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Do I need a lawyer?

QUESTION:

My husband and I bought our first house last year. The lending officer at our bank told us that the law required that we be represented by an attorney at closing. Why? We didn’t want to spend the extra money. I think that our ages, 21 and 22, had something to do with it. Was he right?

ANSWER:

There is no Florida law that requires a buyer of real estate to be represented by an attorney at closing.

Perhaps your lending officer only meant to inform you that the bank could not represent your interests for your purchase and loan and that you would need your own attorney to do this.

Buying a home is probably the single most significant purchase of a lifetime for many people. Your ages certainly are not a determining factor in deciding whether or not to be represented by an attorney. Even experienced and older buyers are wise to have an attorney counsel and assist them with the purchase of real estate.

A real estate purchase begins with a contract between the buyer and seller which essentially "sets the stage" for the legal rights and obligations between the parties involved.

The process from contract to closing is a complicated business. There are complex legal and title issues plus a whole vocabulary of terms that are unfamiliar to most people. A real estate attorney can give you advice on matters involving your investment that could save you from unfortunate surprises after closing. Also, issues can arise during the course of processing the purchase or the loan which could cause potential problems and delays. Your attorney can give guidance and make recommendations that can help steer you away from trouble.

The needs of each specific transaction are various and unique to each purchase.

After a title search is conducted, the buyer is given a title commitment that tells the buyer what the title policy will and will not cover. This should be evaluated and perhaps additional coverage can be obtained and certain exceptions to coverage removed.

The closing documents may contain stipulations or restrictions that will affect the buyer’s interests.

If there are any personal property items included in the sale, such as appliances, then a Bill of Sale with proper warranties should be prepared for the seller to sign.

The buyers will need to decide how to take title and be informed about how this will affect their overall business and personal estate.

Zoning ordinances and other governmental use restrictions may need to be considered. Properties with a low flood elevation level may be subject to potentially serious remodeling and maintenance restrictions.

At closing there are details to be checked to assure that the legal documents carry out the agreed upon contract requirements.

A purchase of real estate involves a significant outlay of funds. The additional cost of attorney representation will most likely be minor when viewed in comparison to the overall cost of the investment and the potential savings in risk reduction by having someone on your team with the knowledge of the subtleties and peculiarities of real estate law.

This information is not intended as specific legal advice to anyone and is based upon facts that change from time to time. Individuals should seek legal counsel before acting upon any matter involving the law.

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