Real Estate Closings in Florida
Florida real estate transactions are common legal matters in Daytona and throughout Volusia County. Our law firm represents buyers and sellers involved in commercial and residential real estate transactions. Our goal is to help you close your real estate transaction in a cost-effective, timely manner while protecting your legal rights and ensuring you understand each step of the process.
If you are in the process of buying or selling property, we encourage you to contact our office at (888) 316-2131 to discuss your real estate transaction with an experienced Daytona real estate lawyer.
How Can a Florida Real Estate Attorney Help You?
One of the most important things that a real estate attorney can do for you is to protect your legal right regarding a real estate transaction. While many closings go smoothly, issues can arise that complicate the closing process. Understanding your rights and the risks involved in a real estate transaction can mean the difference in making a wise, profitable investment or losing a substantial amount of money in the transaction. Our real estate lawyers can ensure your rights are protected.
Some of the ways hiring an attorney for a real estate closing can be beneficial for you include:
• Review the Real Estate Contract — A real estate contract is a complex document with many terms and conditions. Some of the terms and conditions are favorable for you. However, there could be terms and conditions that pose risks and could create liability. An attorney should review the contract before you sign to ensure that your rights are protected, regardless of whether you are the seller or the purchaser.
• Explain Your Rights and Responsibilities — After entering into a real estate contract, you need to understand your rights and responsibilities. For example, what are your rights if the other party breaches the contract? What are your responsibilities to disclose information? What happens if you decide you want to back out of the contract? Your attorney makes sure that you understand all terms and conditions of the contract, so you know what to expect if an issue arises.
• Assisting with Due Diligence — Purchasing property is a huge undertaking, regardless of whether it is a large commercial property, small home, or beachfront property. In any real estate transaction, due diligence is required to ensure you are not making a poor investment. Due diligence includes inspecting the property, examining title to the property, researching potential title defects, checking zoning ordinances, researching property restrictions, examining easements, and a host of other procedures designed to uncover any potential issues with the property or the title. An experienced Daytona real estate attorney understands the steps needed to ensure your investment and legal rights are protected.
• Clearing Title — When you sell or purchase real estate, clear title must be transferred to the new owner. However, title defects can stop a closing. Old mortgages, easements, judgments, restrictions, liens, and other title defects must be resolved before the seller can transfer clear title. A real estate attorney can help you clear the title while explaining your rights under the contract if a title defect cannot be resolved.
• Explaining Closing Documents — When you attend the closing, you may be asked to review and sign more than one hundred pages. Each closing is different; therefore, the documents required to complete closing will vary. However, common documents at closing include a deed, loan note, mortgage, survey, appraisal, termite report, home inspection, title report, title insurance policy, closing statement, and environmental site assessment. Your attorney explains all documents to you in terms you can understand by cutting through the legal terms.
I Have a Real Estate Agent, So Why Do I Need a Real Estate Attorney?
A real estate attorney can provide services that your real estate agent cannot provide. Real estate agents are not lawyers and cannot provide legal advice. Realtors cannot clear title defects nor provide advice on breaches of contracts. Realtors provide a valuable service that most real estate lawyers do not provide.
In most real estate transactions and closings, your realtor and your real estate attorney work closely together to protect your best interests. However, if you are the seller, you needto understand that the real estate closing attorney does not represent you in the transaction. The closing attorney only represents the buyers. If a dispute arises, the closing attorney acts in the best interest of the buyer. Therefore, it is important that sellers retain a real estate attorney to represent their best interest during the closing, especially in complex, large-value real estate transactions and closings for commercial property.
Contact a Daytona Real Estate Attorney for More Information
If you are buying or selling real estate, we invite you to contact our office for more information about the real estate closing process in Florida. We represent buyers and sellers in residential and commercial real estate transactions throughout Florida.