Hiring a real estate attorney provides benefits for buyers and sellers in Florida
Your home could be the largest purchase you ever make. After all, when else are you going to spend hundreds of thousands of dollars or more on a single item?
It could also be the most significant thing you ever sell, potentially setting you up for retirement or allowing you to buy another home in a different part of the country.
As a result, it's essential that you do your due diligence and go over every aspect of the deal to ensure you know what you're getting into and that the agreement is beneficial for you.
Using a real estate agent is a good start. These individuals have experience in the industry and can guide you through some parts of the purchase where the uninitiated are likely to make mistakes. They aren't lawyers, though, so some things can slip through the cracks and cause you problems later on.
In Florida, state law doesn't require buyers or sellers to have an attorney present at closing. However, since real estate transactions can be incredibly complex, it's highly advisable for both sides of the agreement to use one to prevent future issues.
Here's a look at how hiring a real estate attorney is a good idea for buyers and sellers in Florida's housing market.
- Real estate attorneys aren't mandatory in Florida
- Attorneys are highly recommended for complex deals
- Both buyers and sellers can benefit from having an attorney on their side
- PeytonBolin provides experienced real estate legal services in Florida
Why buyers need a real estate attorney
From a buyer's perspective, using an attorney can reduce the risks associated with a real estate purchase. These lawyers handle jobs like dealing with brokers, writing purchase agreements, and executing contracts of sale. They can also assist with securing a mortgage and attending when the deed is transferred.
Even if you don't want a lawyer to oversee the entire buying process, there are situations when bringing one in is advisable. For example, if you notice that the property has physical damages, a lawyer can help you navigate this issue and rework your deal.
Attorneys can also assist as you address illegal suites on the property or evict tenants living in the home upon purchase. These are situations where you'll want to ensure you're handling everything by the letter of the law, so you don't become liable. Every city has different laws on suites that you'll need to consider, too.
If you need to back out of your contract for any reason, using an attorney is advisable. Your lawyer can sometimes find a way for you to cancel the deal legally and avoid penalties.
In short, using an attorney is beneficial for buyers in any situation where the purchase isn't a straightforward residential real estate deal, and even in those transactions, an attorney can come in handy.
The benefit of using an attorney for sellers
Sellers can also benefit from hiring a real estate attorney when the agreement won't be straightforward and could require some complex paperwork.
For example, if the home has a history of structural problems, an attorney can ensure you aren't held liable if a significant issue arises later on.
You'll also want to speak with an attorney if you have past property liens because of debt or you're dealing with a short sale or foreclosure. In these situations, your lawyer can perform the necessary legal paperwork to guarantee the sale goes through and that you no longer have to deal with the property.
When you're going through a divorce and need to split assets, including a home, a real estate attorney can keep the entire process moving. The same goes for beneficiaries selling a property for a deceased relative, particularly when other people stand to profit.
In both of these situations, you can direct questions from other parties to your lawyer to ease your stress in already hectic circumstances.
Receiving legal advice
Once you decide to use a real estate attorney, the next step is selecting one that checks all your boxes. Experience in real estate is at the top of this list, as you'll want someone with knowledge on the specific issue at hand.
You might also want an attorney that provides more flexible services, such as phone consultations. Some lawyers will allow you to book a phone appointment to quickly go over any legal questions you have. This service is convenient if you don't require a full-service attorney for your transaction.
PeytonBolin offers complete real estate law services throughout Florida. Our attorneys have experience working with buyers and sellers on various residential and commercial real estate issues and can provide you with peace of mind as you close your deal. We also offer 30-minute legal consultations.
Buyers and sellers alike can contact us to book a phone consultation regarding their real estate transactions in the state of Florida.