Posts Tagged ‘Real Estate’

« Older Entries

Lease Commercial Real Estate in South Florida

August 18th, 2010

By Mark Schecter | No Comments »

officebuildingAre you thinking about leasing commercial real estate? You are not alone. Many companies today are foregoing large purchases and choosing to lease instead.

The leasing process starts with your search for a property that meets your business needs. There are many types of real estate located in prime locations throughout Florida for you to choose from.

Finding Commercial Real Estate to Lease

South Florida’s commercial market remains oversaturated with office spaces, storefronts and warehouses. You can find great bargains but there are a few things you will want to consider when searching for the “right” property.

1.    Budget

An essential first step in the process is setting a budget. What you can afford will play a significant role in determining the location and type of real estate you can lease. If you set a budget early on (even if it’s only a range), you will be clearer about what you are searching for and save yourself time in the long run.

2.    Location

Consider your customer base when researching locations that may be a good fit for your company and the products and services you offer. Ask these questions with regards to potential locations:

  • Is this location suitable for my business?
  • Is this location convenient for my customers?
  • Is this location convenient for my staff?

3.    Type of Commercial Real Estate

Nowadays, there is no shortage of commercial real estate in South Florida. Decide whether you need to lease a retail storefront, warehouse or office space.

A commercial real estate lease usually involves more time, research, money and other resources. The budget, location and type of real estate you choose for your business are essential.

Once you find the “right” property, enter into a lease agreement with the landlord to seal the deal.

Contact our real estate lawyers for help finding and securing commercial real estate for your business.

Tags: , , , ,
Posted in Broward Real Estate, Commerical, Fort Lauderdale Real Estate, Miami Real Estate | No Comments »

Florida Title Examinations and Title Insurance FAQ

July 19th, 2010

By Mark Schecter | No Comments »

What is a “title?”

A “title” legitimizes your ownership rights in a property. If the title is free of any blemishes, it’s considered a “clear title.” If inconsistencies or other problems are found, the title may be deemed “defective.”

What is a title examination?

Before you buy any real estate, it is imperative that you have a thorough title examination performed. This will allow you to confirm you are buying a property that has a clear title that can be conveyed without difficulty.

A title examination also reveals the history of ownership (known as the “chain of title”) for the property. Each time a Florida property is sold, the purchase is recorded as public record in the county court. The chain of title will reflect every time the property was bought or sold.

Can a title be transferred from one person to another?

Yes. There are several ways a title to a property can be transferred. Most often, a written deed is used to change ownership from one person to another. Other ways a transfer can take place is through inheritance, a court order, and a will.

What is title insurance?

Title insurance is an insurance policy that protects the real estate buyer and the mortgage holder against loss caused by defective titles, liens, or encumbrances. Most mortgage lenders in the United States require the buyer to purchase a title insurance policy that will protect the lender’s interests in real estate loans.  A title insurance policy will cover the property indefinitely – until the ownership changes.

Who needs title insurance?

Title insurance protects both the property buyer and lender from liabilities that can stem from a defective title. However, federal law – specifically the Real Estate Settlement Procedures Act (RESPA) – establishes that the buyer has a legal right to pick a company to insure the title.

Our Florida real estate attorneys routinely provide title examination and title insurance for residential and commercial clients. This includes an extensive search of the public records to confirm there are no adverse claims or other defects in the property’s title.

Contact our real estate lawyers today to protect your commercial and residential property. You can use this form to email or call us at (954) 779-7009.

Tags: , , , , ,
Posted in Commerical, Real Estate Law, Residential, Title Insurance | No Comments »

Renters Affected by Rising Foreclosure Rates

June 3rd, 2010

By Mark Schecter | No Comments »

Homeowners are not the only people affected by the rising foreclosure rates. In some parts of Florida, renters are also experiencing problems as a result of default mortgages they have no control over.

As a renter, you are not responsible for a mortgage but your landlord is. If he is unable to pay the mortgage on the rental property, the loan will go into default and the bank can take the home back from the landlord.

If this occurs, you can find yourself facing eviction and given limited time to vacate the property. This can cause a tremendous amount of stress as you struggle to not only locate a new home, but come up with the cash needed to satisfy the deposit.

In addition to sudden evictions, Florida residents in some locations are seeing a rise in rental prices. While a number of factors contribute to the rising costs, a primary factor is a recent shift in thinking.

Many renters are waiting for home prices to bottom out before making a decision to purchase. And as the demand for rental properties increase, the prices do too.

There are also others that are interested in buying but are unable to find affordable mortgages. Although the market is showing signs of steady improvement, lenders have tightened their restrictions and now require close-to-perfect credit and larger down payments.

If you’d like more information about residential and commercial leases, contact our Fort Lauderdale real estate attorneys today. You can use this form to email or call us at (954) 779-7009.

Tags: , , , , ,
Posted in Broward Real Estate, Fort Lauderdale Real Estate, Residential, South Florida, lease | No Comments »

How to Prevent Foreclosure of your Property

May 26th, 2010

By Mark Schecter | No Comments »

If you are facing foreclosure, you are not alone. Florida’s commercial and residential markets have been riddled with foreclosures in recent years. Thousands were foreclosed on in May alone and many more are dealing with pending foreclosures today.

If you are behind on your loan payments or have received a foreclosure or default notice in the mail, there may still be time to prevent foreclosure of your property. Here are steps you can take (before and after) you receive foreclosure threats from your lender.

