Buying a property in Florida is not as simple as it sounds. Even, if the buyer has the full value of the property in hand, and does not need financing, there are specific laws that can make the dream a nightmare. So you need a real estate attorney.
So, before closing any deal, it is crucial to look for an experienced Real Estate attorney, to minimize misunderstandings, and optimize the benefits of a successful business.
Here’s why you should look for a real estate attorney:
Property Type
Buying a property, commercial, or residential, can be quite complicated. Several factors can contribute to this complication. We can include in them the types of property desired, structured financing, tax structuring, leases, potential tenant claims, among others.
F.I.R.P.T.A.
Foreign nationals, who purchase properties in the United States, are subject to the Foreign Investment in Real Property Tax Act (F.I.R.P.T.A.), Tax Law on Foreign Investment in Real Estate, in Portuguese. This fee corresponds to 15% of the sale price of your property.
Consult an experienced real estate attorney for advice on how to avoid F.I.R.P.T.A.
Tenant eviction
Buying a property with a tenant can give you numerous complications. Florida tenant law is complex, hence the need for proper professional guidance.
The current tenant may have claims against the old owner, which can be inherited by the new owner.
Deposit retention
A lawyer can serve as a custodian and insure your deposit before the transaction to avoid problems.
Are you eligible for a loan?
If you are concerned about being unable to qualify for a loan, you should hire an experienced real estate lawyer and a lawyer specializing in business transactions to find out what your options are.
Are you buying a short sale property or bank property?
A real estate attorney with experience in foreclosure defense will assist you with bank negotiations. He will advise you on how to title your property appropriately.
Illegal additions/improvements to property
When state and local regulations are to be followed, there is not much to fear. In any case, the buyer must be aware of any illegal additions/improvements to the property that may occur.
If it does, the buyer can consult an experienced real estate attorney for assistance in the event of complications arising in such cases.
Judgments or Warranties
Florida real estate lawyers can assist you in explaining the effects of collateral and help resolve the issue.
We at Kravitz & Guerra Law Office have lawyers specializing in real estate transactions, who will assist you in the entire buying and selling process, and all the legal nuances, in buying and selling your property.
Get in touch and be sure about the real estate and legal procedures of the operations you will be subject to in these operations.
