Florida law does not require you to hire an attorney to handle commercial or residential real estate transactions. However, having an experienced attorney in your corner provides many benefits for buyers, sellers and developers.
Many real estate deals are handled through negotiations between the buyers and sellers, usually through their real estate agents. An attorney is well worth the cost when complications arise over the contract or with the property and could end up saving you money.
Understanding the process of buying or selling a property
Attorneys provide protections for buyers and sellers through the entire process, including:
- Contract to closing: Attorneys can negotiate a fair price and represent you at closing. A typical Florida real estate deal involves numerous documents, such as a purchase agreement, transfer deed, a Certificate of Non-Foreign Status for purposes of tax withholding and a settlement statement.
- Title insurance: Once a title search is done to ensure that the property is free from liens, legal judgments or any other liabilities, your attorney can issue title insurance, which protects your property.
- Property transfers: Your attorney understands how different types of business arrangements work under Florida law when one or more parties in the sale are a trust, partnership or corporation. These types of agreements can be complicated.
- Commercial properties: Real estate attorneys can cut the red tape for getting a tax identification number from the state and establishing your company as a valid business entity for tax purposes.
- Property disclosures: Your attorney will review inspection reports making sure that any defects to the property are identified and addressed. They can also take action if deficiencies are not properly disclosed.
Knowledgeable legal advice saves time and money
Buying a home or business property will likely be one of the most expensive and important transactions you will ever make. An experienced real estate attorney here in Florida will protect your interests, make sure you are following all state and local laws and expedite the process to save you money and time.