FLORIDA REAL ESTATE ATTORNEYS
PROTECTING YOUR INTERESTS WHEN BUYING OR SELLING
Your home is a valuable asset. For a majority of you, the most valuable asset you will ever own. Although many people are happy to inject their opinions when buying or selling, an attorney is the only one qualified to provide legal advice. And legal advice is what you need when buying or seller a home. The truth is, many things can go wrong, both before or during a closing. And… even beyond your closing.
With all that’s involved in buying a home, you don’t need additional headaches. Hiring an attorney to assist from the get go, ensures that any issues you face will be resolved prior to closing, and ensuring a smooth transaction.
TITLE INSURANCE
Not all title defects are part of public records. Many hidden defects may not even be found on a title search, no matter how thorough the examination. This is where title insurance comes in. Title insurance protects you against problems with the title that you didn’t know about when you bought the home. If a problem is discovered, your title insurer pays the costs to defend your ownership in court, to fix the problem or cover your financial loss if the defects can not be fixed.
DISCOVERABLE V. HIDDEN DEFECTS.
Examples of Discovered Defects:
- Mortgages
- Taxes
- Judgments
- Utility easements
- Construction liens
- Incorrect legal descriptions
- Improperly probated will
Examples of Hidden Defects:
- Forged deeds
- Impersonation by another on a deed
- Married seller spouse did not sign
- Undisclosed heirs
- Clerical errors
- Deeds signed by minors
- Confusion from similar names
PURCHASING TITLE INSURANCE
The time to purchase title insurance is when you purchase the home. A licensed attorney-agent, such as Jacqueline Salcines, Esq., is trained in the complexities of real estate law and can examine your title and issue the policy for the same as a non-attorney agent.
Only real estate attorneys can provide legal advice and are well trained to provide services that regular title agents can not.
The premium for title insurance is based on the purchase price. An attorney can provide a free quote.
WHO PAYS FOR TITLE INSURANCE
Depending on what county you reside in, or the contract, will determine who pays the premium. In many areas such as Broward and Palm Beach, it is customary for the seller to pay. In Miami-Dade, it is customary for the buyer to pay. But again, this can be changed by the Contract.
BUYING A HOME? Here are some important questions to ask?
- Why do I need title insurance?
- What are my income and gift tax consequences?
- What do I need to know about property taxes, zoning or special assessments?
- How will I handle any probate issues?
- Is the property recorded legal accurate?
- Is there an active or past foreclosure that affects title?
- Are there any legalities preventing me from using the property for my intended use?
- Are there any assessments?
- Where do I file for homestead tax?
SELLING A HOME? Here are some important questions to ask?
- What are my income, estate and gift tax consequences?
- What is the status of my title?
- Who will represent me at closing?
- What is a seller disclosure?
- What am I responsible for disclosing?
- Am I at risk for a lawsuit if I don’t disclose defects known?
- How do I respond to contract questions and addendums?
- Who is responsible for paying the HOA assessments?
WHETHER you are buying or selling a home, the earliest you involve an attorney, the better. Since you will need to enter into a contract from the get go, only an attorney can provide sound legal advice as to any contract contingencies.
When hiring an attorney to handle your closing, you get informed of your rights, and counsel every step of the way.
Without an attorney by your side, you may face legal consequences before or after closing. You could be facing a breach of contract lawsuit or other type of lawsuit based on your lack of understanding of the contract and your obligations.
Ask for a free estimate of costs, or a pre-HUD when you select an attorney to represent you. There is no charge for this and you will get an accurate picture of what you need to pay at closing.
At the Law Offices of Jacqueline A. Salcines, P.A. we are experienced attorneys and accountants title agents, holding dual degrees to better serve you and your real estate needs. Allow us to put our knowledge and experience to work for you.
If you are buying or selling real estate, call us today to see how we can help you.
Main office 305 | 669 | 5280. Or email the attorney directly: J.Salcines@Salcineslaw.com
TRUST | COMMITMENT | RESULTS
Jacqueline A. Salcines