As a seller, you need to take steps to protect your liability and your real estate transaction from collapsing. Hiring a real estate attorney as a seller can protect your real estate transaction from any delays, legal issues or hitches.
How to Have a Smooth Real Estate Transaction
There are a variety of ways that a real estate transaction can collapse at any point if the buyer encounters a difficulty, surprise, or unrevealed property defect.
The best way to prevent this is to know the legal condition of the property, such as by revealing all existing liens, outstanding debts and defects.
As a seller, you also usually have the power over the purchase contract’s initial terms. By using a real estate attorney you can draft a contract that benefits you in situations where disputes arise, or the other party lets you down.
By having an attorney write a contract for you, you also guarantee that the contract will be free from costly mistakes that otherwise could land you in hot legal and financial water if things take a turn for the worse. An attorney will prepare all the closing documents, including acquiring a no-liens affidavit, bill of sale, deed and closing statement.
As selling a property is likely one of the biggest financial transactions you’ll ever make, hiring a real estate attorney is always the best way to ensure security and a smooth sale.
FSBO Sales Without Realtors
In the modern real estate world, many people are selling and buying homes FSBO (For Sale By Owner) without an agent. As the internet makes DIY advertisement and market research possible, you can save a lot of money through an FSBO sale.
However, FSBO sellers should still use a real estate lawyer. Internet advice cannot substitute for the expertise and legal training of a real estate attorney. It is critical.
Significant legal issues can arise during a real estate transaction from the Purchase Agreement to the legality of construction without a permit.
Read Related: How to Create a For Sale by Owner Contract in Florida?
Areas Real Estate Lawyers Help In:
- Drafting Contracts: Your contract is your ticket to protection from delays, liens and other disputes. A lawyer will ensure you’re protected if an issue arises, so you don’t lose thousands of dollars in litigation fees.
- Negotiations: Real estate attorneys can make sure that all of the terms are clear and written out to protect your desired and agreed upon interests.
- General Legal Advice: Your lawyer will constantly provide legal advice so you don’t make costly mistakes or violate state law. For example, they’ll guide you if:
- There is a lien on the property.
- The buyer says they can’t close on time.
- The buyer finds an unknown problem during the property inspection.
Real estate agents are not legal experts. Only use a Florida real estate attorney when in need of legal counsel.
- To Resolve Title Issues: Title defects can arise if multiple owners to a property can’t agree on the property being sold. Real estate attorneys can save the deal by finding a resolution between the parties.
- Quick fixes such as an opinion letter or quitclaim deed are often used. If that still isn’t enough, then extra work such as curative title work may be required. While this is ongoing, negotiations with the buyer may be required to extend the contract deadlines.
- An attorney will also perform a title search, and help you secure title insurance title insurance, protecting against title issues arising later down the line.
- Draft and Review Deeds: Florida requires two witnesses to sign the deed at closing, which is usually delivered by the seller’s lawyer. Our lawyers can draft and review your deed and prevent issues from arising.
- Financial Arrangement Assistance: Some FSBOs include financing documents (such as owner financing and lease purchase financing), which can be reviewed or drafted by your real estate attorney.
- Closing the Real Estate Transaction: A real estate transaction culminates with the closing – the transfer of title from the seller to the buyer. At the closing, paperwork is signed, loan documents are executed and a myriad of other steps to secure the legal transfer of the home ownership.
- Resolving Disputes: If your real estate transaction has a legal dispute over unmet terms, then you may need an attorney. If you’ve had one since day one of the transaction, then the attorney will be ahead of the game and find a resolution fast.
- Staying on Time: Deadlines are key to any real estate transaction. If you miss one, you can be left to pay damages and see the deal collapse. By using a real estate lawyer, you’ll ensure you’re staying on track with deadlines.
Contact a Real Estate Lawyer in Florida
If you’re selling a property in Florida and need assistance with the closing process, real estate contracts, negotiations or legal action, then our Florida real estate attorneys can help.
We’ll guide you through the process, so you comply with state law and with the terms of the contract which can be written in your best interests.
If you’re selling property or land in St Petersburg, Florida or Riverview, Florida areas, contact us today.
Our St Petersburg & Riverview real estate attorneys have extensive experience that can help you through these tricky moments, reviewing your contract, advising you on the next steps to secure your transaction, and successfully finalizing the sale of your property.
Contact us today to schedule a free consultation.