Coral Springs Real Estate Lawyer Says Buyers and Sellers Need an Experienced Real Estate Attorney When Buying or Selling a Home
Islamorada Title Company Says Buyers and Sellers Need an Experienced Real Estate Lawyer When Buying or Selling a Home
Buying or selling a home will probably be among largest and most significant transactions you will make in your life. It involves the law of real property, which is unique and raises special issues of practice and problems not present in other transactions. A Florida Keys real estate lawyer has the experience to deal with the wide range of issues which may arise. The buyer needs to be certain title is legal transferred to the buyer. The seller needs representation to ensure that he or she pays the appropriate fees, that his or her existing mortgage(s) is/are paid in full and that there are no claims which could be raised against the seller after closing. These issues are more complicated in the case of a short sale.
There are numerous issues which may come up during the purchase and sale process that an experienced Islamorada real estate lawyer could resolve, from the language of the purchase agreement, to tax consequences of the transaction, to preparation of the necessary closing documentation. To a seller, the tax consequences may be of critical importance. For example, the income tax consequences of a sale, particularly if the seller makes a large profit, may be considerable.
The purchase agreement is the single most important document in the transaction. Although standard printed forms are useful, an attorney is helpful in explaining the form and making changes and additions to reflect the buyer’s and the seller’s desires. There are many issues that may need to be addressed in the purchase agreement; below are some common examples:
•If the property has been altered or there has been an addition to the property, was it done lawfully?
•What happens if a buyer has an engineer or architect inspect the property and termites, asbestos, radon, or lead-based paint is found?
•What are the legal consequences if the closing does not take place, and what happens to the down payment? This question raises related questions: Will the down payment be held in escrow by a lawyer in accordance with appropriately worded escrow instructions? How is payment to be made? Is the closing appropriately conditioned upon the buyer obtaining financing?
Most buyers finance a substantial portion of the purchase price for a home with a mortgage loan from a lending institution. The purchase agreement should contain a carefully worded provision that it is subject to the buyer’s obtaining a commitment for financing.
The closing is the most important event in the purchase and sale transaction. The deed and other closing papers must be prepared. An experienced Broward County real estate lawyer will be very familiar with all necessary documentation. Title passes from seller to buyer, who pays the balance of the purchase price. Frequently, this balance is paid in part from the proceeds of a mortgage loan. A closing statement should be prepared prior to the closing indicating the debits and credits to the buyer and seller. An attorney is helpful in explaining the nature, amount, and fairness of closing costs. The deed and mortgage instruments are signed, and an attorney can ensure that these documents are appropriately executed and explained to the various parties.
The Law Offices of Erik S. Bloom, P.A. has closed thousands of residential and commercial real estate transactions across Florida on behalf of real estate professionals, including closings in Boca Raton, Coral Springs, Parkland, Weston, Pembroke Pines, Ft. Lauderdale, Miami, Homestead, Key Largo, Islamorada and Marathon. Whether you are a real estate professional or the buyer or seller of a home, call the Coral Springs real estate lawyers at the Law Offices of Erik S. Bloom, P.A. today and we will take care of all of your title and real estate closing needs. Please call us at (954) 603-0550 or you can email us at [email protected].
