Homebuying and selling is a contractual process that can often be legally complex. It also generally involves numerous parties and large amounts of money. This sounds like a scenario that would require assistance from a real estate attorney who knows the ins and outs of Florida law. However, Florida law does not require that real estate transactions be facilitated by a lawyer.
With that being said, it is a good idea to speak with a real estate attorney about your specific situation so you can make an informed decision about what’s best for you. Many times, a title company that does not have an in-house attorney cannot help with matters such as contract negotiation, advising on the best way to take title to real estate, drafting language for the contract that is specific to your situation, contractual disputes, lien mitigation, and other matters that only an attorney is qualified to assist with.
If you plan to forego legal representation for your sale or purchase, you will want to know what to expect. There are many steps and stages involved when real property changes ownership, but it is often the closing process that presents the biggest challenges.
The Real Estate Closing Process
The closing process in Florida is a multi-step process that involves holding a buyer’s escrow deposit as per the contract terms, lien and title searches and examination, the loan approval process, lien mitigation and resolution, property inspections and appraisals, issuing title insurance, paying off liens and mortgages, and the disbursement of closing funds. It also always includes the preparation of specific closing documents, which include but are not limited to the following:
- Purchase and Sale Contract;
- Warranty Deed;
- Bill of Sale;
- Closing Statement;
- Title Insurance Policy;
- Disbursement Instructions;
- No-Lien Affidavit; and
- Certificate of Non-Foreign Status.
These documents should be prepared and reviewed by a Florida real estate attorney who has specialized knowledge and can help you understand the legal ramifications of the documents you are signing.
A Real Estate Attorney’s Role
Your lawyer will have numerous roles throughout the real estate closing process, but the main advantage that legal representation brings is security. By having someone well-versed in the law and legal requirements, you can feel comfortable knowing that your closing is being handled by a professional.
Specifically, a Florida real estate lawyer can:
- Help you obtain clear and marketable title;
- Clarify seller and buyer contractual responsibilities;
- Draft or review any necessary contracts and legal documents;
- Handle lender communications;
- Advise you on the best ways to take title;
- Resolve lien matters; and
- Represent you for negotiations and disputes.
How the Florida Real Estate Attorneys at Farshchian Law Can Help
The real estate process, from start to finish, includes numerous complex stages. From choosing a lender, obtaining financing, and addressing title clouds to closing on the property and gaining ownership, it can be easy to get overwhelmed.
The advice and guidance of a Florida real estate attorney can be invaluable for both buyers and sellers needing representation during the closing process. If you’re ready to speak with an expert in Florida real estate transactions, contact us for a free consultation at (305) 901-5628 or (239) 935-8599, or email us at Info@JFRealEstateLaw.com.