Real Estate Myths
Real Estate Myth #1
A Florida real estate attorney is more expensive than a title company.
Wrong! The promulgated rate for the title insurance premium is the same everywhere in Florida. The closing fee for conducting the closing is usually within $100 of Good Enough Title℠. We charge 0 junk fees. (Don’t know how to identify junk fees? Send us your last closing statement from Good Enough Title℠, and we will show you.) We examine titles in house which saves you money. We do not markup our abstracting costs, while most title companies charge $250 and up for their outsourced title work. Since our overhead costs are shared by all of our departments, including our closing, probate, wills, trusts, and real estate law departments, we pass on those savings to our clients. Thus, in most cases our total charges are less than those charged by Good Enough Title℠ with the added benefit of the protection only an attorney working exclusively for you. Don’t believe it? Contact our office for a free written quote. We quote all fees and expenses, in writing, and stick to it. Guaranteed!
Real Estate Myth #2
An attorney charges an attorney fee
in addition to the title charges.
When our office handles the title insurance side of a routine real estate transaction, we never charge an additional attorney fee. Granted, some transactions are not routine and require additional services that only an attorney can perform. For real estate myths example, sometimes the title has to be cleared through probate; or perhaps a tenant has to be evicted before you can close. Maybe there are complicated short sale, foreclosure, or bankruptcy issues. In those special cases, you might have an additional attorney’s fee, but only after the fee has been quoted to you or your agent, in writing. We quote all fees and expenses, in writing, and stick to it. Guaranteed!
Real Estate Myth #3
In Florida, you don't need an attorney for a real estate closing. The title company handles everything.
A title company is prohibited by law from giving you legal advice. (See Real Estate Myth #6 below) In a circumstance where your counterparty is trying to get out of the contract, you don’t know how to take title, or you don’t know the income and estate tax consequences of your transaction, a non-attorney title company can’t help you. You will need an attorney, and that will cost you extra if you start with a title company. Why not have a Florida real estate law specialist handle the whole transaction from the beginning? You’ll probably save money in the long run (see real estate myths 1 and 2 above) and you’ll get the legal advice and protection a title company cannot, by law, give you. And remember, we quote all fees and expenses, in writing, and stick to it. Guaranteed!
Real Estate Myth #4
My mortgage company told me I have to
use their attorney or title company.
Dead wrong! In fact, under Federal Regulations mandated by Congress under the Real Estate Settlement Procedures Act, you have an absolute right to select your own settlement agent. Do you think the bank’s attorney or title company is going to be protecting you or THEIR client? Don’t you think it’s possible you might be paying higher title charges and/or fees when there is no one to quote you a competitive rate? Don’t you think it’s possible you might not be getting the best service when the bank’s attorney or title company doesn’t have to compete for your business? Congress thought so, too; which is why you have the absolute right to select your own settlement agent. Call us for a free analysis of your particular situation. And remember, we quote all fees and expenses, in writing, and stick to it. Guaranteed!
Real Estate Myth #5
Every Florida title company is either owned or operated by an attorney.
Surprise! There is no law or requirement that a Florida title company must be owned or operated by an attorney. Some Florida title companies are owned and operated by a Florida licensed title insurance agent, and that person does not need to be an attorney. The education requirements to become a Florida licensed title insurance agent can be satisfied by attending a 40 hour classroom course in title insurance. Our office is owned and operated by a Florida Bar board certified real estate attorney with over 40 years of “on the job experience,” placing the interests of the client first. We offer traditional title company services, specialized real estate law advice and unquestioned loyalty to only you for the same or less cost than a title company. And remember, we quote all fees and expenses, in writing, and stick to it. Guaranteed!
Real Estate Myth #6
A title company that is owned or operated by an attorney or has an attorney on the payroll provides me with the best of both worlds, title company services with the attorney making sure I'm protected.
This is truly one of Florida’s most deceptive, costly, and potentially dangerous real estate myths, because when you need or could benefit from your own independent attorney, you’ve been led to believe you don’t need one. You could be getting “advice” from a title company attorney who is actually working for your counterparty, the title underwriter, or the real estate company that owns the title company, by the time you discover the truth (if you ever discover it), it’s too late. If both the buyer and seller believe this, at least one of them is wrong! More likely, both are wrong. A title company represents the title underwriter, not the buyer or seller. The attorney-owner or attorney on the payroll works for the title company, not the seller or buyer. If the attorney assures one side it is represented, then by operating as a title company, the attorney is deceiving the other side by leading the other party to believe the title company is an unbiased, neutral escrow agent. We are proud to reveal this myth. At our office, we represent one party, never both, and make no bones about it. Our clients are provided the best of both worlds: title company services at rates competitive to title companies with the added protection of their own attorney, without deceiving the other side. And remember, we quote all fees and expenses, in writing, and stick to it. Guaranteed!