Although Florida law does not require buyers nor sellers to hire a real estate attorney when closing a real estate transaction, it is still the ideal approach to ensure a smooth closing. In this sense, hiring an attorney serves not only to protect the parties involved but to expedite the process and streamline the entire experience.
In this article, you will discover how an expert attorney may help to guarantee a successful closing in Florida real estate transactions.
What Does Attorney Do At Closing in Florida? – The Checklist
Drafting and Handling Contracts
There is no such thing as a transaction without a contract. A contract is a legally binding document that outlines a formal agreement between multiple parties – in this case, the owner of a property and a buyer.
When drafting a contract, it is crucial to ensure that no side of the transaction is ahead of the other, guaranteeing fairness and impartiality. Plus, the job of an expert real estate attorney includes:
- Reviewing documents to ensure full legal compliance
- Double-checking all fine print to guarantee there is no room left for potential issues
- Researching the title to ensure no liens, judgments, or title clouds will affect the post-closing
- Defending the client against legal issues that may arise during the process
Providing Expert Guidance Through the Negotiation Phase
In Florida, any successful real estate transaction is complete when the parties sign the purchase & sale agreement. Different properties require different contracts, and all these contracts involve distinct negotiation proceedings.
Accordingly, a seemingly simple real estate contract may be riddled with pitfalls and complex clauses. A well-versed attorney can clarify the contractual terms to the parties involved in the transaction, ensuring both buyers and sellers are aware of their duties and responsibilities.
Only Licensed Attorneys Can Provide Legal Guidance in Florida
While real estate agents might have plenty of experience handling contracts in Florida, no professional other than a licensed attorney can provide legal advice to either party involved in a real estate transaction.
Accordingly, only a licensed attorney can review and explain the effects of terms and clauses within a contract, advise the parties involved regarding what must be done, and ensure both parties meet the required deadlines in the process.
In Florida, some expert attorneys also offer title and escrow services, which are crucial to ensure a streamlined closing experience.
Dealing with Lenders, Banks and Insurance Providers
When a buyer decides to pay all cash to purchase a property, the real estate transaction is usually limited to the interests of the parties involved – buyer and seller. Nonetheless, acquiring a property using a mortgage adds another layer of complexity to the process.
In this context, an attorney will provide valuable advice, explaining all the benefits and liabilities associated with mortgage plans and ensuring both parties understand their rights and obligations in the financed transaction.
Also, dealing with lenders and banks it not always an easy task. Accordingly, an experienced attorney can assist in the communication process to eliminate gaps and guarantee a streamlined process.
Depending on the circumstances, it might be necessary to acquire an insurance policy – lender’s insurance and buyer’s insurance. In this sense, an attorney will explain each type of insurance and help clients purchase the most suitable policy according to their situation.
Do You Want an Experienced Attorney At Closing in Florida? – Work with Attorney Romy B. Jurado Today
With a decade of experience helping hundreds of clients succeed in different real estate transactions, Attorney Romy B. Jurado is willing to help you as well.