The Value Of A Real Estate Attorney

Value Real Estate Attorney Explained

Did you know that in any real estate transaction, an attorney can help you negotiate your contract, understand the tax and legal consequences of your purchase or sale and  provide guidance on how to take title to property in order to achieve your intended goals?

Although you may have realtors involved in the transaction, the only person qualified to give you legal advice is a licensed attorney.  Many things can potentially go wrong before, during and following your closing.

As a a trusted advisor an attorney can advise you on land use and zoning issues, environmental issues and tax issues related to your purchase.  They can also help you evaluate loan options, review loan documents, and title commitments.  If there are issues with a survey or title, they can help to resolve those issues prior to closing.  A title company cannot provide you with legal advice so although a realtor and title company review the title or the survey, they are not going to advise you.  Only an attorney can advise you.

An attorney can also help you to take title properly in order to pass title to your heirs or estate in the manner you wish.  So many times I have seen unmarried owners take title to property by right of survivorship because that is how the title company drafted the deed.  They really do not understand that the survivor will take title to the property outright upon the first owner’s death and that the deceased owner will not be able to leave their portion of the home to their heirs.  All so many times, when we do their estate planning, they realize that if they should die the second owner takes the property free and clear of the other’s heirs and then we have to change title a second time.  Unfortunately, if an owner dies in the meantime unintended consequences and estate ligation potentially arises.

Special assessments and association obligations are also a big topic in most Florida communities. Knowing your rights and obligations is a must.
If you are taking title in a business name or in the name of a trust, an attorney can advise you on the best way to do so as there are liability, and tax consequences to any purchase or sale.  In order to protect the assets or proceeds from creditors a review of the potential purchase or sale transaction is very important.  Discuss your situation with a qualified advisor.
 If you should have any questions, please contact our office.

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Posted by: lesliequinn on May 2, 2017