When a person hears the term “real estate,” the first thing that usually comes to mind is the buying and selling of land and/or property. The assumption is that a seller lists their property for sale, often more than the price they are willing to accept, and the potential buyer makes an offer which is usually less than the seller is looking to receive. Following further negotiations, if the property sells, the real estate lawyer prepares a contract, which the parties sign and the two parties proceed to a closing, which, hopefully, will proceed smoothly.
At the closing, the owners receive their payment and the buyers are provided with the keys to their new home. That’s the way it would happen in a perfect world. However, since we aren’t living in a perfect world, things happen which could have a negative effect on whether or not the property actually closes. During my 40 plus years of experience as a real estate attorney, I’ve discovered that there are a lot of misconceptions as to what a real estate attorney does or why the services of an attorney are necessary at closing. What, then, are the different types of real estate legal services offered and why or when should you hire a real estate lawyer to assist and direct you in this process?
What Are The Different Types of Real Estate Legal Services?
- Title Insurance
- Closing Attorneys
- Real Estate Lawyers
What Is Title Insurance?
- Unfortunately, there are a number of things that can go wrong with the sale of a home before closing and even after the property has closed.
- Title Insurance protects the interests of the buyer of the property in the event unknown issues arise with the property that aren’t uncovered as a result of the title search.
- Title Insurance is generally required by lenders when making a mortgage.
- There are two different types of insurance available in Florida. Besides the owner’s policy protecting their interests, there’s the lender’s policy which protects the lender’s interests.
What Is The Purpose Of Closing Attorneys?
- To pay off the existing mortgage.
- To pay all outstanding utility charges.
- To ensure payment of any outstanding real estate taxes.
- To make payment to the real estate agent for the commission they earned as part of the sale.
- If the property sold is the subject to a Homeowner’s Association, to obtain the required estoppel letters from them.
What Does a Real Estate Lawyer Do?
- Although the State of Florida doesn’t require the hiring of a real estate attorney, doing so is beneficial, and provides all the parties with peace of mind.
- Real Estate Lawyers can often expedite the entire process.
- Real Estate Lawyers can assist in speeding up the entire contractual negotiation process.
- They can communicate with lenders.
- They can secure Title Insurance.
- A Real Estate Attorney can handle any complications that develop during the entire process. Unfortunately, not all real estate transactions go smoothly. Even under the best-case scenarios there are usually a few issues that develop along the way.
The Best Real Estate Attorney In Coral Springs
Whether you are selling or are buying a home in Florida, it is an involved, stressful process that can be alleviated by hiring a real estate attorney who can take over and handle the entire process for you.
At the Law Offices of Gary I. Handin, we have over 40 years of experience as a real estate attorney and have handled a significant number of real estate transactions. We are AV rated as Preeminent by Martindale Hubbell, which is the highest rating possible for ethics and professional knowledge. We also offer Real Estate/Title Insurance. If you have questions about real estate closings or any other real estate issues, please contact us at (954)796-9600 or toll-free at 1-877-815-4560, to schedule an appointment.