Why Every Buyer Should Have a Real Estate Lawyer When Purchasing a Home
The following describes the various steps in the purchase process and how a Florida real estate attorney customarily assists the buyer during each step.
Although engaging the services of a real estate lawyer is not absolutely necessary during the pre-contract negotiation phase of a real estate purchase transaction, it can be helpful for the buyer to speak with attorney if the buyer has any questions regarding the purchase price and any tax related issues that the buyer may be concerned with.
Speaking with an experienced Florida real estate attorney about the buyer’s concerns and questions during the pre-contract negotiation phase will give the buyer the opportunity to address a situation prior to the buyer being bound to a contract to purchase a home and will provide comfort to the buyer regarding certain questions that the buyer may have about the pending home purchase.
Contract of Sale:
A Florida contract of sale contains many different details associated with the purchase of the home and although the real estate agent is normally the person who prepares the contract of sale, the buyer’s attorney is the one who will sit down with the buyer to explain everything the buyer will need to know about what the buyer is signing and what it means for the buyer.
A real estate contract of sale usually includes many important factors such as:
- what real and personal property are included in the sale
- the purchase price, the amount of the deposit which is to be paid
- where same will be held in escrow and what the provisions of the escrow are
- how many days the buyer has to obtain a loan commitment and what happens in the event that the buyer is unable to obtain a loan commitment
- what will happen if any damages to the house are present or any major repairs are required
- the requirement of a clear title in order for closing to occur and what will happen if there is an issue that can not be cleared on the title
- when the closing date is scheduled to be
- what happens if the seller is not ready to close and the buyer is
- the allocation of closing costs and expenses
- many other important matters to consider.
An experienced Florida real estate attorney will review the title search report and the information contained therein to make sure the status of the title is clear before moving forward with the purchase of the home, and will take all necessary actions in order to clear any title clouds prior to closing.
Although almost always required by the buyer’s lender when the buyer is financing his or her purchase, even in all cash transactions it is essential that a survey is ordered for the property and carefully reviewed prior to closing.