The Real Estate Closing
Buying real estate is a complicated business. The answer to why you need an attorney is easy to understand by asking yourself a simple question: “Who at the closing table is loyal to you?” Many people are surprised to learn that real estate agents have no duty of loyalty to put the buyer's or seller's best interests ahead of their own. This is called fiduciary duty. A fiduciary duty is the highest standard of care. In a real estate closing only an attorney has a fiduciary duty to protect the interests of his client.
Likewise, a title company has no fiduciary duty either. A title company's duty is to write insurance policies without exposing their underwriter to any risk. This may result in your closing falling through, rather than any problem with title being solved. Another risk, is that the title company will simply exclude any identified title problems from coverage, leaving the buyer with liability.
Did you know that code enforcement violations and open permits are not even covered by title insurance? So they would not even be listed as an exception even though they exist.
Title insurance provided by your attorney would protect you from all of these risks. Out of everyone at the closing table, only your attorney is legally obligated to protect and advance your interests, and no one else’s. Attorneys not only represent you, but they keep your business confidential.
Alexander Patrick Johnson PLLC stands ready to represent you in your Florida real estate closing. Attorney Johnson has over twenty years of experience working with real estate investors in closing complex real estate closings, forming business entities and land trusts, and even serving as trustee of your land trust. Alexander Patrick Johnson PLLC is a title agent of Old Republic National Title Insurance Company (ORNTIC), which has been serving the real estate and mortgage industry for more than a century. Founded in 1907, it has a solid reputation and is an industry leader in many aspects.