Myth: Real Estate Attorneys make things more complicated.
Florida Real Estate Attorneys are trained to provide you with advice that will make a real estate closing as smooth as possible. Because there are so many different professionals involved in real estate transactions (real estate agents, brokers, etc.), it is the job of the attorney to make sure everyone is on the same page so the closing will go smoothly and efficiently.
Myth: I have a Real Estate Agent, so I don’t need an attorney.
Florida Real Estate Agents cannot give you legal advice, unless they are also an attorney. In fact, it is a 3rd degree felony for anyone besides an attorney to give legal advice. Even an attorney licensed to practice law in another state cannot give you advice about Florida Law.
Myth: A Florida Real Estate Attorney is more expensive than the title company.
The title insurance premium rate is the same in Florida whether you go through an attorney or a title company, and both usually charge the same amount for closing costs. In cases where the transaction is not routine and barriers, such as issues in the title, need to be cleared, attorneys may charge fees for these additional services, but they are usually lower than if they were done by an attorney who is not also handling the rest of your closing.
Myth: The Title Company will handle everything.
Like a real estate agent, title company insurance agents cannot give you legal advice. Some title companies have attorneys, but they work for the title company and are interested in the title company’s best interest, not yours.
Myth: I have to use my mortgage company’s attorney or Title Company.
Under federal regulations mandated by Congress, you have the right to choose your own settlement agent. The truth is, choosing your mortgage company’s attorney or Title Company is probably a bad idea because they will not have your best interests in mind, but the mortgage’s company’s best interests.
In summary, it is a good idea to hire your own real estate attorney for any real estate transactions, commercial or residential. If a problem occurs, it can be solved in a reasonable amount of time without overwhelming additional costs.