Buying a property in Plantation, FL, requires going through paperwork that ensures you get a clean title and the property doesn’t have undisclosed problems. It’s a lot of work that can become problematic if an issue arises during the process. Retaining a real estate lawyer in Plantation to perform due diligence on your behalf helps you avoid these and other issues so you can purchase the property of your dreams with the least amount of hassle.
Sellers aren’t always aware there’s a problem with the legalities surrounding their property and don’t necessarily intend to defraud the seller. At issue is the fact that problems can show up during the sale and transfer process, making for an uncomfortable situation between both parties. Sometimes these problems are severe enough to cause the sale to fall through because they’re difficult to fix. It’s the job of the real estate lawyers job to investigate the property’s history, find problems and get them fixed before the sale is finalized.
What is Due Diligence?
Due diligence is the act of taking care to make sure that all of the components of a real estate transaction are reviewed, researched, and investigated for issues that can impact a closing. It’s a process that takes place after the buyer accepts your offer and before the contract closes. All aspects of the property are checked for common and uncommon problems so it can be transferred to your ownership free of defects.
This is something a real estate lawyer does on your behalf. They review contracts involved in the transaction and look for issues that aren’t in your favor, find problems that need correcting, and protect you and your interests. It also gives the lender the green light to go ahead and fund your home purchase because the property is free from problems. Overall, unpleasant situations are avoided because the lawyer knows what to look for in the first place.
The actions that happen during the due diligence period include:
- Home inspection
- Title Search
- Land survey
- Property Appraisal
- Disclosures
- Lien checking
- Zoning rules
- Insurance
- Homeowner association rules and bylaws
Sometimes these issues show up when least expected, and the seller may not have been aware there was an issue with the property in the first place. Homes are lived in for long periods of time, and people forget about events that affected their property decades prior. Most of the time, the seller isn’t looking to defraud a buyer and is willing to resolve the situation for the buyer.
The real estate lawyer makes sure that all of these actions are taken care of and properly documented and works on resolving any issues that stand in the way of a closing. Retaining a lawyer also ensures that the closing proceeds as intended and that the ownership is transferred without issue. You don’t have to worry about an unexpected problem showing up at the last minute and preventing you from closing on the property.
Contract Review
A contract is written to suit both parties, but not always. The seller or their agent can put exceptions into the contract that aren’t in favor of the buyer. This can create an undue burden that you, the buyer, didn’t ask for and didn’t expect because you thought the seller and/or their agent were acting in good faith. You may find yourself responsible for something you never knew about, much less agreed to, when you entered into the contract.
A real estate attorney is familiar with the contents of a real estate contract and can identify sections that aren’t in your favor. The seller can introduce exceptions that allow them to back out of the sale, allowing them ongoing access to a feature on the property, or take elements of the home with them when they leave. Usually, these exceptions are negotiated prior to the sale, but not always. The lawyer can identify the exceptions, bring them to you for review, and have them struck out of the contract if you don’t agree to them. You can also add exceptions as the buyer, and your lawyer can bring them to the seller on your behalf for negotiation.
Not all Real Estate Transactions Go Smoothly
A number of problems can arise during the closing process that ranges from disagreements to fraud. It sometimes happens that a seller and a buyer don’t see eye to eye, get into a dispute, or an undisclosed problem with the property is uncovered. Any one of these issues can lead to the property falling out of a contract between the parties, and the house has to return to the market. A Florida real estate attorney readily handles these issues and others like them.
It’s unfortunate that problems during the due diligence period can cause the buyer to lose out on the property, but the losses can be much worse if the issues are allowed to progress. The real estate lawyer has the job of protecting their client from a bad situation during the closing process and can identify these and other situations when they appear. The lawyer then advises you on the actions you should take to get out of the sale if you should push forward with the purchase, and how to get to closing.
Fraud is another issue that a lawyer can catch and stop before it goes too far. The act of selling a home fraudulently takes different forms, but a real estate lawyer can identify the signs that indicate the seller is being less than honest. In turn, you can back out of the sale with minimal losses because the seller was essentially trying to steal from you.
How A Real Estate Lawyer Prevents Problems from Arising with Your Property Purchase
The laws governing real estate transactions in Florida are complex. You’re at risk of winding up with an expensive problem that you can’t easily fix if you don’t have legal representation working on your behalf. Call the law firm of Carlos M. Amor, P.A. for help with your real estate transaction in Plantation, FL, and Broward County. Our law firm can provide everything from title and lien research to contract review.
We can help you avoid an unpleasant situation during the sale process by looking for problems that need to be fixed before the contract closes. Carlos M. Amor has over 15 years of experience in real estate transactions. He can help protect your interests during the sale or buying process for a residential or commercial property.
