A real estate attorney knows how and is legally authorized, to prepare and review contracts and documents related to the sale and purchase of a home. In some cases, a real estate attorney is the person who will be in charge of the closing. In a home sale transaction, both the buyer and seller can hire a real estate agent to represent their interest. In the case where an attorney is doing the closing, the attorney may represent the mortgage lender. In Florida, a real estate attorney is not required at the transaction but can still be helpful to assist you with issues. Real estate law includes the purchase and sale of any real property, which means the land and the structures that are on the land.
Use of a Real Estate Attorney When Buying
Real estate lawyers review the contracts to make sure there aren’t any issues that need to be fixed. Some mortgage lenders and insurance companies require that you work with a lawyer. Attorneys make sure the title is good and there aren’t any undisclosed liens against the property. The attorney is the one who ultimately makes sure the terms are acceptable and you won’t run into any issues when closing. Buyers can also direct an attorney to help them understand the terms of the contract. Some buyers also ask an attorney to check into local codes or convents that could impact how they want to use the property. Real estate attorneys will help a buyer clarify the terms of the mortgage and modify it if needed to make sure there aren’t any utility costs or taxes owed on the property they want to purchase.
Use of a Real Estate Attorney When Selling
Real estate attorneys can also help sellers. The primary role for representing a seller is by reviewing the formal offer from the buyer and preparing the purchase and sale agreement. Attorneys can also participate in the negotiating process on behalf of a seller to make sure that the seller gets the best possible offer. The attorney can prepare the deed for the property and deal with title issues if necessary. The attorney will also review the papers the seller signs at closing.
Real Estate Disputes
If you are dealing with a real estate dispute, such as lot line problems, a chain of time, or other issues involving contracts, then the attorney works to resolve the problem. If there are any out of the ordinary problems that could complicate the contract, then a good real estate lawyer can make sure that all the contracts are taken into account and help resolve the situation.
Selling Your Home by Owner
If you want to sell your home on your own without a real estate agent, then you may benefit from working with a real estate attorney. While you might save money, many homeowners have trouble completing and understanding the paperwork that is required for a sale. A real estate attorney can help you close the deal and make sure that the sale is completed according to the contract, and you follow all local and state real estate laws.
Understanding Commission Fees
If you are working with an agent and have a broker’s fee agreement, then an attorney can also help you understand the legalities that are associated with the brokerage fee or commission. A lawyer can review the agreement for you before you sign and point out any unfavorable terms or help you revise any unclear information. The lawyer will explain what happens if the sale falls through and can negotiate to help minimize losses if there is a problem. For example, you may be responsible for paying commission fees to multiple agents or even paying a fee to withdraw your home from the market.
Answer Your Legal Questions
Even if you don’t have a situation that requires an attorney, an attorney can give you advice and answer your legal questions when it comes to real estate transactions.
Give You Peace of Mind
Even if you are not required to work with a real estate attorney, working with one can give you peace of mind. If you have a feeling that something could go wrong during the transaction or want to make sure that all the bases are covered then having an attorney on your side can be beneficial. With a good lawyer, you can have the confidence to know that even if something does happen with the transaction then you have someone who is looking out for the best interest who will help you work through this situation.
A real estate attorney can represent either the seller or buyer, but not both. Representing both isn’t allowed since it can lead to a conflict of interest. A real estate attorney needs to be able to advocate for their client and this isn’t possible if they represent both interests since the interests are bound to be different. The seller and buyer are allowed to have separate attorneys from the same law firm.
Do You Need a Real Estate Attorney?
Buying and selling a home can be an intimidating and confusing process and it’s important to be educated about the various aspects of the law and all the contracts required. Even though it’s not required in Plantation, FL, there are a number of reasons why working with a real estate attorney can be in your best interest.