1. Why do I need an attorney for a real estate closing?

For most people, the purchase of a home or other property will constitute the purchase of their largest asset. Only an attorney is authorized to give legal advice and therefore why not hire someone who is trained in protecting your interests and is there to answer your questions.

2. What is title insurance and why do I need it?

Title insurance protects an owner against defects in the title to the property. Such defects may result from fraud, forgery, incompetency of the seller, mistakes and other matters which are not readily discernible to a party examining the title to the property. The premium for title insurance is a one time charge paid at closing.

3. Should I get a fixed rate mortgage or an adjustable rate mortgage?

There is not one best type of mortgage for all people. When deciding on the best mortgage for your needs, you should consider many factors including things such as how long you plan on owning the home, how risk averse you are, if you are looking for a lower initial payment and will be able to handle a higher payment in the future, your current assets and debt, your credit score and other issues which your lawyer or mortgage professional can go over with you.

4. What is a survey?

A survey is a drawing of the property lines and structures within the property lines, prepared by a licensed land surveyor. The survey will show things such as encroachments of fences, pools, driveways etc. on your property and onto adjoining properties.

5. What is a will?

A Will is a written direction of how a party would like their assets distributed upon their death.

6. Why do I need a will?

If you do not have a Will prepared, then your assets will be distributed pursuant to the order listed in the Florida Statutes which may not be the same distribution that you would have wanted. By taking the time to have a Will drafted, you can direct that your assets will be distributed to those who you want to receive them.

7. If I have a Will, can I make any changes?

You can change your Will at any time and as many times as you would like.

8. What is probate and is there a probate if I have a will?

Probate is the Court supervised distribution of the decedent's assets. Whether or not there is a Will, if a person dies and at the time of death owned assets in their name only, there will have to be a probate.

9. What is a revocable trust?

A revocable trust is basically a way to avoid probate by transferring assets into a trust so that upon the death of the party creating the trust, there are no assets in their name which would need to be probated. The assets are owned by the trust and can be distributed to beneficiaries according to the terms of the trust.

10. What is a Durable Power of Attorney?

A Durable Power of Attorney is a written directive naming a party to act on your behalf if you are unable or unavailable to do so yourself. Since this instrument can be used to allow someone to handle your affairs if you become incapacitated (for example through a stroke, sickness or accident), it is very important to include it in your asset and estate planning documents.

11. If I own a business, should I form a corporation?

By forming a corporation, a business owner can under most circumstances protect themselves from any personal liability for debts incurred or assessed against their business. This is one way to protect your personal assets from problems encountered by your business.

12. If I sign a contract, whether business or other type, do I have a time period after signing to cancel?

Generally, the answer is no. Unless your contract provides for a rescission period or there is one required by statute, you can not cancel a contract after it is executed. Therefore, make sure you understand the terms of the contract before you put your name on the document.