Buying a home is a complex process and in order to ensure your future investment is a secure and legal, hiring a real estate attorney to handle the purchase of your home should be considered.
Many times a home buyer may seek counsel from a title agency or realtor. In fact, Florida does not require you to hire an attorney for a title closing like many states. While that may be the case in Florida, those using a real estate or title agent alone need to be aware of the risks involved.
A title company or realtor may not advise you legally regarding any matters related to your home purchase. The process of purchasing a home is complex and a company that you hire should be able to provide you with legal direction and abide by state ethical standards; these qualities cannot be upheld simply by a real estate agent.
What is Title Insurance?
Title insurance is a rarely understood protection necessary when purchasing a new home or property. Contrary to other forms of insurance that protect against future loss or damage, Title Insurance protects against past events that may cause loss or damage after the purchase of new property due to a failure or defect of the title.
For instance, when purchasing Title Insurance, the title company will conduct a search of public land records to discover potential matters affecting the title of the property. Common issues include: improperly prepared deeds, open mortgages, wills, probate proceedings, outstanding judgments or tax liens against the property or individuals, covenants and restrictions, and easements. After the records search, the buyer is then issued the Title Insurance.
While the records search conducted by the title company is generally exhaustive, many problems can still exist and affect the validity of the title. Disputes can still arise due to mistakes in the public record, previously undisclosed heirs claiming to own the property, and fraud…. These hidden hazards do exist, and Title Insurance will protect you against these potential problems and pay for any legal fees involved in defending a claim.
Real Estate Agents
Real estate lawyers are obligated by law to fully disclose legal options for the home buyer, unlike realtors or title companies that are prohibited from giving legal advice without a license to practice law. The comfort of knowing your best legal options when purchasing a home may be a big factor for overall security and peace of mind.
An experienced real estate attorney can provide professional legal advice, and interpret the very complicated language involved in most Closing documents. The attorney is also capable of identifying potential problems with your purchase documentation, and can save you the hassle of dealing with unexpected complications that may arise during the Real Estate purchase process.
It is important to not only seek a title company for protection when purchasing a new home, but also making sure that the title company has an experienced and competent real estate attorney.
A real estate lawyer that handles and serves clients in title services is able to take legal action as needed to protect clients from any future problems that may arise. An attorney can properly analyze your housing situation to handle any issues, insuring you and your loved ones a secure real estate closing for your new home.
A Real Estate Closing is the final step of the home purchase process, whereby the buyer and seller sign the papers to transfer the ownership of the home. In order to complete this final phase of the purchase process, it is important to understand the timeline of requirements that take place leading up to the Closing.
First, a buyer must open an escrow account with a neutral third party, whereby the buyer provides earnest money to be held in consideration of the purchase in order to demonstrate good-faith that the buyer fully intends on completing the sale.
Following the opening of an escrow account, the buyer then needs to take 5 necessary steps to protect their interest in the home. These 5 steps are as follows:
- Completing a Title search
- Purchasing Title Insurance
- Completing a Home inspection and Pest inspection
- Negotiating the Closing costs; and
- Locking the interest rate of the mortgage.
These steps are important in the completion of any Real Estate transaction, and many times it is important for the buyer to seek legal counsel prior to moving forward with the purchase process.
At Blick Law Firm we provide title insurance and escrow services to clients throughout the entire State of Florida. Call us today at 813-931-0840. Make an appointment for a free 15 minute consultation with attorney Michael Blickensderfer. Blick Law Firm seeks to help the hurting and those in need. Think quick, call Blick!