The real estate market in Florida in 2020 reported strong gains in the third quarter. The purchase of single-family homes was up 13.7% from the same time during 2019 and condos were up 13.5%. Record-low mortgages likely play a role in this surge, and real estate experts predict the demand for property will continue through 2021.
Those who are preparing to take advantage of these great rates and purchase a home in Florida in the near future will likely have some questions about the logistics of the process. The nitty gritty can be complicated, but buyers have options to help guide them through the process. One option in Florida: an attorney.
Why would I hire a lawyer to help buy a property in Florida?
Instead of taking a commission off the purchase price, a real estate lawyer focuses on one thing — your rights during the closing. If you find a property you like, this can translate to big savings in the final cost while still ensuring your legal rights are protected throughout the process. An attorney can help negotiate the real estate contract, discussing the terms to better ensure you are familiar with the provisions within the document.
This legal professional can also serve as a title underwriter, helping to review ownership history of the property and check for any claims on the title. A failure to do so can result in problems in the future. A contractor, for example, may have completed work on the property and not received payment from prior owners. This contractor could take out a lien on the property, causing what is known as an encumbrance on the title.