Frequently Asked Questions
Why should I use a Real Estate Attorney to close my transaction rather than a title company?
When you hire a Real Estate Attorney to conduct your residential or commercial real estate closing you receive benefits that a title company is unable to provide. A title company, even those that are attorney owned, are limited to providing core title services and cannot provide legal advice or representation during your transaction. Generally, the fees to close with a real estate attorney are competitive with the fees charged by a title company. However, hiring a real estate attorney insures you have representation on your side of the closing table.
Should I consult with a Real Estate Attorney Prior to Executing my Contract?
Yes. Once a Contract is executed it is a legally binding obligation and terms cannot be altered unless all parties agree. A Real Estate Attorney can review your Contract and help you to better understand your obligations and liabilities.
What is Title Insurance and why should I have it?
If you’re buying a home, title insurance is a policy that protects your investment and property rights. There are two different types of title insurance: owner’s policy and lender’s policy. Title Insurance protects home buyers against covered title defects, such as a previous owner’s debt, liens and other claims of ownership. It is an insurance policy that protects again post problems, whereas other insurances usually deal with future risks.
If one or more of the property owners are deceased, is probate required to list and sell their home?
Losing a loved one is very hard; having to dispose of their assets can be even harder. Lee & Evans, P.A. has a full team of real estate and probate professionals to assist with all your questions and needs when it comes time to sell a loved one’s property. In the event probate is needed our real estate team and probate team will work together insurance a smooth and successful closing.
I am purchasing my first home in Florida and relocating from out of state. Do I need to update my estate planning documents?
By choosing Lee & Evans, P.A. to conduct the closing on our Florida home you are entitled to a free consultation for the review of your current estate planning documents for compliance with Florida law.
What is a boundary survey?
A boundary survey outlines and defines all the unique characteristics of land and its improvements. A survey is created by a surveyor licensed to perform physical surveys by the State of Florida. A Buyer can expect to find the following information on a survey:
- Details regarding the boundary lines for the land or lot;
- Description of where the improvements are located on the property including the distance between each improvement and the boundary lines; and
- Discloses specific characteristics of the property including, location of easements, boundary line encroachments and location of rights-of-way.
Do I have to attend my closing?
No. Many Buyers and Sellers live in other states or countries or may be traveling for business or pleasure at the time of their closing. A closing can be completed by signing your documents ahead of your travel plans; via Federal Express; and in some cases, via e-mail, a remote notary or remote online notarization. In most instances, a Buyer paying cash can electronically sign their closing documents. Buyers who are financing their purchase and Sellers will all require their signatures to be notarized.
What is a 1031 Exchange?
A 1031 Exchange is a means by which the Internal Revenue Code allows a seller to use the proceeds from the sale of an investment property for the purchase of another investment property. As long as the seller strictly follows the rules of the exchange, the procedure may allow a seller to defer payment of capital gains taxes. For more information, please contact our office.
What can I do to prevent wire fraud?
You should never rely solely upon wiring instructions received via e-mail. Always call our office prior to initiating the transfer of any funds via wire transfer.
What is FIRPTA?
When a foreign person sells U.S. real estate, he or she is subject to having 15% of the gross sales price withheld from the proceeds received at closing. This is required by the Foreign Investment in Real Property Tax Act. There exceptions from FIRPTA withholding that you will want to inquire with your accountant and real estate attorney.