Boca Raton Real Estate Lawyer
Florida Real Estate FAQs
What is a “joint tenancy with right of survivorship?”
Many clients ask if they can avoid probate by holding real estate as joint tenants. The answer is yes, but it is not without pitfalls. Under joint tenancy, two or more people may hold property with proportionate but different amounts of interest, and the last survivor takes the entire property. The “automatic transfer,” as opposed to deeding through a will, is what skips probate. However, people do not always pass away in the order we presume, which can cause tax problems and unanticipated disputes among family members. Our real estate attorneys can help ensure you make the appropriate choice when determining how to hold title to your real estate assets.
Why should I hire a real estate attorney for a closing when both parties are represented by real estate agents, and we are using a title company?
Buying or selling a home is often the biggest financial transaction in a person’s life. With so much money involved and so many potential risks, why would you not consult with a real estate attorney before signing on the dotted line? While it is true that a real estate agent generally prepares the contract, and a title company can act as closing agent, an attorney is the only party who may advocate a position and give his or her client advice. Attorneys have the experience to know what issues can arise during a real estate transaction, and can provide guidance on titling property, zoning, financing, inspections, taxes, and other contract contingencies. Having a lawyer on your side, looking out for you and only you, can ensure your transaction goes as smoothly as possible, all while protecting your legal rights.
What is a short sale?
A short sale occurs when a seller’s mortgage balance is greater than the market value of the property being sold. The sale may involve an underwater home, an apartment building, or even vacant land. Generally, banks agree to grant a short sale when they will make more money through a short sale than a foreclosure. It’s important to remember, however, that while a short sale will relieve you of a significant financial burden—your mortgage—it can negatively affect your credit. Thus, it’s important to weigh all your options if you are considering a short sale or other means of unloading devalued real estate.
What is a deed in lieu of foreclosure?
Another option if you’re underwater on your mortgage is a deed in lieu of foreclosure. This is where you give your lender the deed to your property voluntarily in exchange for your loan being canceled. While a deed in lieu of foreclosure will avoid foreclosure (and terminate any pending foreclosure), there’s no guarantee your lender will waive any deficiency balance once they sell the property. Thus, it’s important to work with a real estate lawyer experienced in foreclosure negotiations to make sure you understand the implications and potential ramifications of agreeing to a deed in lieu.
Before you sell, buy, or lease real estate, call Protect My Assets Law Group to make sure your transaction goes smoothly.
Real estate transactions should never be entered into without a thorough understanding of the deal you are making—whether you’re buying your first home or your hundredth investment property. For answers to your specific real estate questions, please contact Protect My Assets Law Group and schedule a free initial consultation with our Boca Raton real estate lawyers.