Why You Need an Attorney When You Buy or Sell a House
Whenever you are purchasing or selling a house, it’s a good idea to have an experienced attorney available for advice. A South Florida real estate attorney can assist you throughout the process and ensure that you are making a smart decision on what may be one of the most significant transactions of your life. Most attorneys will also scale their services based on your needs and will only charge you for the necessary advice.
The process of buying a home
During the typical process of purchasing a home, the seller’s broker will find a potential buyer for the home and conduct negotiations. An informal agreement is reached first before a formal purchasing agreement is put into writing. The buyer will usually obtain financing at this point if they haven’t already, ensuring that the transaction can continue smoothly.
A title search will then commence, and this can be performed by a real estate attorney in South Florida at a comparable price to the typical title company. If the title is cleared, the property will then be transferred to the buyer during the closing.
Where an attorney can help
An attorney can assist you during many points of the above-mentioned process, whether you are buying or selling a property. An attorney can help you draft an appropriate purchase agreement to ensure that your interests are protected and that you have ways to deal with any future potential conflicts.
For example, if there is a minor property defect found after the transaction is completed, an attorney can draft clauses to reduce or eliminate seller liability. If the attorney is representing the buyer, there can be a clause in the contract allowing the agreement to be terminated without penalty if a significant defect is found.
Your attorney can help with your closing
Even if you prefer handling many of these tasks without legal advice, it’s crucial to have legal representation during your closing. Prior to your closing, your attorney can fully review your purchase agreement and ensure that any unclear terms are fully explained. You may also want advice regarding the tax implications of your transaction.
If there are any changes that need to be made to the purchase agreement at the last second, your attorney can review them and ensure that the agreement is still favorable to you or add last-minute clauses to benefit you. Common issues include property alterations, future plans to change the property, inspection and environmental issues, escrow and others.
Call Schecter Law at (954)-779-7009 if you have any questions at all about buying or selling a home in South Florida.