Most of our South Florida readers are probably familiar with the general process of a foreclosure. This is the process by which a mortgage lender can seize the home of someone who is not keeping up with their monthly mortgage payment and, as a result, the lender makes the determination that it is a better option to take over ownership of the property itself rather than to try to work out an arrangement with the delinquent borrower. However, there is another process that our readers may not be too familiar with: the deed in lieu of foreclosure process.
It is a basic part of almost any sales transaction that the buyer will want to know that what they are purchasing is, for the most part, free and clear of any problems. For instance, when someone in Florida buys a brand new car, they don't expect to have to deal with any mechanic issues for quite a long time. On the other hand, if someone buys a used car, they understand that there might be issues that will need to be addressed sooner rather than later. But at least they know about the problem.
South Florida residents probably can't help but notice all of the condo towers that are popping up all over the place. With the real estate downturn of a few years back seemingly firmly in the rearview mirror, developers and investors are taking full advantage of the fact that the local real estate market is a hotspot.
Most companies start out by leasing commercial property for their business operations. But, if profits go up and the company is starting to look like a success, some businesses may begin to think about purchasing commercial real estate instead. It's the old "rent vs. buy" situation, and many companies often come to the conclusion that it is simply a better investment, or more cost effective, to own the property where they conduct business.
Anyone who is thinking about entering into a real estate transaction, either as a buyer or a seller, has quite a few things to think about and plan for. However, of all the potential issues that could pop up when residential property is up for sale, one issue is something that most people don't ever think about: zoning laws.