Orlando Ranks Last Nationally for Affordable Housing
Orlando’s affordable housing crisis has hit its peak, according to a report issued by Orlando Weekly. Issues with Florida’s housing market – particularly the lack of affordable places – has been predicted for some time. The area of Orlando-Kissimmee-Sanford was ranked second in the nation for having the most severe housing shortage. The area offered only 17 available and affordable housing units for every 100 low-income renters in 2018, and now in 2019 the number of available units has dropped to 13. A newly released report from the National Low Income Housing Coalition notes the area ranks at the top among the largest 50 metropolitan areas with the most severe affordable housing shortage in the United States. The Orlando-Kissimmee-Sanford area beat out other large cities like Houston, Los Angeles, and Las Vegas.
Purchasing a Home in Orlando
As if purchasing a home in Florida – or anywhere, for that matter – is not stressful enough, the state’s affordable housing shortage adds to the pressure. Purchasing a home is one of the largest and most significant transactions a person experiences in his or her lifetime. The transaction involves real property law, which is a unique area of law that can raise special issues and problems that do not exist in other areas of the law. As a result, it is important to make sure you have a skilled Florida real estate attorney if you are buying a property in Orlando or anywhere else in the state.
When parties enter into the purchase and sale of a property, after an informal agreement has been reached the buyer and seller enter into a formal written contract. There are several other processes that follow including the buyer seeking a commitment for financing, conducting inspections of the property, and engaging in a title search to ensure clear and marketable title. While this may seem like a simple process, the resulting consequences if things do not go smoothly can be dire without a real estate lawyer involved.
The Role of an Orlando Real Estate Lawyer
An experienced Florida real estate lawyer can help a potential buyer avoid common problems with the purchase of a home including the common issue of standard buy/sell forms not addressing important legal issues. An attorney can also review the title search for irregularities, explain what is and is not covered by title insurance, determine the accuracy of the property’s legal description, and explain the effects of easements or convents of the property and adjoining properties.
Aside from avoiding legal pitfalls, a real estate attorney can also negotiate the price of the home as part of his or her legal services. This is particularly critical in a housing market like that in Central Florida, where affordable units are scarce to come by. Understand that a real estate broker generally serves the seller while the lending institution serves the buyer. While both parties want the deal to finalize so they can collect their fees, neither can provide legal counsel that will help you make the best decision for you and your family.
”Purchasing a home is one of the largest and most significant transactions a person experiences in his or her lifetime.
Get Help from Our Florida Residential Real Estate Attorneys
From price negotiations to contract review, a real estate attorney can help you from start to closing. Contact our experienced Florida real estate attorneys at Bogin, Munns & Munns. Schedule your consultation today to learn how we can help you with the purchase or sale of property in Orlando.
NOTICE: The article above is not intended to serve as legal advice, and you should not rely on it as such. It is offered only as general information. You should consult with a duly licensed attorney regarding your Florida legal matter, as every situation is unique. Please know that merely reading this article, subscribing to this blog, or otherwise contacting Bogin, Munns & Munns does not establish an attorney-client relationship with our firm. Should you seek legal representation from Bogin, Munns & Munns, any such representation must first be agreed to by the firm and confirmed in a written agreement.