- Date of the contract
- Amount of down payment / Deposit amount
- The selling price
- Mortgage amount, rate and terms
- Inclusions and exclusions
- Warranties
- Notice of any property disclosures
When drawing up a purchase contract for real estate, here are few things to keep in mind:
- All items that need to be included in the sale must be properly and clearly included, such as wall-to-wall carpeting, window treatments and lighting fixtures and other appliances.
- Similarly, if you are excluding some items from the sale, they too should be mentioned in the legal contract for real estate sale.
- The mortgage contingency clause is important if the buyer is applying for a loan. This clause states that the buyer will obtain a loan within a specified period of time, failing which the seller can rescind the purchase commitment.
- An attorney approval clause in a real estate contract allows both parties to get the contract reviewed by their attorneys.
- Any legal contract on real estate will have a provision to return the deposit money in case the sale transaction does not take place due to inability to obtain funds or other reasons.
- A date for actual transfer of possession from the seller to the buyer must be clearly specified. If necessary, there can be a provision to collect rent from the seller if he does not leave the house by the agreed date.
A real estate purchase contract must be notarized and thereby recorded in the land records. If you are purchasing income producing real estate, then the contract must contain accurate rental income figures as well as expenses involved.
Commercial real estate
The commercial real estate market is showing signs of recovery after a lull in activities. Commercial real estate for shopping malls and arcades is seeing changes to suit the needs of the new shopper.Open-air commercial real estate is a new concept that is gaining momentum. The shopping center business forms a core segment of the commercial real estate sector. Open-air shopping centers are a variation on group retailing. Enclosed malls are slowly giving way to open air centers. These centers offer more retail space when compared with traditional malls. Commercial real estate for shopping is seeing new trends. What was built decades ago may not be appropriate in the market today. Redevelopment of the commercial property is imminent for survival, as today’s shopper wants convenience and ambience.
The burst of the tech bubble and the slowdown of the economy saw its consequences on the demand and need for commercial real estate for office use. But economic recovery is definitely being seen in the California real estate office market. In San Jose, the third quarter of 2003 saw vacancies of over 20%. This has declined to about 19.3%. Commercial real estate is used for corporate relocation, expansion and varied other uses. Construction of healthcare facilities is another segment that is seeing an upward trend.
California real estate
The first real estate license law in the U.S. was passed in 1917 in California. This California real estate law serves as a model for other states in real estate legislation. The California Department of Real Estate (DRE) has district offices in Sacremento, Fresno, Los Angeles, Oakland and San Diego. The California real estate Advisory Commission recognizes the needs of the real estate industry in the state and determines how the DRE can best serve the interests of the state.
A survey of the California real estate scenario showed that the customer base has shown a marked change. Asians own the largest and most-expensive residential property in California real estate. It is noticed that whites in California have the highest rate of current home ownership. Hispanic respondents said that they would prefer to buy a piece of California real estate property with the help of an agent who speaks their language. Consequently, real estate agents in California who conducted business in Spanish had a distinct advantage.
We thank you for visiting our directory, and wish you well in whatever endeavor brought you here. We are constantly adding new information and resources to our site, both general and state specific in nature, so check back often.
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