Recently, I conducted closing where the seller was a real estate attorney from Chicago. The closing went very smoothly and we had a nice conversation about law and the number of different types of law that attorneys are involved in. I asked how he decided to concentrate his practice on real estate and his response brought a smile to my face. “It’s the happy part of practicing law”, he claimed.
Collier County, Florida is unique for several reasons. Beautiful beaches, waterfront shops, upscale residences and high end shopping are just a few of the things which make Naples a great place to live and work.
Another thing that makes us unique is that we use our own form of sales contract. The contract is approved by the Naples Area Board of Realtors. In Collier County it is standard that the buyer pays for the title insurance while in Lee county, it is standard that the seller pays for the title insurance. In Lee county, real estate contracts are usually written on a FAR/BAR contract, which has been approved by the Florida Association of Realtors and the Florida Bar. Both contract are well written and work well for real estate transactions.
So what are the differences? One small difference in Collier County is that the seller has to give the buyer a copy of their prior title policy. If they cannot find the prior policy, they agree to give the buyer a credit of $150.00. This, of course if not the case in Lee county since the seller is paying for the title insurance. The reason for the $150 has to do with abstracts of title which will be better to explain in a future blog.
We recently competed a short sale closing where the property was in foreclosure. The property is still in foreclosure and will be until the lender, one of the larger banks, and their assembly line lawyers dismiss the suit. This, of course, can take several months. If anyone has tried communicating with a lender, you will understand that something so simple is, in fact, next to impossible. The large lenders communicate with the lawyers in the same inefficient manner.