Lack of disclosure about the condition of the property, foreclosure, and probate issues are just few reasons why you may want a real estate lawyer to help.
In Florida, particularly South Florida, families want to own a home; retirees want to buy a condo or townhouse; investors from around the country and world want investment property, including rentals; and vacation homes in or near the water are a dream of almost everyone. For most buyers, the purchase of a home, condo, or vacation property is one of the most important purchases they’ll make and a major financial event in their lives.
Regardless of where they reside (here, another state, another country), Florida law will control their purchase. Each transaction will have its own quirks and unique characteristics, of course: homeowners’ association restrictions; environmental requirements; etc. So, if you’re buying or selling property here in beautiful Florida, hiring a real estate lawyer can protect you as well as help you close the deal without a hitch.
Thus the question; When will a Florida real estate lawyer be helpful? Consider these thoughtful reasons for hiring a Florida real estate attorney.
6 Reasons to Hire a Real Estate Lawyer When Buying or Selling Real Estate in Florida
1. Does the property have illegal additions or illegal improvements? Buyers need to know if local codes and state regulations have been followed, and if they haven’t, what to do about it (should the closing occur?). What happens if a buyer is required to remove an illegal addition after closing? Does the Seller have a duty to disclose an illegal addition to the buyer? What are the buyer’s rights after the closing? Can the buyer sue for damages or seek to rescind the transaction?
2. Are you buying or selling a house with a non-cooperative partner or co-owner? You need to know if a partition action may be necessary under Florida law. Will one co-owner need to sue his/her partner in order to force the completion of the sale of the property?
3. Are you an out of town buyer? If you’re from another part of Florida, or from another state or country, then you may not be aware of the specific municipal, county, state, or even federal regulations that apply to you and the property. Are there tax withholding requirements? If so, are there exemptions that apply that would alleviate the tax withholding? Who pays for transfer taxes and how much are they?
4. You don’t trust or have lost confidence in your real estate agent or the closing agent/title company. Often, hunches prove true: if you have lost trust in these professionals, you need to know their legal duties to you and what to do if they’re failing you in some way.
5. Are you buying a property that is a short sale, in foreclosure or bank-owned? REO properties, foreclosures and short sales involve special conditions and a Florida real estate lawyer with foreclosure defense experience can be invaluable to you in negotiating with the bank and reviewing the title work to ensure that you are receiving marketable and/or insurable title.
6. Are you buying or selling a property that is part of a trust or a probate administration? Here, a trustee or personal representative will be representing the interests of the beneficiaries or heirs, and creditors, and having a Florida real estate lawyer will help in jumping the hurdles of trust law and the probate court.
What Should You Do?
If you are buying or selling a home in Florida, a good piece of advice is to speak with an experienced Florida real estate lawyer to learn about your rights, including those related to disclosures, inspections, and title insurance.
Buyer’s Representation typically costs between $800-$1200 on a residential purchase if all parties are cooperative. A small price to pay for the peace of mind! If the Seller is choosing title services, please give us a call to represent you at 561-838-9595. Or send us your details to [email protected] and we will contact you to get started!