Real estate lawyers and their services account for about 10% of the US legal industry. They serve everyone from private individuals buying a family home to corporate investors looking to expand their territory and market share. While many real estate transactions could be considered routine, a few situations require special attention.
If you find yourself facing one of these seven situations, a real estate lawyer could provide you with crucial guidance.
1. Personal Advocate
When you hire a real estate attorney, they become your personal advocate. They have a fiduciary duty to look out for your best interest. This is important because the lender, title company, and seller are looking out for their own best interests. Having a real estate attorney looking out for your interests helps level the playing field during the deal.
2. You Are Out of Town
If you don’t live in Florida, it can be challenging to purchase real estate. You may not see the property in person. The laws are likely different from your home state. A local real estate attorney will know the laws and regulations for the state, county, municipality, and city.
3. The Property Is Part of Probate
When someone passes away, the property they own goes through probate administration. A personal representative or trustee will administer the real estate per the will or intestate law. If someone contests the administration, then a real estate attorney can assist with handling the real estate in question. As a buyer, you will want to consult with a real estate attorney before completing your property purchase. You’ll want to ensure you can legally buy the property from the executor and become the rightful owner.
4. The Property Is bank Owned
Bank-owned properties or those that are going through a short sale or foreclosure have special conditions. If you are the current property owner, then a foreclosure defense attorney is a must for negotiating with the bank so that you can keep your home. If you are a potential buyer, consulting with a real estate attorney is essential for ensuring you receive a clear, insurable, and marketable title.
5. It’s Commercial Property
Commercial parcels are much larger than a standard residential piece of real estate. They typically involve complicated legal issues that require an attorney to address. This could include leasehold, corporate ownerships, easements, tenant contractors, structured financing, and environmental issues. Your real estate attorney can negotiate a deal that addresses these and other issues to ensure you know the complete scope of the purchase or sale agreement.
6. There Are Tenants
If tenants are living on the property, then this adds an extra layer of complication. You need a real estate attorney to explain your obligation to the current tenant. As the new owner, you become the landlord. Certain questions need answering, such as what happens to the security deposit paid to the original owner? Can the tenant hold you liable for valid claims against the old landlord? If you plan to evict the current tenant, you need to do so in accordance with the law.
7. There Are Illegal Improvements
Property owners must comply with state and local building code regulations when making property improvements. Without the proper permitting, work done could be deemed illegal. Consulting with real estate lawyers helps you understand what the seller must discuss. They can also explain any potential future liability for the illegal improvements. If the illegal modifications become too expensive to correct or hinder your use of the property, an attorney can provide guidance on potentially suing for damages or rescinding the purchase contract.
Our Real Estate Lawyers Can Help
Each piece of real estate presents a unique challenge, so consulting with a real estate attorney ensures you consider all aspects. These seven situations represent some of the more challenging and complicated aspects of buying and selling real estate. If you find yourself facing one of them, you don’t have to do it alone.
Request a consultation with one of our experienced real estate lawyers today and gain guidance when buying or selling real estate in Florida.
