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It sounds clichéd, but more often than not, a home purchase is typically the biggest investment of your lifetime. Today, home buyers have a range of options for sealing the deal in the Real Estate Market. One option is to complete the entire application on your own, including securing a mortgage online then conducting searches on Zillow or Trulia for a dream property. Others choose a more traditional route to protect their interests, which is working with a real estate agent. In rare cases, buyers may lose all or part of their hard-earned investment due to overlooked terms and conditions.
That’s where a real estate attorney in Jacksonville, Florida comes in.
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- Unwarranted Payments – A REALTOR uses standard forms during property transactions. There is a possibility that certain terms and conditions are missed in the contract, leaving buyers or sellers liable to pay commissions even if the property doesn’t sell. A lawyer provides a second pair of eyes for stopping baseless expenses.
- Taxes – When selling properties, the IRS holds owners accountable for paying taxes. A real estate lawyer can explain in detail how much to pay in order to avoid penalties or surprises later on. In addition, sellers can take advantage of tax exclusions to keep a greater percentage of the sale. A real estate attorney in Jacksonville, FL can also provide guidelines for buying or selling properties with tax deeds in place.
- Custom Contracts – Depending on your goals, a real estate lawyer can better assist you in figuring out if your plans are feasible. Some examples include when buyers want to rent to own, evict existing tenants after buying, or bring a unit up to code.
Things to Keep In Mind with Real Estate
We can all agree that real estate agents provide invaluable services, in that they save homeowners and buyers time, money, and hassles. Nevertheless, these professionals are essentially middle agents between two parties. When you supplement the transaction with a knowledgeable real estate attorney in Jacksonville, FL, however, he or she will prioritize your fiscal interest first.
Consider the following scenarios:
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Property Inspections – In the event a certified inspector finds potential hazards in the home, is there any recourse for sellers to continue the sale? Examples include hazardous waste findings such as radon, lead, asbestos, or termites – all of which cost a pretty penny to repair. If a buyer purchases one such property and a real estate contract stated otherwise, can you get your money back? In these cases, it’s much better to get these questions answered before the closing to avoid headaches and monetary loss.
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Property Additions – If the property features additions, a real estate lawyer can investigate to see if this was done legitimately. Also, if a buyer has plans to complete additions or other projects, your lawyer can tell you upfront if zoning problems will be encountered later on. 9 out of 10 times, a real estate agent can’t do the same.
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Down Payments – In real estate transactions, there are usually a series of processes that transpire, one of which is making a down payment before the closing. If the deal does not go through, will buyers be able to get a refund of the down payment? Also, what protections do sellers have? A lawyer can answer these questions and protect your legal interests.
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Title Searches – Title searches are essential for securing the buyer’s interest. When an experienced attorney conducts detailed due diligence on these legally binding documents, potential buyers can determine if there are any liens or holds on the property, both of which leave purchasers susceptible to financial loss.
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We understand both the business and legal aspects of the real estate market. When buying or selling in the region, protect your interests by calling us first.
Our office is centrally located in Jacksonville,
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