In most states, a lawyer is not needed in a real estate transaction. A real estate agent is usually able to get you through the mountains of paperwork.
However, every house sale is unique and comes with its own problems. Sometimes only a well-versed attorney can solve these issues. Having someone who knows the laws related to buying a home in Florida on your side can help you prepare for each step in the process.
Closing costs and other savings
Lawyers usually work by the hour, so there is a chance you could save money here as you will have fewer closing costs in the end. Tell them from the beginning how much time you are willing to pay for or how much you are willing to pay for certain services. Your lawyer can also go through all the closing documents in detail to make sure the closing is fair to you.
As the transaction continues, lawyers can function as a liaison by speaking with the seller and using their expertise when determining whether costs that arise are reasonable or if they should negotiate them down. Having an experienced attorney on your side can also circumvent any possibility of someone trying to take advantage of you, especially if you are an inexperienced homebuyer.
Complex real estate transactions
There are plenty of complexities that can come up in real estate purchases, from needing to clear a title, to mortgage company hurdles and home inspection issues. These are other complicated situations that a lawyer can help you handle:
- Structuring a private loan
- Structuring a co-buyer agreement with a joint purchaser
- Reviewing a rent-to-purchase agreement
- Clearing up legal claims against the property
Ensure a fair purchase
It is important to note, that while real estate agents may have your best interests in mind, they are ultimately motivated to complete the deal, as that is how they earn their income. Utilizing the services of an attorney can give you peace of mind that your purchase is fair and legal and that other problems won’t appear later.
A lawyer can explain all the other legal considerations that come up in Florida home purchases as well, including homesteads, taxes and real estate deposits. Having an attorney review your mortgage helps ensure your terms are fair and that you fully understand them before signing.
