Unlike many other states, Florida does not require the use of a title attorney during a real estate transaction. Buyers and sellers have the choice of using an attorney or a title company to handle the closing on their real estate deals. This often causes the parties to wonder why they should hire an attorney instead of a title company to handle their closing and settlements for transactions.
Let us see the benefits of Hiring a Title Lawyer Boca Raton for Property Transactions
1. A title company mostly works for the title insurer, and not the buyer or the seller, while the real estate attorneys work for whomever hires them. Once hired, he only represents that client throughout the transaction – in addition to overseeing the dealing to completion, they look out for their clients’ best benefits and advocate for their client. The title company’s function is to set up the basic closing documents required by the title insurer to accomplish the transaction and issue the title insurance policy.
2. Title brokers do not have law degrees and cannot provide legal advice. When there are troubles or questions, the buyer/seller can’t turn to the title company for help or proposals. One of the most popular issues that comes up is how to take title to the property, which has judicial and tax ramifications. A title agent cannot provide advice in situation like this, but an Title Lawyer Boca Raton can. Buyers and sellers always benefit from working with attorneys since the attorney can review the contract and answer legal questions during the contract negotiation process; title agents cannot.
3. Title agents cannot make over contract agenda, address problems in the sales written agreement, deal with non-standard protocols, or correct legal issues affecting the title. This is important because if an issue arises, corrective papers may need to be obtained or created. Title Attorneys can provide legal advice on the best way to handle the issue, as well as set up necessary documents, title brokers cannot. Depending on the issue, a title agent will in fact have to send legal parties out to hire a counsel to handle specific problems. Not having an attorney can hold the closing or even cause the transaction to fall apart altogether.
4. The costs of hiring a title company versus an attorney are parallel. Many closing costs like insurance premiums, documentary stamps, and recording costs are set by the State itself. They are the same whether an attorney or a title agent is aiding the process. In some cases, using a professional can actually save the parties money by playacting double duty as an attorney and a title agent; a title agent cannot execute the same at this low cost.