The spiral downturn in the real estate market caused title companies to take an especially hard hit. Brokers and their agents, who once relied on their favorite title company, are now faced with the task of searching for a new place they can trust. They need a place to bring their closings and a place that can issue that necessary title policy. I know of such a place. It’s your local real estate attorney.
During the real estate boom there was so much work for everyone that real estate professionals, more often than not, looked to the closest and best title company to assist them with their closings. Once they developed a relationship with that certain title company, they did not need to look anywhere else for quality closings.
For this reason, many brokers and their agents have never had the opportunity to work with a real estate attorney. Unlike title companies, many real estate attorneys were able to weather the real estate crash by assisting individuals with short sales, loan modifications, foreclosures and civil lawsuits. Now as the real estate market starts to slowly climb back, those without their trusted title company should consider taking their business to a real estate attorney.
Most attorneys who specialize in real estate law usually have the ability to write a title insurance policy and conduct closings. More importantly, if legal issues arise, they are capable of expediently resolving these issues before crucial deadlines that can sometimes make a deal fall completely apart.
While many states, require the services of a licensed attorney for all real estate transactions Florida is not one of those states. In Florida, an attorney is not required for the issuance of a title policy or to close real property. Notwithstanding that fact, many Florida brokers realize the value of having a real estate attorney at closing and wouldn’t think of doing it any other way.
Still some Brokers may be reluctant to take their real estate matters to an attorney. It is a common misconception that it is more expensive to get a title policy or have a closing conducted with an attorney. However, the cost of title insurance in Florida is promulgated, which means that the rates for that type of insurance are set by the State. Therefore, it is the same price for the policy regardless of who does the issuing. More importantly, having a real estate attorney on your side may actually save money.
A real estate attorney has typically reviewed hundreds of real estate documents. They are familiar with titles to real estate and real estate transactions in general. They know what to look for and how to spot and avoid potential problems. Most importantly, a licensed attorney is the only person who can give you legal advice.
Give us a call and tell us about your next deal. You will be pleasantly surprised to find our doors are open and we will be pleased to issue that title policy and close your transaction.