Title work is invaluable when purchasing property. This process provides a potential buyer with information about the home and better ensures that there are no issues with a transfer in ownership. Buyers in Florida have an opportunity not available in all states. In Florida, the buyer has two options when it comes to title work. They can choose to have this work completed by a title company or by a real estate attorney.
Which is right for you? Consider the following benefits of using a real estate attorney to help you in your decision.
Reason #1: Document work.
A title insurance company can provide title work. An attorney, in contrast, can provide multiple services. In addition to title work, a real estate lawyer can also draft and negotiate closing documents. This means the buyer can receive documents that the real estate agent will tailor to their specific transaction. The attorney may include provisions not present in typical fill-in-the blank real estate documents the attorney will draft the paperwork to your specific transaction.
Reason #2: Legal representation.
A title company cannot provide legal advice. In fact, it is illegal for a title insurance company to give advice on how the buyer should take the title and the potential legal effect of the document. A real estate lawyer can provide this guidance. The reason for the distinction is two part. First, a real estate attorney is legally trained and is expected by the legal community to keep up on all applicable real estate laws, both local and federal. Second, a real estate attorney is held to a greater level of liability — they have more to lose if they misguide their clients.
It is also important to note that the cost is often similar. This is because Florida state law controls the title insurance rates. As a result, there is generally little fluctuation in the price for title work, regardless of which option the buyer chooses.