Quote:
Originally Posted by MightyDog
No doubt that many buyers should not be operating on their own. They just aren't experienced enough, aware enough or have the needed confidence...any of which could be costly.
Questions, please:
1 - Define what you mean by "huge mistakes" and "particularly in Florida" -- what's unique about FL in this regard?
2 - Why does FL try to keep lawyers out? Also, why is a lawyer necessarily needed? (Inspectors and title companies are only what's used in many other states.)
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There are pitfalls to buying property, as most people know. Unfortunately, they don't always know what they may be. In a situation as complicated at TV, there are deed restrictions, use covenants, easements up the gazoo and a lot of things that novices take for granted or don't pay attention to. To say nothing of the terms and conditions of a contract.
What I don't like about Florida, is they use a "1 step process" for buying/selling. In most states I've done business and in all commercial transactions, it's a 2 step process. It starts with an "offer" or "letter of intent", both of which are essentially "agreements to agree". After those are signed, which include the basic parameters of the deal, attorneys (generally on both sides), will prepare an agreed to Purchase and Sale agreement. Both trying to protect their clients.
Real Estate brokers almost always use a "standard form" which is prepared by their Association and would have one believe, they are non-negotiable. That's always been untrue, but it's sometimes a struggle to revise them.
Florida, as well as many other states, strive to keep lawyers out of the mix, because they don't want the aggravation and brokers want to control the sale, using standard paperwork and hoping nothing goes wrong.
It boggles my mind, that someone will take $400,000 of their money and hand it to some admin person at a Title Company and just assume everything will go fine. The people doing most of the work at title companies are clerks ... no more, no less.
Who's at risk, if the house burns down during the closing? Or before? What if it was damaged by fire, 3 days before closing? Can you get out of the deal?
Who's at risk if the home isn't in the same condition as it was when you signed the agreement? Can you get out of the agreement?
What happens if a CDD issued a serious fine and put a lien on the property, between signing the agreement and closing? Can you get out of the deal?
What if you move into your new home and find out, someone's been using part of your back yard as a "pass through" to somewhere and has been doing it for 20 years ... can you now stop them?
What happens if one of the owners dies, prior to closing? What happens if the seller just changes their mind?
There are 100's of thing that can complicate a sale. 95% of the time, they don't occur. If you end up in the 5% with problems, you'll be glad you had a lawyer on your side.
Just my opinion, your mileage may vary.