SAUVOLAW UPDATE
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Florida Real Estate Law Questions and Answers

By Nicole Sauvola

Sauvola & Associates, P.A.

Updated:  June 2007

Contents

Notice: Please note that if you have already entered into a Real Estate Contract, you will likely benefit from consulting a real estate lawyer. If you would like to contact our office for further information or consultation, check out our website consult request at the Sauvola & Associates Contact Page

What Is The Benefit of Having An Attorney When You Are Buying Or Selling Property?

Real Estate Transactions are completed in a series of stages. Usually, a Buyer will find a piece of property that they are interested in purchasing and enter into the Contract with the Seller or the Seller's Real Estate Agent, without the benefit of having an attorney.  This can sometimes be a costly mistake for a Buyer, especially when it comes to provisions in the Contract that are absolutely negotiable.  In the Real Estate market, the Buyer wants to Buy at the lowest price and the Seller wants to Sell at the highest price.  Additionally, the Seller, no matter how long they may have lived in the property feels that they are selling something that has more value than they are getting.  Additionally, a Buyer, no matter what the age of the residence they intend to purchase may be, expects to get residential property in near "perfect" condition. 

Whether you are a Buyer or a Seller, hiring an attorney can help open your eyes to getting the most for your money or the most money from your investment.  There are always Inspections, material defects, liens, title considerations, closing costs, and the like, where an attorney can help you negotiate and/or resolve any potential problems.  Additionally, having an attorney will help you anticipate potential problems, before you have spent more money and/or time than you expected.

When Should I Contact An Attorney Regarding My Real Estate Transaction?

The sooner the better.  Contacting an attorney when you are thinking about purchasing a piece of property can be beneficial, as you will have the services of the attorney from Contract to Closing.

What Will It Cost Me To Hire An Attorney?

The cost of hiring an attorney varies from transaction to transaction.  However, traditionally, you can secure the services of an attorney for transactional representation  for a flat fee, between $500 -- $2500.  Considering the fact that if something goes wrong with your transaction, and you have not secured the services of an attorney to assist you, the litigation expenses can reach outrageous proportions.  It is a small price to pay for the security a lawyer can provide.

What Can I Expect In The Process?

Your attorney can help you in the preparation and execution of your Real Estate Contract.  Your attorney can hold the deposits in escrow on your behalf, pending the closing of the transaction.  Additionally, your attorney can review the Inspection reports of the roof, termite and general inspectors.  Your attorney can review the Title Commitment for any Title defects and protect your interest, insuring that such defects are cleared prior to closing.  

A Buyer's Attorney can assist the Buyer in obtaining a low cost mortgage.   The Attorney can be expected to review the closing documents, Settlement Statement, and mortgage documents, ensuring that the Truth In Lending Disclosures are followed to the letter of the law with the least amount of cost to the Buyer.  The Buyer's Attorney will also attend the actual closing ensuring that the entire transaction is completed smoothly and properly.

A Seller's Attorney can be expected to prepare the closing documents acting as the closing agent (or work with the Title Company) to reduce the amount of "junk fees" charged to the Seller on the Settlement Statement. 

Copyright © 2006 Nicole Sauvola. All rights reserved. No portion of this article may be reproduced without the express written permission of the copyright holder, except as follows: You may link this article to your website, either directly or through a Criminal Law index page, provided your link does not depict this article, or its author in a negative manner.