Do I Need An Attorney To Buy An Investment Property?
You don’t technically need an attorney or a real estate agent to buy an investment property. If you are getting financing, then you are going to be required to get title insurance. If you pay cash for it, you are not even required to have title insurance. Of course, if you are going to forego these things, you take a great chance of really having a hard time, if things don’t work out. If there is a legal issue and you haven’t consulted an attorney, you have a property that may be worthless. You may owe money on a property and someone could get a final judgment against you, as opposed to just foreclosing, if you can’t pay the mortgage or you lose your entire investment.
I have seen many people try to do it very cheaply, so they will not pay for a lawyer and they won’t pay the commission for an agent. They will not get title insurance and their first or second deal is going to make or break them. If the first or second deal goes south, then they are in a financial mess that they may never be able to dig themselves out of. It’s a great idea to have an attorney when you are buying investment property.
What Can I Do To Enforce A Real Estate Contract?
Even if you use the standard purchase agreement and you don’t make changes or additions, there are provisions in there for a party who is defaulting. One of the remedies to a default is specific performance. If the seller says they are going to back out, under specific performance, you go in front of a judge and say they have to sell this property for this price.
On the other hand, if it’s the purchaser who has backed out, the seller can go and say they want to specifically enforce this particular contract. The purchaser has to pay that money or they get a judgment on that amount. There are liquidated damage clauses where the buyer and the seller agree that the damages will be in the contract and they won’t have to prove damages to the court or any jury. When you want to file suit, you would not be able to competently represent yourself. If it’s a corporation or an LLC, they legally have to be represented by counsel.
For more information on Buying An Investment Property In Florida, a case evaluation is your next best step. Get the information and legal answers you are seeking by calling (772) 242-3600 today.
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