To begin with a broad overview, what are the key steps of closing on a real estate deal in Florida? Well, the most important step is to always hire a knowledgeable and experienced real estate lawyer. This one decision seems to alleviate many issues down the line. In my business I find that sellers often do not hire one and instead rely on the buyer’s title company – which does not represent them. When issues arise, and they do, the seller is left high and dry without anyone in their corner. The same advice goes for the buyers. Not all title companies are created equal. It is crucial to make sure you hire a real estate attorney, such as myself, that is also a title company, to represent you in the transaction. Many issues pop up during real estate transactions; having a knowledgeable and experienced attorney in your corner goes a long way and can make the difference between closing or cancelling. After hiring the right lawyer, the next step is clearly to get a solid contract that protects you, followed by examination of title by the title company, lien searches, inspections and, if all is clear, you get ready for closing. How does the process of closing differ between residential and commercial properties? The examination of title, lien search and the inspection of the property make up the bulk of the behindthe-scenes ‘due diligence’ on a residential transaction. Commercial transactions are bit more complex. Often you are dealing with multiple units and tenants. The due diligence is more elaborate, wherein the buyer may want to see rent rolls and CAM numbers to see whether the investment is prudent regarding monies in and out. Due diligence may also require the examination of the seller’s books to determine the viability of the investments. Inspections are also more elaborate, such as testing soil and DERM requirements to see 50 LAWYERMONTHLY JANUARY 2023 Closing Real Estate Deals in Florida Thought Leader Florida is home to some of the most highly sought-after real estate in the US – a market that has seen seismic changes with the onset of the COVID-19 pandemic and ongoing economic shock. Jacequeline A Salcines, a Floridabased real estate attorney, shares her sector insights with us in this feature. What key challenges do real estate closings face in Florida, and how can a qualified attorney best address them?
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