South Florida’s economy has rebounded in noteworthy ways. In just 10 short years, the area, which includes the city of Miami, has gone from being one of the hardest hit by the real estate crash of 2008 to a shining example of economic recovery. Examples of the area’s increasing prosperity include its fast-growing transportation infrastructure and job growth, with more than 200 multinational corporations setting up Latin American operations in Miami. The booming economy has made the Miami area a magnet for high net worth, motivated real estate seekers. As a result, the price of luxury homes now starts between $750,000 and $1 million. Real estate growth in neighborhoods such as Miami’s Brickell district and nearby cities such as Coral Gables make this the best time ever to buy or sell real estate in South Florida.
While current economic growth and the area’s future continue to look very bright, a few of the problems that caused the real estate market to crash still exist. The courts are still processing foreclosures and some homeowners are still selling their properties through short sales to get out of underwater mortgages. To avoid the problems that result in failed real estate transactions, it’s vitally important to have qualified and experienced closing attorneys on your side like the attorneys at AM Law.
Working with Attorneys
A real estate transaction can fall apart without a skilled attorney to scrutinize the legal documents submitted by both parties for compliance. An attorney must thoroughly review all settlement documents to ensure legal compliance. Lack of clear title is a common compliance issue that a good attorney can resolve quickly and efficiently. In booming areas like South Florida, through document scrutiny, it is the job of an attorney to confirm that buyers’ finances are in place to close the sale and that sellers have the legal right to sell the property.
Miami real estate buyers and sellers are busy people on the go. From ensuring buyers have title insurance and homeowner’s insurance to confirming the sellers’ latest mortgage payoff statement is in hand, an attorney must follow through with all the details. Real estate attorneys also help clients understand the complicated legal language of settlement documents in layman’s terms so that they feel confident signing on the dotted line. Good real estate attorneys are particularly skilled at making closings as quick and painless for clients as possible. Recently one of our AM Law attorneys brought cupcakes to a closing to support a client who owned a bakery, which the client found made the closing fun and memorable!
The Investment of a Lifetime
For many people, a real estate purchase is one of the most important investments they’ll make in their lives. Selling a property can also yield a significant amount of cash, more than many people typically have on hand. Whether you’re selling a property, or buying as an owner-occupant or investor, having the right attorney guide you through the closing impacts the short- and long-term outcome of the sale. The attorneys at AM Law work diligently to ensure the integrity of every client’s real estate transaction.