Florida law states that you don’t require a real estate lawyer when buying or selling property. However, buying real estate is probably going to be one of the biggest investment decisions in your life. With that said, you would be crazy not have a real estate lawyer on your side!
We are living in a time where people sue each other for even the smallest of discrepancies, and by not having a real estate lawyer on your side you’re potentially opening yourself up to lawsuits in one way or another. Buying a home is a huge investment and you will be taking a lot of risk if you have no one looking out for you, however, by hiring a real estate lawyer you will have an ally and advocate who will watch your back and is well versed in the law of the state you are buying or selling in. This can help you overcome any unforeseen real estate drawbacks.
How a Real Estate Lawyer Can Help You
Here we will look at some of the reasons why you should hire a real estate lawyer when buying or selling a house and how they can help you.
- Buyer’s Remorse: The real estate market in Florida does not require the seller to inform the buyer of defects they are not aware of. As such, an inspection of the property should always be performed by the buyer. Lawyers are able to assist in the preparation and negotiation of contracts that allow for the buyer to perform inspections with regards to hidden or obvious problems with the real estate. Should the buyer find defects after closing it is difficult to pursue the issue without expensive litigation costs, this is why you want a lawyer on your side who can write a contract for you protecting you from buyer’s remorse.
- Breach of Contract: When buying or selling real estate it’s important to remember that there are always deadlines involved, be it for financing, inspections, surveys, title insurance, or closing. Contractual deadlines are important to comply with because breaching these deadlines can lead to forfeiture of your deposit and the sale as whole. Real estate lawyers help in drafting and managing contractual deadlines on behalf of the buyer or seller.
- Illegal or Unpermitted Improvements: It is important to know your state’s regulations and local regulations regarding home improvements. What were to happen if you bought your new home only to find out that you have to remove prior home improvements which were made due to them being illegal? Who would have to pay? Without a contractual agreement on such matters it can become expensive in litigation and as such a real estate lawyer is there to protect your interests and guide you through the process.
- Problems With Your Transaction: Real estate lawyers can act as an escrow agent, which means that your money will be safe with them. When buying a home, large sums of money are often involved and it’s always best to have someone you trust handling your money rather than a third party holding it for you.
- Full Disclosure: Not all real estate agents or sellers are honest or perhaps they are just ignorant of their obligations when it comes to disclosure of information. Regardless, if you are suspicious in any way then a real estate lawyer can put your mind at ease by using contractual language to address your concerns or suspicion.
- Closing: The closing of a sale is an important and final step of buying or selling a home. As such, so is the legal documentation pertaining to closing. Lawyers are able to close on your behalf, this allows them to best ensure that you are protected as either buyer or seller. It’s important to have a lawyer draft and review your closing statement so that you are not accountable should something go wrong further down the line, that you only pay for what you should pay and that you get what you are entitled to receive.
If you can afford to spend hundreds of thousands of dollars on buying a home, you would be crazy to not budget a little extra to ensure your protection and peace of mind. A large portion of a real estate lawyer’s work is to review contracts and ensure the protection of either the buyer or seller, this means that you will always have someone watching your back from a legal stand point. Would you feel comfortable signing a legal document which the real estate agent assures you is standard? Having a competent real estate lawyer be your voice when you have concerns can make all the difference.