Is It Necessary To Hire An Attorney At Closing In Florida?

Whether you are buying or selling real estate in Florida, the closing of a deal is one of the most important stages of any transaction. 

In Florida, the state law does not necessarily require that parties involved in a real estate transaction to hire an attorney at the closing process.

Nonetheless, hiring an attorney at closing may help in several ways, such as:

• Reviewing necessary contracts and all due paperwork.
• Ensuring all parties understand their duties clearly. 
• Protecting both parties’ interests, fairly and legally. 
• Helping to eliminate or ease complexities involved in the transaction, either legal or tax related. 

In this article, we will provide you all the necessary information about when to hire an attorney at closing in Florida. 

Addressing the Closing Process Properly 

Typically, closing the purchase or sale of real estate in Florida is a complex process, especially when it involves a mortgage/refinance. 

In Florida, a real estate sale may require several different documents, including:

• Purchase and sale contract.
• Real estate transfer deed.
• Certificate of Non-Foreign Status 
• Closing statement (including all costs associated with the transaction). 

Indeed, it is possible to prepare and organize these documents without the need for an attorney. However, the task is time-consuming and requires attention to several legal details. 

In this sense, hiring an expert attorney at the closing will help to protect the client during the process, as well as ensuring legal compliance and preventing unsighted issues in the future. Plus, a seasoned real estate attorney will help to expedite the process, preparing and organizing all necessary paperwork faster to save time for the client. 

Purchase and Sale Contract 

The purchase and sale contract is the most crucial document for any real estate transaction signed in Florida. 

Hiring an expert attorney at the closing may help you to tailor a contract addressing your case specifically, as well as helping you to address each topic in the contract in detail. 

This document must describe all aspects of the transaction, which includes:

• Property’s sale price.
• Easements, covenants, or restrictions involved in the sale.
• Acknowledged defects in the property.
• Seller’s potential liability for defects in the property.
• Pre-defined dates for each phase of the sale. 

Many can argue that brokers, for example, have the required ability and experienced to draft a real estate contract. 

Indeed, other real estate professionals can draft a real estate contract. Nonetheless, they are not empowered to offer legal advice to either of the parties involved in the transaction, since they are not licensed to practice law in Florida. 

An attorney will offer the necessary explanations for any confusing terms in documents, such as deeds, settlement statements, etc. 

Dealing with Title Insurance 

Title and escrow are an inherited part of any transaction involving real estate. In Florida, there are several title companies specialized in the title search and title insurance. When it comes to the closing process, this type of service is crucial to ensure the property title has no defects or errors. 

Any mistake made during the procedures can leave a breach for potential violations or even loss of rights, so a title search is a must for any real estate purchase/sale.

A title insurance company will research the background of a property, including all past ownership and its full history, to certify the seller with the legal right to transfer the property.

Even though title insurance companies in Florida are essential, you need to know how to deal with them. Each title insurance company is an independent entity, which means it represents neither the buyer’s nor the seller’s interest in a transaction. 

Hiring an expert attorney at the closing will help you to identify and address the ramifications of potential issues that may develop with the title search, which includes unknown liens, undisclosed heirs, etc.

Plus, a reliable attorney will oversee the whole procedure and ensure you are receiving the best any title company has to offer. 

Protect Your Interests When Dealing with Lenders 

Nowadays, many real estate purchases in Florida involve some type of mortgage or refinancing. 

Dealing with lenders is something that holds its share of complexity, so hiring an attorney at the closing will help to save you from unnecessary exposure to stress and risky decisions. 

There are cases in which lenders suggest the buyer use their attorney for the lending process. However, any buyer has the right to hire his own attorney to help to deal with the mortgage.

This possibility is provided by RESPA (Real Estate Settlement Procedures Act), a federal law enacted by Congress to eliminate abusive practices in the real estate settlement process.

Are You Closing a Real Estate Deal in Florida? – We Can Help You

To guarantee a safe and successful closing for your real estate transaction, you must do it the right way. You do not need to waste time with uncertainty and unnecessary risk, contact us now. 

Get in touch with Jurado & Farshchian, P.L. today by calling (305) 921-0440 or emailing [email protected] to schedule a consultation.