Call Us Today305-440-4150

5 Most Confusing Things about the Real Estate Process

Both the home buying and home selling process is complex, especially if you don’t have the right professional on your side. There are different requirements related to real estate for each state and for that reason only, you need an experienced and knowledgeable real estate attorney to guide you through the process. However, there are other reasons for using the services of a real estate lawyer.

5 Most Confusing Things about the Real Estate ProcessThe Errors and The Omissions Covering

During the real estate process, errors and omissions can create legal consequences and major headaches. For example if you signed a waiver that you did not want an home inspection and then you find problems with the home after the closing, you won’t be able to sue the real estate agent, if you did not pay attention to what was listed in the waiver.

Your attorney will help you to review the agent’s errors and omissions insurance coverage to see if anything is left out to protect you.

Think About the Situation

When you hire a real estate agent, you should expect the agent to assist you in handling the physical aspects pertaining to the property. This includes the appraisal and more than likely, the inspection. However, a real estate attorney can help to review the deed, survey and to provide legal assistance if there are any encroachments.

An example of encroachment would be a neighbor constructing a fence on part of your land. The attorney will also ensure that dates are set for all contingencies required by the state. This includes home inspection and mortgage commitments.

Reviewing Crucial Closing Documents

Nothing is more nerve wracking than the closing process. One small typo or misspelled name can prevent you from closing. On top of that, there are pages and pages of documents to review and sign, which can be a confusing and intimidating process for a buyer or seller.

A real estate attorney will provide the expertise necessary to meticulously inspect the closing documents. Some of these complex documents include:

IMPORTANT: Don’t wait until the day of the closing to find out that you cannot close on your home because your name has been misspelled on all the documents. Work with your attorney to correct everything beforehand.

Legal Description

It is important to get the legal description of the property right on the real estate contract. Why? It can greatly impact your decision to do a home remodel in the future and it can also influence the real estate property tax. A lawyer knows the importance of the legal description and will conduct the necessary research to make sure it is correct.

Bill of Sale

The bill of sale or real estate contract is essential to the transaction as it should list inventories of all personal property in the home that will be part of the sale such as appliances. Many buyers don’t pay attention to this and end up buying a home without a stove or refrigerator.

The bill of sale is also helpful when you want to negotiate unpaid prorated expenses with the seller. These could include property taxes, condo fees and even utilities. Though, attorneys don’t usually offer counseling in the negotiation process, you can still ask your attorney for assistance or recommendations in this area.

Meet a Truthful Real Estate Attorney Miami

Advise…If at all possible, you should ask your attorney to accompany you to the closing. You want to ensure all of the closing documents, modifications, and terms are truthfully represented in the documents that you have to sign.

A seasoned real estate attorney brings another set of experienced and professional eye to the table. It is in your best interest to have one on your side. Contact Title Lab today at 305-440-4150.

Read Also: