It is no longer uncommon for buyers and sellers to forgo the services of real estate sales professionals to save money. However, there remains no substitute for professional Closing and Title Services offered by qualified real estate lawyers. Here are just a few reasons why it is worth investing in the expertise of a real estate attorney.
Protection from Scams, Fraud, and Misrepresentations
It may seem safe to assume that the seller of a property is its rightful owner, but no matter how trustworthy they might appear, or how badly you want the property, you should never take that for granted. Unfortunately, fraud is very common in Florida’s bustling real estate market, especially with respect to FSBO properties – “for sale by owner.” Our real estate attorneys have helped sellers and investors from across the globe navigate around these risks, carefully reviewing all paperwork and records pertaining to the property to ensure that the seller has the right to both own and sell it.
Ensuring the Title is Free and Clear of Problems
For a sale to be legally valid, the property must have a clear chain of title leading up to the current owner. If a deed is missing, unrecorded, or defective, it could undermine the legality of your subsequent ownership of the property. Even an honest seller may be unaware of these details.
Moreover, even if the chain of title is unbroken and the seller is the rightful owner, there are plenty of other issues that can impact your full enjoyment of the property. For instance, the seller or another prior owner may have an unpaid debt, or a lien was recorded in the public records that attaches to the property—meaning you will be responsible for paying it off once you take ownership. Code violations, judgments, and other unresolved financial and legal obligations from prior owners may also become your burden to bear once title is transferred.
These issues are particularly common in FSBO transactions, as neither party is generally equipped with the expertise or resources to examine the title. By contrast, our legal team has the knowledge and tools needed to comprehensively inspect the title for any of these issues and more. We will advise the buyer and seller on the potential risks or issues with the property and help to ensure that these problems are cleared up prior to a sale.
Protection Against Hidden Hazards
Even a thorough examination may not reveal every title problem. These so-called “hidden hazards” are unrecorded and may remain unknown until well after you possess the property. A common example is when a previously unknown third party comes along claiming to have an interest in the property (and who may subsequently sue you for that interest). To protect against this and other nasty surprises, we specialize in drafting title insurance policies that safeguard your ownership interest in the title to the property, and which also cover the costs of defense against legal challenges for claims that are covered by the policy.
Guaranteeing a Safe and Smooth Closing
A successful closing hinges on more than just a meeting of the minds: from making sure contract obligations are fulfilled, to ensuring that the purchase funds are secure until their disbursement, there are a lot of moving parts that go into every transaction. Even if both parties know what they want and feel they can handle the transaction on their own, it is unlikely they will have the relevant legal expertise needed to ensure that the contract is properly drafted, to name but one very important example.
Our real estate team knows the ins and outs of real estate transactions because we have helped numerous buyers and sellers reach a successful closing—with or without a real estate sales professional working with them. We utilize cutting-edge technology and the best legal practices to help ensure that funds are safe and secure in escrow. We also strive to provide our clients with the proper counsel and guidance to make educated decisions.
Learn More About Our Closing and Title Services
For more information on how Farshchian law can help with a safe and efficient real estate transaction for all parties involved, call us today at (800) 610-4650 or email us at Info@JFRealEstateLaw.com.