While Florida real estate law doesn’t require you to hire an attorney for your real estate closing, it’s a smart idea to work with one. Hiring a lawyer to represent you during your real estate transactions will provide you with several benefits. They are the only one that can give you legal advice and guidance.
This guide will give you five reasons to hire a real estate attorney for your next closing.
1. The Negotiation Process
Every real estate transaction has a contract for the transfer of ownership. This contract controls all aspects of the agreement, from purchase price to deadlines and specific terms.
Your real estate agent is probably familiar with the typical terms of real estate contracts. However, they may be not familiar with specific legal issues. They also are prohibited from giving any legal advice.
Hiring an attorney during the negotiation phase ensures you have someone looking out for your best interests. They will advise you of possible legal complications with your contract terms. You may also find that law firms have access to more title documentation than a non-attorney title search service.
This results in a more accurate and thorough picture of the title’s history and possible future issues.
2. Title Companies Won’t Advise on Real Estate Law
The title company plays a role in the closing process. However, it’s only to examine the title’s history, past ownership, and current availability for sale. This means the title company will only certify whether or not the seller is legally allowed to sell the property.
While this is providing a certain amount of legal input, the title company remains a third-party entity. It does not represent you or the seller. A typical Florida title insurance company will not provide any legal advice regarding potential issues with the title.
This is why it’s important to work with an attorney that’s well versed in real estate law. Some law firms provide title insurance services. You can then work with the attorney to discuss possible issues.
3. Document Preparation
There are countless templated and standardized contracts available online. The problem with these is that they are often outdated or incorrect. They also don’t take into account that every piece of real estate is different. You could easily use a contract that includes unfavorable terms to you or additional terms you didn’t intend to agree to.
A real estate attorney will prepare or review your closing documents to ensure correctness. They will address questionable terms with you. They will also represent you when working with the other party to make changes.
4. Financing Documents
If you plan to secure a mortgage for your purchase, then hiring an attorney can be useful. These loan documents are lengthy and complicated. Your attorney can review these documents and help you understand the terms and what you’re agreeing to.
Sellers can also benefit from working with an attorney. They need to understand what rights and obligations they have should a sale fall through when a buyer fails to meet the lender’s requirements. Your attorney focuses on protecting your rights and best interests.
Hire a Lawyer Versed in Real Estate Law
If you’re planning on buying or selling real estate in the new future, consider hiring a real estate attorney. Having someone well versed in real estate law ensures that your best interests are looked out for.
It’s best to start working with your lawyer early. That way, they can guide you through the entire process from negotiation to closing. Your attorney can do a thorough title search, review and prepare closing agreements, assist with negotiation, and review financing documents.
Schedule a consultation today with one of our knowledgeable real estate attorneys to discuss your future real estate transaction.
