The dynamic Miami real estate market abounds in luxury pre-construction projects. The idea of buying a brand-new property in a pre-construction stage appeals to many buyers, especially foreign investors.
A lot of domestic and foreign buyers are not aware of the legal complexities associated with buying a pre-construction property in the United States.
It is very important to hire a qualified title company staffed by experienced real estate attorneys to oversee your transaction. Very often buyers rely on the expertise of the realtor, who does not have any title company to protect the interests of his buyer, and ends up relying on the developer. Developers have no obligation to protect buyers rights.
Buyers may mistakenly believe that buying a property directly from the developer is a safe route. In the United States, the seller has all rights and zero obligations. Buyers must hire an experienced real estate attorney to make sure their rights are fully protected at all times during the transaction.
With the assistance of the right title company, you will be protected from potential liens that the contractors or subcontractors may have against the developer.
Also, purchasing a title property insurance will ensure you are protected during conflicts that may arise from discrepancies in the square footage of the property.
For assistance with your purchase of the pre-construction property, contact our experienced real estate lawyers at +1.305.372.0222 or [email protected]