Why You Should Use a Realtor for Your Real Estate Deal

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By Gary M. Landau, Esq.

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Why You Should Use Realtor for Your Real Estate Deal | FL | Call (954) 979-6566

Real estate buyers or sellers sometimes think that bypassing a Realtor is a smart move. But after years as a real-estate attorney in South Florida, I can tell you that in most cases it is not.

An experienced Realtor brings a lot to a real estate deal that home buyers and sellers can’t adequately provide themselves. In the same way that you wouldn’t perform your own tonsillectomy or replace your car’s transmission, you shouldn’t handle a real estate transaction involving tens or hundreds of thousands of your dollars without a professional. (And no, I’m not getting paid to say this. It’s just that I’ve seen many deals where people bypassed a Realtor and later found that didn’t serve them.)

Why You Should Use a Realtor For Your Real Estate DealIf you are a buyer, you will benefit by having a Realtor show you properties that fit your exact criteria—and it doesn’t cost you anything, because the seller pays the Realtor’s commission.

If you are a seller, you will benefit by a Realtor’s expertise in how to price your property so that it both brings in top dollar for you and still entices a buyer to purchase your home. An on-target price is determined by what’s happening in your area, how much work has been done on your home, how it looks to buyers, and many other factors. (One of the things I have seen when people don’t use Realtors is that buyers agree to pay too much, and then the deal falls apart when it doesn’t appraise at that unrealistic level. I’ve also seen sellers give away their house for less money than they could have gotten.)

Here are other ways a Realtor can benefit your deal:

  • Realtors are experts in the improvements you might consider making to your property get the best price when you are selling your home, and which ones are not going to pay back their cost. They can also help you set up, or “stage,” your home to best appeal to buyers. Realtors can often recommend trustworthy contractors they have worked with on other deals.
  • Sellers don’t need to be home every time someone wants to see their property, because a Realtor accompanies them. Since they prescreen and stay with those buyers, you’re also less likely to have a problem allowing strangers to wander through your home.
  • Realtors understand the neighborhoods they specialize in, so they can direct buyers to those that would appeal to them, considering what’s important to you, from school quality to location near parks or shops to neighborhoods with a trendy vibe.
  • If a buyer is interested in a home where there will be competitive bidding, a Realtor can be an ideal partner to help you determine an offer most likely to succeed.
  • Once a contract is signed, the process of buying a home involves many steps, from applying for a mortgage to arranging for an inspection on time to having a last-minute walk-through of the property to be sure it’s in proper condition. A Realtor (along with your real-estate attorney) can help you successfully navigate this confusing process.
  • Realtors are bound by a strict code of ethics as members of the professional organization, the National Association of Realtors. In most cases, both buyers and sellers can expect honest and ethical treatment in all transaction-related matters.

While Realtors are not required for a real-estate deal in South Florida, they, like real-estate attorneys, are an important asset for a smooth and successful transaction. It’s crucial, though, that you find a good one. Check online for reviews (on sites like Google and Yelp), ask friends if they had a good experience with their Realtor, or check with people in the business; I often recommend Realtors I know to be excellent to clients who ask me for a referral.

For more information about buying or selling property in South Florida, call us for a FREE legal consultation at 954-979-6566 or send us an email. Attorney Gary Landau personally returns all calls and emails to him.

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Frequently Asked Questions

A will is the simplest way to ensure that your funds, property and personal things will be distributed after your death the way you want them to. Even if you have very few assets, you will benefit from having a will. About half of all Americans die without a will (known in legal terminology as dying intestate). Without a will to indicate your wishes, the court steps in and distributes your property according to state law. A will ensures that your assets will be given to family members or other beneficiaries you designate.

 

Having a will is doubly important if you have young children. One section of the will allows you to designate a guardian for them in the event of your death. Without a will, the court will appoint a guardian for your children, who may not be the person you desire.

Many Florida residents have out-of-state wills, drawn up while they were still living among the hills of North Carolina or the hubbub of New York. If the will was valid according to your old state’s laws at the time you made it, it is still legal in Florida. However, if you are a Florida resident, you may benefit greatly by having a new will drawn up in Florida, because it will likely be more easily admitted to probate.

