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Fort Lauderdale Real Estate Law Blog

Things to consider before buying your first home

Are you in the market for a home? Are you in the market for your first home? If you answered yes to these questions, there are some things you need to take into consideration before coming to an agreement with the seller. Be sure you take a long look at all of these considerations so you can come to an informed decision about the purchase and whether or not now is the right time for you to buy a home in Fort Lauderdale, Florida.

You should plan to live in the home you purchase for at least five years. If you live there for any length of time less than that, you will have trouble recouping the expenses you incurred buying the home. The first couple years of a mortgage involve paying down interest, which means you will not have built up much equity in the property yet.

Florida struggling to lure millennials into real estate market

The residential real estate market is surging across the country for one big reason: millennials. Millennials are buying real estate in the top 100 metro statistical areas in the country at an incredible rate. Despite this, they are not doing so in the state of Florida. So, what is the problem or the difference with Florida? The data comes from a study conducted by LendingTree. Let's take a deeper look at what was found.

LendingTree conducted the study by looking at all of the loans submitted via the online loan marketplace by millennials. They broke it down into percentages and the metro area of Sarasota-Manatee came in last in the country's top 100 areas for millennials and the residential real estate market. Fort Myers came in second to last. The top spot went to Des Moines, Iowa.

What does the commercial real estate closing process look like?

Entering the field of commercial real estate can be rewarding, stressful and overwhelming all at once. There's plenty of information you need to know before attempting a commercial real estate transaction, whether you are buying or selling. You should also know what to expect when you reach closing for such a transaction in Fort Lauderdale, Florida. We will take a look at the closing process for a commercial transaction in today's post.

As with other types of real estate transactions, you will go through an escrow period. This is where a third party holds money in an account until all of the requirements of escrow have been satisfied. This is an important step that helps both sides trust each other.

Utilizing arbitration or mediation to resolve real estate disputes

Most real estate transactions result in a satisfied buyer and seller. But given the high dollar amounts at stake and the emotional attachment to property, transaction disputes are not unheard of.

Alternative dispute resolution methods are gaining popularity to counteract the seemingly instinctive trend of using litigation to resolve even the smallest disputes. If a real estate dispute arises, parties should consider mediation or arbitration before turning to the court system.

Common obstacles to buying a home for the first time

Buying a home is one of the biggest accomplishments an individual or couple can experience in their lifetime. They've worked hard for years, have saved, have scrimped, have built their credit score and now they have the opportunity to purchase their first home. There's plenty that needs to be taken care of, which is why the process can last months. Here are some common obstacles that first-time homebuyers can run into in Florida.

One of the biggest obstacles faced by first-time homebuyers is that their debt-to-income ratio is way too high. Lenders prefer that this ratio hovers around 40 to 45 percent. Any higher than this and you might find yourself waiting another year or two before signing on the dotted line for a new home.

Important must-haves in a real estate contract

Drafting a real estate contract takes experience and a lot of knowledge. The right contract will be able to protect you from plenty of legal issues. No contract is perfect, though, and you should prepare for issues to crop up at anytime. If you want to avoid as many disputes as possible, you need to include the must-have conditions for any real estate contract.

One of the most important conditions to include in any real estate contract is who will be responsible for paying the closing costs. The condition should explain which fees are paid by whom: the buyer or the seller. You can find out from your real estate attorney who is traditionally responsible for paying these fees.

What common problems can arise at closing on a house?

You've probably heard an ounce of prevention is worth a pound of cure. That is perhaps no truer than when you are buying or selling a home in Florida. Regardless of the side of the transaction you are on, there can be potential pitfalls.

If you are involved in a "for sale by owner" (FSBO) deal or working through a real estate agent, unexpected issues can surface that delay or derail the transaction. What follows are some of the most common possible snags and some thoughts on avoiding them.

Be on the alert for property title defects when purchasing

When referring to real estate, the title determines who has legal ownership of the property. Before purchasing property, buyers often enlist the assistance of a title company to ensure the property title is legitimate. A comprehensive review of the title can identify potential problems, allowing the seller and purchaser to address the problems before the sale is final.

A title search before closing

Tax overhaul offers incentives for Florida's commercial investors

The Tax Cuts and Jobs Act passed in December of last year is bound to have significant implications in several different markets. The Florida real estate market is already experiencing the tax overhaul's impact. In particular, the commercial real estate market stands to benefit greatly from the new tax law-especially for high-net-worth investors.

Selling a home to a family member

It may seem like the simplest and most natural transaction there is. Keeping a home in the family can be an excellent way to ease the pain of moving on, especially when it going to the next generation. It not only feels good, but it avoids all the expense and hassle of selling a house the conventional way through an agent.

However, real estate sales always have the potential for major unforeseen complications. The process can be clouded by liens, title disputes, and a proper valuation. The best way to make sure that the sale of a home to a family member goes smoothly is to hire a real estate attorney. It might not only help save the house, it could be the best way to keep peace in the family.

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

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