When you're buying or selling a home, there are many small but important legal issues that you may be unaware of that are, nevertheless, critical to get right. Residential real estate is not an uncomplicated process. When such a major investment is transferred from one party to another, there are subtle details to take care of that can turn into major problems if not handled correctly.

It is essential to understand the legal ins and outs that will properly protect you when you buy or sell a home. There are several issues that will certainly cost you if you are not properly informed. In a recent situation right here in the area, misinformation cost one local homeseller over a thousand dollars in the sale of their home. Don't let this happen to you.

Details, details.
We recommend that you hire an actively licensed Florida attorney to represent you when buying and selling real estate. Your attorney can answer a lot of nitty-gritty questions, including some very important ones that you may or may not know to ask:

• What are my income tax and estate tax consequences?
• What do I need to know about Florida property taxes, zoning or special assessments?
• How will I handle probate issues?
• How can I simplify a future sale?
• Is the property's recorded legal description accurate?
• Will I be able to use the property as I wish?
• Will the title to the property be marketable if I decide to sell or refinance later?

Getting it done.
Having your attorney on your side can help make sure your interests are faithfully upheld. And the earlier in the process you involve your attorney, the more value you gain. One of the greatest benefits of using a real estate attorney is that she has an ethical obligation to work on behalf of your best interest.

Plus, real estate attorneys are versed in Florida real estate law and will either personally perform or make sure the following procedures are completed in a timely, professional manner:

• Review the contract and ensure that all provisions and contingencies are in your best interest
• Inform you of your legal rights and obligations
• Obtain a title search, evaluate the status of the title and require appropriate legal remedies to clear any defects
• Advise you on what the title policy does not protect against, emphasizing marketability of the title when you sell
• Prepare or review the closing statement and other closing documents, and let you know about seller contingencies that affect your interests
• Interpret and counsel you about all legal documents related to the title and transaction, including deeds, mortgages and closing statements
• Advise you on how you should take the title to the home, and how this affects your overall business and personal estate
• Check for unrecorded municipal liens, including sewer and special assessment liens
• Prepare a bill of sale to cover any personal property such as curtains and appliances that you and the seller agree shall remain in the home
• Inform you about the income, estate, and gift tax consequences to your estate

The fees (and value) of a real estate attorney
You can hire either a licensed attorney or the staff of a title company and let non-attorneys who may only have a high school degree at a title company handle your real estate transaction. You might think that an attorney would cost more because she is an attorney, but actually they both cost about the same. The benefit to letting your attorney handle the real estate transaction is that he or she can also:

• Prepare the purchase contract
• Resolve any title or inspection issues
• Give you legal advice throughout the transaction

A Realtor or title company employee that isn't a lawyer cannot do any of those things.

The amount of separate attorney fees that will be charged depends on the way the transaction is structured. Typically, the attorney fee for representing you legally at the closing is a flat fee of $750 including costs. This is typical of fees charged by attorneys in the Gainesville area. For more complex circumstances, hourly legal fees could range from $250 to $350 per hour.

To schedule a legal consultation, call Zana Holley Dupee, Esq. of Bogin, Munns & Munns, P.A. at (352) 262-7121.

A FREE report has been specially prepared to help you understand how to avoid costly legal mistakes when you are involved in a real estate transaction. Order this report NOW to protect your investment when you buy or sell your home.

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ERA Trend Realty
4141 NW 37th Place, Gainesville, FL 32606, Phone: (352) 262-7121