Legal Question in Real Estate Law in Florida

real esate flipping
I recently put a down payment to purchase a new home in a development in st. lucie cnty. , with the idea of selling it at a higher price before the home is completed.
--Am i required to close on the property before i sell it?
--Can i get home owner's insurance on a home that might be vacant for a while?
--What other problems might prevent me from completing this transaction and making a decent profit (~10-20%)?

Asked on 11/26/03, 12:06 pm

David Slater David P. Slater, Esq.

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Re: real esate flipping

1. Unless you are permitted to assign your contract you will have to buy before you can sell.This may be done the same day.

2. Insurance for a vacant premises is expensive.

3. Retain an attorney to insure everything is done correctly. Good luck.

Answered on 11/26/03, 6:30 pm

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