Fort Lauderdale Real Estate Law Blog

Are You Ready To Buy A Second Home?

Purchasing a second home can fulfill your desire to have the perfect vacation spot that is all your own. Along with anticipating the feeling of freedom and relaxation you’ll have at your new abode, there will be new responsibilities that go along with owning real estate. Here are aspects of second home ownership to think about as you consider this next possible step in your life.

Cash Flow Considerations

Consider these 3 things before downsizing to a condo

Many retired couples consider downsizing their home. Maintaining a real estate property can require a lot of time, effort and money, and some couples would prefer to trade the space of a house for the minimal upkeep of a condo. This is particularly true for Florida retirees—after all, less time spent caring for a house is more time spent at the beach.

If you and your partner are thinking about downsizing to a condo, you probably have a lot on your mind. The prospect of selling your home, finding a condo and relocating would seem daunting to anyone. The first step that you should take is considering whether purchasing a condo would is right for you and your family.

What to know before buying a property for short-term rentals

Florida is a popular destination for families, spring-breakers and retired couples alike. As one of the most popular domestic tourism states in America, it’s no surprise that more homeowners have decided to rent their property on short-term rental platforms including Airbnb.

With short-term property rentals in high demand, you might be considering purchasing your own real estate specifically for hosting vacationers to make extra money. However, before you plunge into the duties of a landlord, you should take a moment to make sure it’s really what you want.

Executing a mortgage on a short sale property is possible

The purchase of a property comes in all shapes and sizes. Rather, there are all different types of property sales and it can affect a buyer. One type of sale that we at Kimberly A. Abrams & Associates PA have a lot of experience with is short sales. Short sales have their positives and negatives for a buyer, but it's about weighing the pros and cons to find the right property for you.

Most people do not buy properties for cash. That being said, most people will need a mortgage or some other type of financing in order to get the deal done. This is the path for most people, but the real estate market can be competitive and thus pricing can outbid people looking to spend a certain amount. This is where certain properties, like foreclosures or short sales, may become attractive to certain buyers.

Home sale contracts protect against real estate dispute

Purchasing property, like residential property, can be an exciting time for the buyer. There are different types of home sale contracts, depending on the type of home. There are several options for financing and many types of homes. There could be multiple contracts at stake, for instance, contracts with the home builder and a contract outlining financing with the lending institution.

So, how does a buyer represent their best interests and avoid a real estate dispute? That question is best answered due to a person's personal preferences and choices, but there are a few things a person can do and be aware of, while entering into a home sale contract. Home contracts should include certain elements. These include a list of the parties involved, description of the property, purchase price for property and with signatures, and all in writing to be enforceable.

What are key ideas to understand when pursuing a mortgage?

If you are hoping to be a new homeowner, you may feel like you are in uncharted territory. Even for those who have been through the mortgage process before, each property and situation is different and may require different things of the parties involved. Speaking of parties involved, there are traditionally two parties involved in the process, the person looking to get a mortgage: a borrower, and the entity lending the money: a lender. Most people do not pay cash in full for their house, so most will need to get approved on a mortgage in order to own the home of their dreams.

Much of the lingo on mortgage applications and documents may initially seem confusing. However, it's good to get a handle on some of the terms your will see so that you understand the contract you are entering into. If the homeowner defaults -- in other words fails to meet their financial commitment on the loan -- the lender may be entitled to foreclose on the real estate and have it sold to reduce the debt. In order to avoid foreclosure and losing your property, it's good to know how mortgages generally work and what will be expected of the borrower and what a borrower can expect from their lender.

Million dollar Fort Lauderdale waterfront home sent to auction

With the real estate market as active as it has been in recent years, occasionally, a luxury residential real estate listing will make an appearance. And, one such listing has now come available at auction in Fort Lauderdale later this month. The property has a boat slip, private lot on the New River and all in lush tropical gardens. The property was previously listed for $4.9 million.

What is most striking about this auction-style residential real estate listing is that there is no minimum bid. With a previous asking price of nearly $5 million, that is unusual. The property, appropriately named, Casa del Rio, boasts luxury amenities, sure to catch the eye of many prospective buyers. With no minimum bid requirement, the residential property could go for any amount under or over their initial asking price of $4.9 million.

Office buildings, warehouses are attainable commercial properties

When visualizing the ideal commercial property for your business, what comes to mind? Of course, that depends on the business one is engaged in and also based on the needs of the business, both current and future needs. A commercial real estate deal could be in the cards for your business. If you are thinking about moving your business into a different space, or thinking about making the jump from renting to owning, there may be a way to make your company's dreams a reality.

This would come in the context of a commercial real estate deal. Whatever your commercial property needs, the professionals at the Law Office of Kimberly A. Abrams & Associates PA can discuss your options to make your businesses commercial real estate goals a reality. Finding the perfect property is just part of the equation. Often, there will be a negotiation between buyer and seller in order to determine the final conditions and of course, pricing.

CC&R's and their effect on Fort Lauderdale home buyers

When buying a home, there are so many aspects to consider. Location, price, number of bedrooms and a variety of other factors go into making the decision to buy a home. Sometimes, it can feel like there are so many factors, it can be hard to prioritize which are most important. One aspect of home buying that some might overlook is CC&R's and their impact on a person's home ownership.

CC&R, also known as covenants, conditions & restrictions, are a governing body of agreements that often are incorporated with home subdivision home buyers. They are essentially a governing contract, often between homeowners of a certain area, where they agree to abide by the rules of the subdivision.

A lender has a lien on my property - what does that mean?

Typically, a person entering an agreement to purchase a home or other piece of real estate will need to secure a loan to help finance the purchase. A loan, of course, provides the necessary money to buy the property if the buyer is only able to pay a portion up front. However, entering into a mortgage agreement with a lender creates some important legal rights for the lender in case of default or a sale.

When a lender agrees to provide a loan for the purchase of a home or other piece of real estate, they will retain a security interest in the form of a lien against the property. In more basic terms, the lien gives the lender legal rights to the real estate that stops short of actual possession - that will always go to the buyer.

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    Law Office of Kimberly A. Abrams & Associates, P.A.
    2699 Stirling Road, Suite A105
    Fort Lauderdale, FL 33312

    Phone: (954) 985-9715
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