As per Florida law, you do not require a real estate attorney in Fort Myers to handle the closing. As a buyer, you can purchase a residential property and opt for a mortgage without any legal advice. The transaction involves a real estate agent who manages the standardized contract forms and a title company that issues title insurance for closing.
Although a real estate transaction might look simple, it may involve several critical issues leading to a complex deal. Considering these aspects, here is an article to help you determine whether or not you need to hire a real estate attorney in Fort Myers to conduct a closing.
8 Issues to Consider When Choosing a Real Estate Attorney in Fort Myers
Every real estate transaction has its own unique legal issues regardless of whether you are buying a condo or an independent home. And only a board-certified attorney in Florida is authorized to address such issues. A few of them are discussed as follows:
1. Legal Duty of the Seller to Disclose Property Defects
It is the legal duty of the seller to inform the buyer about any issue related to the property which the buyer would not know even after an inspection. An attorney can help in including language in the contract which requires the seller to meet their duty to disclose.
2. Inspection Contract & Report
Many inspection companies are likely to limit their liability to the inspection report cost. And inspection contracts are produced in a language that protects the inspector against accurate information or the failure to identify any defects in the property. This is where a real estate attorney in Fort Myers helps in reading and understanding the report thoroughly in order to provide complete protection to the buyer.
3. Buying a Foreclosed Property
Buying a foreclosed property may involve different risks including defects in the underlying lawsuit. Some of these risks include:
- You may need cash as financing can be nearly impossible.
- You may be unaware of the potential expenses or additional costs associated with buying.
- Buying a foreclosed property comes with more delays due to the process.
4. Buying a Litigation Property
A property may be litigated due to reasons such as bankruptcy, divorce, partition action, and probate proceeding which have their own complications. A real estate attorney in Fort Myers can help review the court file including any outstanding court orders to make sure it addresses any legal issues that can impact the property’s marketability.
5. Buying Seller’s Personal Property
If you want to buy the seller’s personal property along with the real property, an attorney can help in structuring the transaction. There are several aspects to be considered such as:
- How to allocate the buying price between personal and real property?
- What are the tax ramifications pertaining to sales tax and capital gains taxes?
- Is the personal property an independent property subject to sales tax?
6. Violation of Codes
Every residential property must comply with the applicable municipal and building codes. A board-certified attorney in Florida has a clear understanding of the ramifications of a building code violation such as a non-permitted bathroom or an illegal conversion.
7. Issues with the Property Boundary
You may be unsure of the legally defined boundary lines of a property. An attorney can give you legal advice on any adverse matters shown on a survey like easements encroachments and other boundary issues such as fence lines.
8. Different Ways to Own a Property
Florida provides different legal options to own residential property. A real estate attorney in Fort Myers knows the pros and cons of the various ownership ways and can explain them to you easily. Some of them include:
- Personal Representative’s Deed
- Quit Claim Deed
- Special Warranty Deed
- Trustee Deed
- Warranty Deed
The cost of hiring a real estate attorney in Fort Myers or a title company to close a deal is almost the same. But an attorney can provide you more value with their knowledge and advice on any of the above issues and many more that may arise during the transaction.
Talk to a Reliable Real Estate Attorney in Fort Myers
If you are purchasing real estate in Fort Myers or other regions in Florida, it helps to consult an experienced real estate attorney. They can guide you through the rights of a buyer and advise you on issues related to disclosures, inspections, and title insurance.
Hale Law Services is one such experienced real estate attorney firm in Fort Myers that can provide you with a free consultation to answer your queries.