An example in a residential contract would be within a certain time period you’re going to (if you’re a buyer) receive what’s called a title commitment, and have the opportunity to review the title to the property. And sometimes, the contract is set up to where the buyer doesn’t have to get that title commitment until 5 days before the closing, ok? And people usually don’t worry about that, because in a high percentage of residential real estate transactions, there isn’t a real big title issue. And if there is, it’ll get resolved.
But here’s my point on that: So, if there *is* an issue, wouldn’t you rather know that in advance?
Wouldn’t you rather know that at the beginning? Rather than putting 30 or 60 days, or 90 days, into working with a lender, into inspecting the property. Sixty to 90 days missing out on other properties!
But here’s my point on that: So, if there *is* an issue, wouldn’t you rather know that in advance?
So a very simple change that I would make if I was representing a buyer, is I would say, “Let’s get that title commitment early on!” It’s not hard. You know, the law firm or the title company that’s going to handle the closing can produce that title commitment easily within a week. So let’s get it at the outset and review it then.
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– Spencer R. Munns is an experienced real estate attorney and shareholder with the law firm of Bogin, Munns, & Munns, a full service law firm with offices in Orlando, Clermont, Kissimmee, Orange City, Daytona Beach, Ocala, Melbourne, Gainesville, and Leesburg, Florida. He welcomes questions and comments regarding the above and can be reached at spencer@boginmunns.com.
NOTICE: The article above is not intended to serve as legal advice, and you should not rely on it as such. It is offered only as general information. You should consult with a duly licensed attorney regarding your Florida legal matter, as every situation is unique. Please know that merely reading this article, subscribing to this blog, or otherwise contacting Bogin, Munns & Munns does not establish an attorney-client relationship with our firm. Should you seek legal representation from Bogin, Munns & Munns, any such representation must first be agreed to by the firm and confirmed in a written agreement.
