The need for an attorney in a residential transaction in Florida is not usual or needed…
A transaction is handled by the “Title Company” who acts as the intermediary between the buyer and seller and has the responsibility of carrying out the necessary diligence to ensure ownership of the land and property is transferred from the seller to the buyer in compliance with the laws.
The title company executes the contents of the contract drawn up by the buyer and the seller and follows the details within to the letter with no preference or bias to either party.
All instructions to the tile company must be agreed to by both buyer and seller and any changes to the original contract must be submitted via an addendum that is signed by both parties.
The title company is responsible for doing the title search to ensure the property is clear of any title defects or liens, it also is responsible for generating title insurance the seller provides to the buyer to protect the buyer from any future issues with property title for the full value of the property and for the lifetime of ownership. The title company will create the “closing documents” for each party to sign off on including the necessary deeds to transfer the interest from one owner to the other.
The title company also holds all funding such as the deposit, any transferable documentation and payment in its own escrow account and is responsible for funding the transaction and disbursement of final monies. It registers the final deed information with the county and notifies all parties that the sale has concluded to the terms of the contract and supplies the buyers and the sellers with final paperwork.
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