In Florida, you are not legally obligated to hire a real estate lawyer to oversee your residential real estate transaction. You can opt to use a title insurance company to carry out the closing process. However, it is highly recommended to protect yourself from any unforeseen and costly setbacks. Using a lawyer when closing a real estate property can help you determine if you can borrow additional loans guaranteed by the same mortgage in the future.
For example, if the title to the property is not approved or there is an undisclosed problem with the property, you may be sued for not disclosing it, which could be very expensive. Even if a mortgage lender suggests that the buyer use their lawyer for the loan process, the Real Estate Settlement Procedures Act, a federal law, gives the Florida borrower the right to hire their own lawyer to help them process the mortgage. A real estate lawyer can explain to you what all of this means and take appropriate steps to protect your interests. Real estate lawyers are professionals who are trained and licensed to practice law in real estate transactions. Buying or selling a home in Florida is a life-changing moment and can be significantly helped with the expert advice of a real estate lawyer.
An experienced real estate lawyer can identify issues that may affect the closing and how best to respond to these legal issues. However, unless the real estate professional is also a lawyer licensed to practice in Florida, she will not be authorized to offer legal advice to either the buyer or the seller in connection with the contract. At this point, a real estate lawyer can be very helpful in explaining why these costs exist, how much they add up and how they will be paid. We invite you to contact St. Petersburg real estate lawyer Ross & Pardun at (72) 381-2300 to schedule an initial consultation. If you have legal questions about buying or selling property in Ocala, or if you have questions about why you should use an attorney in closing real estate, you can discuss your situation with the Dean Law Firm.