I would recommend to have a real estate attorney review the file before closing to avoid any mistakes that would cost you in the long run headaches and more money.
Good luck, Oliver.
I would recommend you have title office or attorney review all documents for you.
These shortsales can be very involved and you must be sure you are getting clear title. Our office Working Title LLC in Coral Gables Florida is very experienced in the entire shortsale process and we always recommend to our buyers that they have a qualified person review all closing documents. Please feel free to contact us with any questions 461 9682 email@example.com
Next, it is actually a violation of Federal Regulations for the Seller to demand that you use their title company.
Get yourself an experienced real estate attorney---usually on referral from friends or family works best---and you'll be well protected.
Hope that helps!
These guys run a network of short sale specialists and offer free short sale help and advice, you may want to check with them: http://www.shortsalespeople.com
It would be in your best interest to have a lawyer review the transaction for you. Short sales involve many details not usually found in regular sales transactions. You would definitely want to ensure that you will not be responsible for any liabilities of the seller after closing, especially if you are purchasing a condo. Good luck with your purchase. Please feel free to contact me with any needs you may have.
Jose I. Gonzalez PA
1) Writing up contract: understanding all contingencies, including inspections, financing, deposits and short sale approval by lender, along with the time frame and dates for each.
2) Delivering Clear Title: Understanding how to examine a title search and/or abstract of title.
3) Understanding a Settlement Statement (HUD): make sure all pro-rations are correct and assigned to the right party, and watch out for any unnecessary fees.
Unless you can, 100%, confidently navigate through them then the answer is yes, you should seek legal assistance.
Best of luck!
Not in Florida. Our Title companies duties are to transfer the property. They follow the guidelines of the contract. Since you have an approval, you also have a negotiater on the file.
Debbie Albert, PA
Kelller Williams Treasure Coast
The greater your expertise, the lesser the risk should be. The truth of the matter is that "short sales" can involve a wide range of challenges which can increase the possibility for problems. We would not consider a short sale without the expertise of an attorney to review, oversee, and guide you through the process.
It may not be necessary to have an attorney present at the closing because the title company can certainly manage that but from the standpoint of looking out for your best interests, one should be included sooner than later.