Whether you are a seller or a buyer, conducting a real estate sale is one of the most significant transactions you will ever undertake. When the commitment gets made to buy or sell property, several crucial decisions have to happen, all of which have their own unique legalities to consider. Before making any decisions, working with an attorney-owned title company is essential to avoid the seen and unforeseen risks associated with your transaction.
Avoid the Seen and Unforeseen Risks
Florida gives buyers and sellers a choice of using an attorney, a title company, or just the buyer and seller, to handle their real estate transactions. When it comes time for you to make this decision, even as a realtor, remember that having reliable legal advice during the entire process can ensure the interests of all involved are protected. Many things can go wrong when buying and selling property, and the following highlights the top reasons you should hire a title agency that has attorneys:
#1 Unforeseen Transaction Risks
Real estate sales fall through all the time in Southern Florida because of disputes between the parties involved. It could be a title defect or a property issue that popped up during the home inspection. Whatever the cause, there’s no guarantee there is an easy solution when disagreements occur. An attorney with real estate transaction experience will prove invaluable in this scenario because they have the negotiation skills and legal knowledge that a regular title agent rarely possesses. This means you can be confident that all resolution options will be found and leveraged to help your transaction move forward.
#2 Non-Standard Documentation Needs
While it would be ideal that every real estate sale could use cookie-cutter documentation, that just isn’t the reality for many buyers and sellers. It’s not uncommon for sales contracts to require addenda or adjustments to normally standard paperwork. This could happen because of title requirements, property issues, or contract requests by the seller or buyer. Title companies that don’t have attorneys can’t legally draft these specialized forms because it would equate to unauthorized practice of the law in Florida.
#3 Quicker Resolution of Title Clouds
When Florida title searches uncover hidden liens, deed defects, and other issues, you need answers and fast. Title companies that aren’t attorney-led or have one on staff can’t give you legal advice. Often, curative documentation can quickly resolve the problem causing the closing delay and avoid one or both parties walking away from the real estate deal. Having an experienced attorney available to step in and handle the issue promptly will prove invaluable.
#4 Legal Accountability
Title companies typically act on behalf of the title insurer, which can be frustrating should a dispute over the terms of the sales agreement arise. Hiring a title agency owned by a real estate attorney can ensure your interests are properly represented. Even more importantly, lawyers are sworn to uphold a strict code of ethics when advocating for their clients. If they violate this duty, they will have to answer to their State Bar for their actions, jeopardizing their careers.
#5 Comparable Service Pricing
You hear the word “lawyer” or “attorney” and probably imagine an expensive legal bill. The reality is that pricing for title companies owned by a real estate attorney is comparable to those that are not. Remember, Florida law sets many of the costs associated with real estate transactions, including:
- Title recording fees
- Title insurance premiums
- Documentary stamps
While it’s true that you can expect additional charges for legal representation in a real estate dispute, many of these companies include attorney reviews of your paperwork as part of their fees. This means you can be sure due diligence is performed throughout the entire closing process and that everything is legally compliant and in order with Florida real estate law.
Learn More About the Benefits of an Attorney-Led Title Company
Buying a home, office, or piece of land in South Florida can be a stressful experience for all involved. Protect your interests (or those of your clients) to the best of your ability. Work with an attorney-led title company like All Florida Title Company.
Our goal is to ensure the closing process on your new residence or business property goes smoothly, and you experience the least amount of stress possible. We treat every client as a top priority and provide full-service closing assistance to streamline the entire process. At All Florida Title, we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 954-566-2200.