For many individuals, handling a real estate transaction is an overwhelming task. Besides the pressure involved in the negotiation, inspection, and valuation of a property, the legal aspect also requires an expert approach.
In this article, you will find out why the guidance of a real estate attorney is vital for individuals selling or buying property in Florida.
Florida Real Estate Attorney – Is it Mandatory to Hire Legal Counseling During Real Estate Transactions?
Under Florida law, there are no specific provisions that require buyers and sellers to hire an attorney during real estate transactions. Hence, buyers and sellers are free to work their way through real estate transactions without professional assistance.
Although it is not mandatory, hiring a real estate attorney may help clients seize a set of advantages. An experienced attorney will help by facilitating price negotiations, avoiding potential legal issues, and eliminating additional costs.
Why Do I Need a Real Estate Attorney When Selling or Buying Property in Florida? – The Essentials
Financing and Lease Agreements
Many buyers need to get a mortgage approved by a lender to provide funds for real estate transactions. An attorney will clarify the terms in the mortgage contract, negotiate with the lender on the buyer’s behalf, and anticipate any potential issues that may be unforeseen.
Upon obtaining a mortgage, individuals purchasing commercial properties in Florida may need professional guidance to create solid lease agreements and enforce them with tenants.
Professional Negotiation Skills
An experienced real estate attorney knows how to deal with all the parties involved in a transaction while focusing on protecting a client’s interests. Relying on the services of an expert attorney is utterly important for first-time buyers, especially those who are sure how to negotiate a better pricing offer or improvements in a property.
Drafting and Handling Documents
It is impossible to ignore the number of documents involved in Florida real estate transactions, which includes:
- Purchase and sale contracts
- Transfer deeds
- Lease agreements
- Tax withholding documents
- Closing statements
A real estate attorney is essential to review the documentation and identify unforeseen issues that may result in future litigation (e.g., title clouds). Additionally, a legal advisor will ensure full legal compliance while drafting the contracts and agreements to close the transaction.
As required by Florida law, property sellers must inform potential buyers about any hazards known on the property before transferring its ownership.
An attorney is essential to guide both parties throughout this process, drafting solid disclosure statements that identify the existing issues and define who is responsible for fixing them.
A short sale happens when an owner sells their property below its mortgage value. Transactions involving foreclosed properties and short sales require a specialized approach.
Considering this type of transaction offers unique opportunities for buyers in Florida, the assistance of a real estate attorney is essential to ensure an efficient negotiation with the bank and an in-depth review of the documents involved to ensure a fair sale price.