Do You Need an Attorney to Buy a Home?
Legally no, but it is always a smart decision to hire your own attorney.
Florida is known to have shoddy Title Companies. They are the ones who put together all your closing documents, affidavits and title insurance...so if they are lax, your documents may not be correct. It could create problems for you in the future…
Title Insurance is a negotiable item in the purchase contract...
Whoever pays (the buyer or seller) for YOUR title insurance gets to control who does YOUR title work and all the compliance issues related to YOUR home purchase.
It is a fact that almost all the listing offices have “controlled business arrangements” with a title company. The title company will always cater to their partner “affiliate”, the listing office...the hand that feeds them business that they are connected to.
It is also a fact the seller's title company (picked by the listing office) will not dig deep to uncover problems with the property that YOU ARE BUYING...that is simply not their focus.
In fact, I have noticed more and more that when a problem arises, the title company prefers to exclude it from your title insurance coverage...rather than work to correct the problem.
Just like it is never smart to hire the seller’s realtor, it is also not in your best interest to use a title company that is tied to the seller. Here are just a few problems that we have encountered when the buyer uses the seller's title company.
- Title company overcharges the buyer by several hundred dollars for bogus fees.
- Title company does not pay off all the liens on the property.
- Title charges the buyer $500+ for fees that are contractually the seller's costs.
- Title company does not review the survey or mention serious encroachments.
- Title company unnecessarily excludes coverage on buyers title insurance policy.
- Title company omits the transfer of ½ of the property that is specified in the contract.
- Title for the property is vested as a married couple with 3 male names that are misspelled.
It is ideal for you to pay for your own title insurance and hire your own Real Estate Attorney to scrutinize all the closing documents, title work, lien payoffs and issue a title police that will actually protect you.
You are spending hundreds of thousands of dollars to buy the house of your dreams and you worked hard for it.
Protect your investment so that you have no costly and shocking surprises after closing.
For more information, attorney costs and detailed stories of Title company mistakes, check out our blog “Why Homebuyers Should Hire an Attorney to provide their Title Insurance. “
Buyers Broker of Florida does not have an affiliate title company and receives no “perks'' from any recommendation. Our big benefit is clean title work for our buyer clients. Call us Buyers Broker of Florida 727-202-9130.