WHY HIRE A REAL ESTATE ATTORNEY? |
If you hire a real estate lawyer before you sign a
purchase contract, your home-buying experience is
guaranteed to go as smoothly as possible because any
potential legal problems are solved before closing.
And as long as your real estate lawyer issues your
title insurance, you won’t pay more by involving him
or her early on.
What are the Fees?
Either a non-lawyer title agency or a real estate
lawyer can handle your title insurance. Many falsely
believe the attorney fees cost more, but actually they
both cost about the same. The benefit to letting your
real estate lawyer handle the title insurance is that
he or she can also:
* Prepare the purchase contract
* Resolve any title or inspection issues
* Give you legal advice throughout the transaction
A title agency that isn’t affiliated with a real
estate lawyer cannot do any of those things.
Whether or not separate attorney fees will be charged
depends on the way the transaction is structured.
Typically, if your attorney acts as the closing agent
and provides your title insurance, there will be no
other fees involved.
For example, in Florida, for more complex
circumstances, fees could range from $350 to $600 for
an average-priced home. If you hire a real estate
lawyer to review the title commitment and other
documents prepared by someone else, a moderate and
reasonable fee will be charged, with the actual cost
varying across the state.
Because your real estate lawyer is versed in real
estate law, he can answer questions regarding very
important issues, such as:
* Income tax and estate tax consequences
* Florida property taxes, zoning or special
assessments
* Probate issues
* Simplifying a future sale
* Accuracy of property’s recorded legal description
* Rights for use of property
* Marketability of Title for future sale or refinance
of property
A real estate attorney can also perform the following
procedures::
* Review the contract and ensure that all provisions
and contingencies are in your best interest
* Inform you of your legal rights and obligations
* Obtain a title search, evaluate the status of the
title and require appropriate legal remedies to clear
any defects
* Advise you on what the title policy does not protect
against, emphasizing marketability of the title when
you sell
* Prepare or review the closing statement and other
closing documents, and let you know about seller
contingencies that affect your interests
* Interpret and counsel you about all legal documents
related to the title and transaction, including deeds,
mortgages and closing statements
* Advise you on how you should take the title to the
home, and how this affects your overall business and
personal estate
* Check for unrecorded municipal liens, including
sewer and special assessment liens
* Prepare a bill of sale to cover any personal
property such as curtains and appliances that you and
the seller agree shall remain in the home
* Inform you about the income, estate, and gift tax
consequences to your estate
The best reason for hiring a real estate attorney? The
attorney is the only member of your home-buying team
who is qualified to give you legal advice. And the
greatest benefit of using an attorney is that he or
she has an ethical obligation to work on behalf of
your best interest.
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