5 key reasons to hire a real estate attorney

Usually, there are situations when hiring a real estate attorney is necessary, like for divorce cases or custody cases, but hiring an attorney to buy a property may seem unusual.
Many people think that they can own property after researching themselves or thoroughly understanding the legal procedures from their friends and family members who already own a property. Though it’s possible that you could purchase a property with all the valid documents and live happily ever after. However, if there are any legal glitches, you might be at risk of losing all your life’s investment. So you should think of hiring services from title attorney Boca Raton to help you out.

Why would you need a real estate attorney?

Well, you need a real estate attorney for several reasons. One of the prime reasons is – it is your property and a large amount of your money is invested in it. A good real estate attorney can be your friend, financial advisor, and a guide who could help you to make a legally valid purchase.

Here is a checklist for the probable reasons why you would need a real estate attorney:

1. Reviewing your property documents
You may get all your documents ready, but you can’t read every page and understand the legal terms. To guard against any slip-ups when the seller is putting pressure on you to close the deal, you might want to have an attorney by your side.

2. Handling complex negotiations properly
A real estate attorney takes care of the complexities that arise in property-buying procedures like when you’re buying a property from a trust or a corporate body, where the process is complex. However, if your real estate attorney is adept to handle such cases, it would be easier for you to finalize the deal.

3. Searching titles
A real estate attorney takes care of searching the titles so that you have the correct information about the seller, and if he is legally eligible to sell the property to you. This means the attorney would address any lien or judgment that would prevent you to buy/own the property clearly. Title attorney Boca Raton is one of the most reputed title searching service providers in the US, and you can book their services for searching titles.

4. Legally closing the deal
A real estate attorney prepares the deed or the closing papers, puts the title on the property for you as the owner, and pens down the legal closing documents by itemizing every transaction that happened between you and the seller.

To conclude, real estate attorneys can provide 360-degree assistance for property-buying, right from preparing the legal documents to closing the deal.

The Benefits of a Title Search

A Title search assures that the property you are purchasing has a clear title. It consists of a thorough search of all public records concerning the real estate you are purchasing. The search involves reviewing past deeds, wills and trusts, and public liens that may have been placed against the property in the past.

The title company verifies that all previous mortgages, liens, and judgments against the property have been satisfied. The title company must also ensure that the seller is the owner and has a right to sell it.

If there are any defects in the title, the title company will advise the buyer concerning any steps that must be taken by the seller to clear the title. Until the titled is cleared of any claims, the property is unmarketable.

The title search process takes place while the property is under contract and any concerns that arise during the process can be addressed or the buyer may choose to withdraw from the transaction.

Benefits of a Title Examination
It ensures that there is a clear and undisputed chain of title leading up to the seller. The buyer must have the assurance that the title being transferred is legitimate.

Steps of Real Estate Closing

A real estate transaction is generally long and stressful, and it involves many procedural steps and compliance formalities. The closing is when you sign the final papers that legally make you the owner of the house or property. However, between initiation and closing, there are several things that you have to be mindful of.  Here are a few of the steps that must be taken before any closing process:

Escrow Opening
The moment your offer is accepted and a down payment is made, an unbiased third party holds the funds in an escrow account on behalf of both the seller and buyer. Once the terms and conditions of the agreement are fulfilled the funds are released.

Title search and title insurance
Title search is conducted, and title insurance is obtained, to prevent the property from any future claim. The title search examines the public records to find any claim on the property and to determine legal ownership. If any issue is found it must be resolved prior to the sale. Title insurance protects the buyer from any financial loss occurring after the sale due to encumbrances, liens or defects in title ownership not previously discovered during the title search.

Accepting documents and signing them
Once the title agent and real estate attorney have verified all the legal documents related to the property, the documents are ready for signature. The closing date is set and the property changes hands. It is highly recommended you hire a real estate attorney Boca Ratonto ensure that you have a smooth closing process. An attorney can help you throughout and will ensure that you’ll have a secure transaction.

Things to Consider Before You Invest in Commercial Property

Investing in commercial estate is more profitable than investing in residential property. This is due to the higher rental yield as compared to residential properties. Commercial property generally has little turnover and vacancy periods are shorter. All this makes an investment in commercial property more lucrative than a residential property.

If you are considering buying a commercial property, then it is imperative that you hire a real estate attorney Boca Raton, as commercial transactions have legal and compliance issues that must be taken into consideration. You will need an attorney to navigate those.

