You Should Have Legal Counsel For Your First Closing
A real estate closing is a truly momentous occasion for a first-time investor in Florida, since it is when all of your hard work will, at least in theory, culminate to achieving your goal of purchasing your first property. However, sometimes an investor may not prepare as well for the closing as they might for the acquisition. It is a good idea, at your first closing, to have a Florida real estate attorney present – just in case.
Know Your Purchase Agreements
One of the places that a real estate attorney may be helpful to you is in vetting the purchase agreement before you sign it. Florida has specific laws governing what must be in a purchase agreement, and if any of the relevant clauses are missing, you may run the risk of being taken advantage of in the future. For example, purchase agreements generally require a very specific description of the property to be bought and sold, because that way, there can be no real ambiguity about what exactly is the object of the contract. Failure to include that may mean that either party can contest the contract.
Zoning & Land Use
A factor that sometimes gets overlooked by first-time sellers or investors is the issue of municipal zoning. If the property you seek to invest in is zoned for commercial use when you wish to build a house there, for example, it can be a serious issue. Zoning requirements can involve questions like occupancy limits, rental restrictions and other rules regarding how the property can be used. An experienced real estate attorney knows how to ensure that the property is (or will be) in compliance with how you wish to use it.
Verifying Insurance Coverage
Most lenders across the U.S. are disinclined to offer a loan to someone with no property insurance, but this is perhaps even more important in Florida. Your real estate attorney can ensure that you have the right kind of coverage – and the right amount of coverage – for the property, and that both buyer and seller understand their obligations in terms of protection and repairs. Risk allocation and management are crucial to a successful transaction.
A Title Search & Title Insurance Should Be Required
One of the most important aspects of a real estate purchase is ensuring that title to the property is clear. A clear title – that is, one free of potential problems or other potential owners – is something that a buyer can reasonably expect at a closing, though mistakes do happen. Title insurance helps to insulate the purchaser from future issues if it is shown to reflect the property’s status (as far as one knows) at the time of closing.
Contact A Tampa Real Estate Investment Attorney
The cautious investor, no matter how tempting it may be to rush ahead to enjoying a piece of property, knows that the documentation must be appropriate and complete before the closing can go through. A Tampa real estate investment attorney from the Seward Law Office can help your first closing go to plan – contact us today to schedule a consultation.
