Whether you are buying or selling a home, a building or a piece of land, every real estate transaction comes with potential pitfalls that can pose a real risk to your investment. Getting sound advice and guidance from a qualified Florida real estate attorney can help you manage that risk, no matter what side of the deal you are on.
Here are three reasons buyers and sellers need an attorney for real estate transactions:
1. Drafting a Clearly Defined and Legally Binding Contract
Look up the definition of “contract” and you will always find the words “law” and “legal” at the heart of that definition. Florida real estate law is complex, and Realtors, family members and friends are of limited help when it comes to understanding the legal terms and implications contained in a purchase and sale contract. This is why you need the guidance of a qualified real estate attorney who understands the nuances, and the application of Florida law.
Form contracts – such as the FR/Bar “As Is” Residential Contract created by the Florida Bar and Florida Association of Realtors, are often used in Florida. Even though these forms are standard, checking the wrong box can have massive financial consequences. A real estate attorney can prepare addenda to these standard forms to clarify certain aspects of the transaction. Depending on the complexity of the transaction, your attorney can prepare a contract that is better suited for your particular purchase or sale.
For residential and commercial real estate buyers, an attorney can negotiate a contract that includes a strong due diligence inspection clause to ensure that the due diligence terms are favorable and allow for the property to be inspected thoroughly for any obvious or non-obvious defects. This is particularly important for commercial buyers, since Florida law does not obligate a seller of commercial real estate to disclose information about known defects.
2. Identifying and Remedying Problems
Issues may arise during a transaction with regard to a title defect, open permit, or a survey that reveals an encroachment. When this occurs, a highly experienced real estate attorney will be able to assist to successfully resolve these issues.
An attorney can draft legal documents that include seller’s warranties and representations that are binding upon a seller after closing, and that can obligate the seller to pay damages, even years after the closing.
Conversely, for sellers, an attorney can work to limit the seller’s warranties and representations, negotiating what should be deleted and what should stay to help sellers avoid costly litigation.
3. An Attorney is Your Advocate
By their very nature, real estate transactions are unpredictable since you are dealing with both the human factor and the conveyance of valuable assets. A buyer or seller may make verbal promises or claims that are relied upon during the negotiation, but if these are not written down in the form of a contract, real trouble can ensue.
A qualified Florida real estate attorney is someone you can count on to be on your side, helping you to ensure that as a seller you get your money and avoid litigation, and as a buyer you get free, clear and marketable title.
Farshchian Law assists both buyers and sellers with real estate transactions. If you would like to learn more about our real estate services, Please call us at (800) 604-1871 or or send an email to Info@JFRealEstateLaw.com. We provide real estate services throughout the State of Florida.