Here are some of the things you should consider before investing in a commercial property:

  • Location: Location is the cornerstone of all commercial investing. Any commercial property in a prime location is the first pick for an office or for retail use. Local zoning ordinances will govern the type of business that can take place at that location.
  • Neighborhood: Check the neighborhood’s overall reputation including crime rates and look for any competing businesses. People are more likely to visit safe areas with good social infrastructure, such as localities with restaurants or retail stores.
  • Facilities: It is essential to scout the facilities and essential amenities available in the area where you are planning to buy commercial property. Is it close to your client base or vendors?
  • Seek advice: Hiring a real estate attorney Boca Raton is a smart move. An attorney can help you understand and comply with zoning laws, submission compliances, and other commercial expenses such as building insurance and property taxes.


Title insurance and its Importance

Buying real estate title insurance is not necessary but it is highly recommended. Title insurance is a type of indemnity insurance that protects the bearer from financial losses that arise from claims against the property or challenges to ownership. Here are important reasons why you should get the insurance:

To protect your investment
An investment in any property will mean a substantial outlay of capitol. When a rival claim to the property emerges, and is found to be valid, you may lose your investment. Real estate title insurance protects against financial loss.

To ensure a title search
All transactions involving property are noted in public records. Before an insurance company issues a title insurance policy, it conducts a thorough title search using these public records. While it is possible for you to do your own title search, a title insurance company has the resources and the professionals to carry out a more in-depth review. When you buy title insurance, you are protected from any errors made in the search.

To get a mortgage
Having title insurance is usually a requirement when securing a mortgage. This ensures the mortgage company is protected because a threat to the ownership also jeopardizes their stake in the property.

To show there are no claims
Real estate title insurance can also be purchased by the owner of the property to show there are no liens against the property and the ownership is clear.

Common Types of Closing Documents

The closing documents transfers ownership to the buyer.  To bring any property sales transaction to a close you will have to sign many documents may contain information about your loan, mortgage details, deeds, trusts, etc. Reviewing and signing these documents is the most important part of any closing. An error in any of these documents can delay the closing process.

A Coral Springs real estate attorney can familiarize you with the closing documents in advance, so that closing process goes smoothly. Only after you have reviewed and signed all the documents, will you legally become the new owner.

Here are some of the common types of closing documents:

Mortgage documents
Important information about your loan such as terms, closing costs, and interest rates are laid out in this document. Review the document thoroughly before signing for any mistakes such as spelling errors etc.

Closing disclosure
It contains information about your mortgage. This document is provided to the buyer at least three days before the closing, to give the buyer a chance to understand what’s on the loan estimate.

The Title and Deed
This title indicates ownership of the property and the deed is the document showing ownership and is the instrument by which title is conveyed.

Escrow statement
This document contains information about the escrow account, including the funding of the account, and the payments the lender will make on your behalf. These payments usually include property taxes and insurance.

Mortgage note
The document states the buyer will repay the mortgage ina reasonable time. It also contains information about the terms of the mortgage as well as the outcome if the buyer fails to provide the mortgage payment on time.

Certificate of Occupancy
This document states the property meets all the requirements to move into a newly constructed house.

Problems That Can Cause a Delay in Closing

The closing is where the exchange of ownership of real estate occurs. During the closing, the ownership and title are transferred from the seller to the buyer. In the process, the buyer signs the documents prepared by the closing agents and pays the closing costs. Sometimes, due to a variety of reasons, the closing process can be delayed. A real estate attorney Boca Raton will look out for your interests and take care of any problems that arise during the closing process.

Here are a few reasons that might cause closing delays:

On the day of closing, you will have to sign a variety of papers prepared by the escrow or closing agent. Your real estate attorney will look over the documents to make sure they are correct and advise you on any questions you may have.

Ideally, before you start looking for a home, you should get pre-approval for a mortgage. A pre-approval makes the process much faster and this way you won’t waste time looking at houses that you won’t qualify for.

Home inspection
A home inspection can turn up hidden issues with the property. Though minor issues can be resolved by negotiating the contract, bigger ones can’t be ignored. For example, termites can cause a lot of damage, and major plumbing, electrical or water problems may require expensive repairs. No matter how much you love the house you may need to walk away.

Why You Need a Real Estate Closing Lawyer

If you are planning to buy or sell property, it’s a good idea to hire a lawyer who specializes in residential closings & title Boca Raton. There are many ways a lawyer can help you:

Saving time
The process of buying and selling requires meticulous attention to detail and paperwork that must be filed correctly. This takes time and must be legally correct. A lawyer can handle the details in a timely manner.

Title search
Some residential closings & title Boca Raton lawyers also offer title search services and will have the resources to do a detailed search to ensure the title is clear and your investment safe.

Carry out negotiations
Property purchases involve detailed negotiations. While you can do these yourself, very few among us have much experience buying and selling real estate.

To ensure legality
The buying and selling of property requires a legal contract and supporting documents. This is one of the most critical tasks for a residential closings & title Boca Raton lawyer. Preparing the legal documents and filing the paperwork with the county are all required to transfer the title to the property.