Real Estate Contract & Lease Negotiation
A real estate contract is a legally binding document between two or more parties. Whether you are looking to buy, sell or lease residential or commercial property, you should always seek out the services of an experienced real estate lawyer in Miami-Dade County to draft or negotiate a contract that fully suits your particular needs.
Despite knowing the importance of a real estate contract or lease agreement, it is still common to find buyers, sellers, tenants and landlords (in both residential and commercial settings) seeking legal guidance about a contract matter that could have been prevented if an experienced real estate lawyer had been consulted. At that point, negotiation or litigation becomes necessary and your legal fees inevitably begin to increase. This is oftentimes the result of a poorly understood contract or lease agreement.
Legal advice from experienced real estate lawyers in South Florida is valuable in negotiating the best possible contract to purchase, sell or lease real estate. Having an expert in real estate law in Miami Dade County, Broward County and Palm Beach County ensures a carefully drafted agreement that will serve all of the parties in the deal. It also reduces the potential for problems and disagreements and lawsuits later on.
The Process of Negotiating a Contract or Lease
One of the biggest mistakes you can make is to believe that there are “standard” real estate contracts in Florida. A good and comprehensive agreement is never a “one-size-fits-all” formula. Every contract needs to be based on your terms and specific requirements. The best way to negotiate a contract is by hiring an experienced real estate lawyer in Miami before entering into the transaction.
Getting to the Closing Table
After you have found a property or know the area you are interested in, there are many things that need to be checked:
- IS the property priced right
- Does the property require repairs or renovations/what is the condition of the property
- Is it a foreclosure that I will not be permitted to cancel for inspections?
- Do I need to pay any liens or judgments with the purchase
- What are the estimated property taxes
- What schools pertain to the neighborhood, either public or private
- What tax implications are involved in my purchase
- What interest rate and closing costs will I incur?
With property values in South Florida and across almost all parts of the country thriving, few buyers and seller know what are the actual costs of a real estate closing. Further, buyers are usually clueless as to who has to pay for title insurance. Common costs of closing include:
BUYER:
- Attorney’s Fee
- Settlement Fee
- Lender related fee (Get a Good Faith Estimate at the time of applying for a loan or shopping around for lenders)
- Title Insurance Premium (if Miami Dade)
- Survey
- Mortgage Intangible Tax (20 cents per $100.00 of loan amount in Dade)
- Mortgage documentary Stamps taxes (.35 cents per $100.00 of loan amount in Dade)
- Wire fee
- Courier Fee
SELLER:
- Prorated real estate taxes
- Title Search (can be capped at $200.00 if prior title insurance policy is given to title company)
- Doc Prep Fee (typically $450)
- Estoppel fee (if condo or HOA)
- Courier Fee
- Title Insurance Premium (If Broward or Palm Beach)
- Documentary Stamp Taxes on sales price (60 cents per $100.00 of sales price)
- Lien Letters (between $80.00 to $300.00)
With so many questions and considerations, it is best to have a real estate attorney in y our corner before you sign that contract.
What if things go Sour? Negotiating a Real Estate Contract
It is normal for some real estate transactions to encounter problems. Your first course of action is to consult with an experienced real estate attorney to discuss and analyze your options. There is no need to resort to litigation right away, instead, your real estate lawyer may be able to enter into negotiations which prevent litigation. Here are some pointers:
- With the help of your lawyer, know exactly what you want to happen.
- Work towards a solution, instead of provoking an argument.
- Once an agreement is reached, have your real estate lawyer draft what you have discussed and deliver the document for signature.
With dual degrees in law and accounting, Attorney Jacqueline A. Salcines, Esq. is ready to put her knowledge and experience to work for you.
Call us today to set up an appointment to discuss your purchase or sale. We are here for you!
Main office 305 | 669 | 5280. Or email the attorney directly: J.Salcines@Salcineslaw.com
TRUST | COMMITMENT | RESULTS
Jacqueline A. Salcines