Orlando Title companies and Attorneys are the ones who make sure that all of the i’s are dotted and the t’s are crossed. They have an important job to do by ensuring that the sale is concluded according to Florida law. They do similar jobs and typically you will choose either title companies or attorneys. Rarely both!
In Florida, unlike many other countries and even other states, the need for a real estate attorney in a residential transaction in Florida is minimal. This is because most transactions are handled in Florida by Title companies. They act as the intermediary between the buyer and seller and are responsible for carrying out the necessary due diligence. They ensure that the ownership of the land and property is transferred from the seller to the buyer in compliance with Florida law.
Which shall I use?
In Florida, real estate attorneys and law firms can perform the same services as title companies. Title companies and real estate lawyers compete against each other, and as a result are similarly priced. However, there are many more title companies than real estate attorneys. This is why most closings are performed by title companies.
Note: Just because an attorney may be doing title work, it does not necessarily mean that their law firm will actually be serving as legal counsel for either party. Representation can often be extended to the party who chose the attorney. Title companies on the other hand are impartial.
Both the title company or attorney will holds all funds relevant to the sale. These include:
- the deposit
- any transferable documentation
- payment in its own escrow account
- are responsible for funding the transaction and disbursement of final monies.
- They will register the final deed information with the county
- notify all parties that the sale has been concluded to the terms of the contract
- supplies the buyers and the sellers with final paperwork.
There are certain circumstances, involving more complicated real estate transactions, where having an attorney involved can be beneficial.
Should you require the services of a real estate attorney we can introduce you to our partner. They are based in Altamonte Springs and have overseen more than 25,000 real estate closings.