 

It is important to know that each state has its own requirements for what makes a will a legally binding document. For example, Florida doesn’t recognize handwritten wills that haven’t been witnessed (known as “holographic wills”), or oral wills not put into writing, even if other states okay them. There’s also the matter of Florida estate law. In this state, for example, your surviving spouse is entitled to 30 percent of your net probate estate, regardless of what you say in your will. The spouse may also have a “Homestead” interest in property you share here, even if you want your house to go to someone else. In fact, all real property owned in Florida will be subject to this state’s laws, even if you’re a snowbird maintaining a residence in the state where your will was drawn up. Other peculiarities also exist, which is why a Florida will could make things much easier for your heirs.

 

If you would like to have me review your current out-of-state will, I am happy to do so without charge. If it turns out to be in accordance with Florida state laws and procedures, you can continue to rely on it. If not, however, your heirs would rather you discover that now.

It is a good idea to re-read your will every few years to be sure it reflects up-to-date realities (you may not want to leave your heirloom to a niece you are no longer speaking to, nor have someone be named your child’s guardian if they have taken seriously ill since you drafted your will). It is especially important to reexamine your will if:

 

  • You have gotten married since it was last drafted;
  • You have made bequests to people who have fallen out of your favor or are no longer living (I recently updated the will of a man who had left everything to his first wife, who was long deceased), or you have not included people who are now dear to you;
  • You would like to change the person named as the personal representative of the estate. (Note: Florida law does not allow a nonresident of the state to serve in this position, unless it is an immediate family member or certain other relatives);
  • You have acquired pricey or sentimental items that are not accounted for in your will. Do note, though, that Florida law allows you to attach a separate personal property memorandum to your will, detailing who will get which specific items. This list can be changed whenever you want.

Perhaps I should answer this question with where not to store it: in a bank’s safety deposit box. Although it may seem logical to put this with your other important papers, it is often difficult for your heirs to gain access to the box once you die, since the box is sealed then and must be opened in the presence of a bank employee.

 

One good option is to leave your original will with the attorney who drafted it, making copies for your personal representative and other important relatives and letting them know who has the original. For my clients who prefer that I store their original will, I keep it in a fireproof will vault in my office, or in the vault in my bank.

 

As an alternative, you could store the will in a fireproof box or vault in your own home.

 

Wherever you store it, be sure to let your personal representative and other close relatives know where you have put it!

Probate is when the court oversees your assets and liabilities after your death. During probate, the court makes sure that your will is valid and acceptable; that all debts, bills, creditor’s claims, and taxes are paid from your estate’s assets; and that your remaining assets are distributed to your beneficiaries according to your will (or, if no will exists, by Florida law).

 

Probate usually does take longer than most beneficiaries would like. But in order to ensure that everyone with a right to a claim is included in the process, the court requires several steps. If the size and complexity of your estate are minimal, however, the entire process of probate can take as little as a few months. Larger estates that are subject to IRS estate taxes or those involving litigation on the part of creditors or heirs generally take longer, often one or more years.

 

To speed the process along for simple and small estates, the courts allow a shortened form of probate, known as “summary administration,” which requires much less paperwork and time.

A personal representative (PR) is a friend or relative, or an attorney or bank, who is put in charge of the estate until all matters regarding the probate are resolved. (In other states, this person is sometimes called an executor or administrator.) The job of the PR includes identifying all assets, searching for creditors and paying valid claims, filing required estate tax returns if the estate is large enough (the figure escalates over time, according to Congressional laws), coordinating with the probate court and attorneys, and overseeing the distribution of assets–all done under the guidance and assistance of a qualified attorney.

 

Serving as a PR is an important role, and such a person should be selected with care as to who is most willing and best able to serve in this position. By Florida law, your personal representative must be over 18 years of age, and be a blood relative, your spouse, the parent or child of your spouse, or a Florida resident.

Generally, no. If you co-own all property via such legal structures as “tenancy by the entirety” or by “joint tenancy with right of survivorship” the property immediately passed to you upon your spouse’s death. Proof of death is usually all that is needed to pass such jointly owned title for cars, stocks, and other personal property to the surviving spouse.

 

But if even one asset was held solely in the deceased person’s name, or any property is owned in the form of a “tenancy in common,” that estate will be required to go through probate. If the assets are limited, the shorter, simpler form of probate is generally all that is required.
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