As a real estate lawyer who is also the owner of Florida Home Title Company, I’m often contacted by prospective buyers and/or sellers seeking possible representation in their real estate negotiations. One of the first questions they ask is, “who’s responsible for hiring a real estate lawyer?”
The answer to that question is neither party is technically responsible since Florida isn’t one of the several states requiring the presence of a real estate attorney at a real estate closing. However, to ensure there are no hidden issues and/or defects that might have a detrimental effect upon the closing, we recommend that both parties should seek separate representation to protect their best interests.
The sale of a house, condominium, apartment, vacant land, or any building or property involves interactions between the seller and potential buyer. The seller lists the property on the market for a given price and the interested buyer makes an offer which is usually less than the selling price. Following further interactions and negotiations between the parties, the property either sells or, should the negotiations fail, the buyer walks away.
More times than not, real estate agents are involved in the process. One representing the sellers’ interests and a different agent representing the prospective buyers’. To protect their separate interests, since things don’t always go as smoothly as they should, both parties should seek separate legal representation. According to Murphy’s Law, “things will go wrong in any given situation if you give them a chance.” Don’t give them that chance! Retain the services of a real estate attorney who will keep your best interests at heart.
The Importance of Hiring a Real Estate Lawyer
Real estate attorneys are trained to both prepare and review real estate-related documents. They are there to ensure that the closing proceeds as smoothly as possible, keeping in mind Murphy’s Law. They also intervene in any disputes that might arise between the buyers and sellers. They can expediently address and fix if at all possible, issues that could potentially arise during the closing.
Potential Issues That Could Arise Before or At Closing
- The property could fail the termite inspection which could create a major problem.
- The appraisal could come in lower than the expected amount.
- A cloud upon the subject property could be uncovered.
- The subject property could fail inspection.
- Either the Buyer or the Seller could back out of the deal at the Last Moment,
- The bank could turn down the financing.
- The house can’t be insured for whatever reason.
- A defect in the title could be uncovered.
Unfortunately, issues can come up at any time at or before closing which could negatively affect the parties’ ability to close. Having an experienced real estate attorney gives the buyer and the seller the best opportunity to clear up and correct those issues, if at all possible.
Real Estate Law Experts In Coral Springs
At the offices of Gary I. Handin, P.A. we have 50 years of experience in representing both the buyer and the seller. Whether you’re purchasing or selling real estate, our attorney and experienced staff can guide you through the transaction. We can also ensure that any major risks are mitigated. We provide you with exceptional representation so that you can close your real estate transaction on the terms which are the most favorable to you. Our services include contract drafting and review. We also explain the intricate documents to you and we negotiate terms on your behalf and review the chain of title. We carefully evaluate your title commitment and any potential defects in the title and carefully prepare and review all of the documents required for the closing.
Whether you are a real estate buyer or real estate seller seeking the advice of a seasoned real estate lawyer, contact us at (954) 796-9600 or toll-free at 1 (877) 815-1560 to schedule an appointment to discuss your real estate needs, today.