If your thinking about buying a house in the Magic City of Miami, you better get a lawyer. If you get a lawyer early, he or she can help you negotiate the terms with your realtor, the seller, and the terms that will benefit you in the contract to insure you don't lose your deposit.
Your lawyer can act as the go between or the bad guy with your realtor, trust me your going to want someone who can be tough, if you thought car salesman were bad, realtors can be worse. Realtors use standard form contracts which are fill in the blank forms which are fine if everything goes smoothly. The problem is, buying a house has lots of contingencies that come into play and you have to be prepared for the potential problems. In our office, we modify or create new contracts which have favorable terms that allow our clients to preserve their deposit.
If your the buyer, it is important to have your lawyer review the contract and make the appropriate changes prior to signing the contract. If I had a penny for every person who has walked into my office with a signed contract and wanted to make changes after the fact I would filthy stinking rich. Also important is to have your lawyer act as title agent, this will insure that he or she is aware of any defects in title as well as review any liens or other encumbrances on the property. Remember, real estate contracts have time restrictions for inspections and time limits for certain issues that are the obligation of the seller, your lawyer can help guide you with any issues that may come up.
In Miami, most everyone is from somewhere else, if your from a foreign country like Venezuela and purchase property here in your name, amongst other things you may be subject to estate taxes in the event of death in the range of 50% of the value or sale price. With proper planning, you can avoid or minimize the tax implications of being a foreigner.
If the property is going to be your primary home, vacation home or is an investment property, you should seek the advice of a lawyer to help you make the right decisions before you put your money at risk. In Miami, real estate fraud is always a concern, I have come across people who try to sell real estate that they don't own, get a lawyer, its money well spent.
My name is Javier L. Gonzalez, Esq., I am am a real estate lawyer in the Magic City of Miami, Florida.
