PROPERTY LAW: Travels through Property Law by Tom Brodersen, Esq.
Get Real About Property! Using a Real Estate Lawyer
Many people hire real estate attorneys to review their contracts before they sign them, including both Listing Contracts and Purchase and Sale Agreements (and often prefer to have attorneys close the transaction
as well).
Others, however, will not stop before signing critical documents when making important decisions. They may think that making an “offer” on a piece of property is a simple matter, with little more than the price being involved. UNTRUE!
ALL of the terms of the transaction are in that offer (including the entire procedure for moving from a basic agreement, through due diligence and finally to closing). A lot of thought should be put into that proposed contract.
Sometimes it’s impulsiveness, or someone’s description of the agreement as a “standard contract” (there’s no such thing). They are anxious to get the deal done, and let others “steer” them on the fine print.
Every year, there are more regulations, such as the sellers’ duty to disclose, along with zoning, FEMA issues, building regulations, deed restrictions and survey issues.
A good real estate lawyer knows the community and the common legal issues there, what agents are successful in the marketplace, and the relative ethics of agents.
Many brokers tell me that they are relieved when there’s an attorney on the team, because their liability decreases, as the lawyer provides another set of eyes, and that much greater expertise. Being represented by an attorney gives you greater control over the transaction, from the exact language of all the documents, to who will close the transaction.
The end result is a smoother process for you throughout. What is more, having a real estate attorney assist with the transaction and close the deal usually doesn’t cost any more than trusting it to a title company that lacks the specialized training and experience a lawyer enjoys. Real estate attorneys can often help hold deals together that might otherwise fail. Title companies don’t have the training, nor legal authority to do that.
To their credit, most real estate brokers work extremely hard to get your property sold, and are usually successful. But just as good fences make for good neighbors, good contracts make for good professional relationships.
If you’re thinking of buying or selling property, talk to a real estate attorney. He (or she) will tell you what to look out for, the questions to ask, and what pitfalls to avoid. Peace of mind is a wonderful thing, and something you are entitled to.
ANDERSON & BRODERSEN, P.A.
350 Corey Avenue, St. Pete Beach, FL 33706
(727) 363-6100 www.PropertyLawGroup.com
My husband and I are planning to buy a new residential property in an area where we’re not familiar with the real estate laws. Given this circumstance, we’d like to hire a real estate attorney to help us with the paperwork. I like what you said about a good lawyer knows the community well as well as the common legal issues in the area. With that being said, we will find one that has community involvement.