Do your research. The single most important thing you can do in this situation is educate yourself on the state and federal laws that govern the foreclosure process in Florida. You may be given time to bring default payments current or have other options available to you. If you need assistance, contact a Florida attorney that specializes in real estate and foreclosure law.

Keep mortgage payments current. The safest way to prevent foreclosure of your home is to keep your mortgage payments current.  Depending on your lender, you may receive a foreclosure notice after missing one or two payments. So, make sure you keep your payments current to avoid foreclosure.

Communicate with the lender. Despite intentions, there are times circumstances beyond your control will prevent you from making timely loan payments (i.e. unexpected job loss). It is important that you communicate with your lender (early and often), advise as to any change in your financial status, and keep the line of communication open.

Ask the lender to lower your mortgage payment. If you are communicating with your lender, he is aware of your spouse’s job loss and the significant dip in your monthly income. The lender may be willing to lower your mortgage payment to an amount that fits within your new monthly budget – especially if you have a history of making timely payments in the past.

Find supplemental income. Get creative as you look for ways to increase your income. You can sell jewelry, clothing, unused furniture and other personal items. This supplemental income may be exactly what you need to secure money to make your payment or bring the default in good standing.

For more information about preventing foreclosure of your residential or commercial property, contact our real estate lawyers today. You can use this form to email or call us at (954) 779-7009.

Tags: , , , , , ,
Posted in Broward Real Estate, Foreclosure, Fort Lauderdale Real Estate, Residential, South Florida | No Comments »

Commercial Property Investments in Florida

May 19th, 2010

By Mark Schecter | No Comments »

In the past few years, Florida’s foreclosure rate has increased drastically and now sits at historic highs. Commercial properties in prime locations remain vacant as builders and property owners drop their prices and offer incentives to attract potential buyers.

Before you invest in a commercial property, it is important that you understand how they differ from residential property investments.  Here are a few facts you’d want to know:

1.    The value of a commercial property is based primarily on the square footage of space available for use.

2.    A commercial purchase may require a heftier down payment. If you plan to invest, you may be asked to come up with a down payment that is roughly thirty percent more than a residential property.

3.    Commercial foreclosures can be ideal for investors. There are several commercial properties that are either facing foreclosure or have been foreclosed on. The banks are eager to sell as they do not want to hold on to commercial properties any longer than.

4.    A commercial property can provide more stability and monthly income than one single-family residential investment. Lets compare the investments of two gentlemen – Mr. A and Mr. B:

Mr. A owns a small office building located in a middle class community. Mr. B owns a beautiful Victorian style home located in a prominent area of town. Mr. A’s office building is at full capacity with 10 tenants. Mr. B’s home is occupied by a nice family.

What if each of the gentlemen lost a tenant?  Mr. A would lose only ten percent of his monthly rental income, while Mr. B would lose 100% of his if the single family decided to vacate the premises.

Investing in commercial real estate, can be financially rewarding for you and can give your real estate portfolio the diversity it needs. Hire a Florida attorney that will help you research potential commercial property investments and hold your hand throughout the purchase process.

The commercial real estate attorneys of Schecter Law have experience helping investors purchase office buildings, warehouses, shopping malls and multi-family apartment complexes that can result in a good return on investment for you.

Tags: , , , , ,
Posted in Broward Real Estate, Commerical, Fort Lauderdale Real Estate, Miami Real Estate | No Comments »

Commercial Tenants and Constructive Eviction in Florida

May 12th, 2010

By Mark Schecter | No Comments »

commercial-tenantIn these rough economic times, many commercial tenants are complaining about landlords failing to fulfill basic obligations and adhere to other lease terms.

If you lease commercial real estate in Florida, your landlord has a duty to maintain the leased property in a manner that is suitable for you to operate your business or use in any other permissible way.

When a landlord fails to fulfill this obligation and does not conduct regular maintenance, he deprives you of the enjoyment and use of the leased property. This is considered constructive eviction. See Barton v. The Mitchell Company, 507 S.2d. 148 (1987).

Constructive eviction may involve any condition that renders the leased premises unsuitable for its intended purpose. This includes failure to repair and maintain the property, pest control issues, structural damage and more.

In many instances, commercial landlords forego maintenance and other obligations in order to save money. However, for every landlord that is feeling the financial crunch, there is a commercial tenant that is barely able to keep his business doors open. And thus, cannot afford to incur expenses the landlord is legally obligated to cover.

Much emphasis is given to commercial landlords, builders and property owners when we think about the real estate market in Florida. However, they are not the only people affected by the crash. While they have experienced a fair share of pain in this crisis, there are other victims – commercial tenants – in the market that are suffering along with the landlords and property managers.

If you are a commercial tenant in or around the Fort Lauderdale area dealing with a landlord that refuses to adhere to the terms of a valid lease agreement, you should contact our commercial real estate attorneys. Educate yourself on the remedies available to you as a tenant, particularly ways you can reduce your damages and resolve the matter without the need for costly litigation. You can use this form to email or give us a call at (954) 779-7009.

Tags: , , , ,
Posted in Broward Real Estate, Commerical, Fort Lauderdale Real Estate, Real Estate Law | No Comments »

Property Investors Buy Foreclosures in Broward County

May 5th, 2010

By admin | 1 Comment »

notice-foreclosure-mdRealtyTrac is an online resource that provides information on foreclosures in Broward County, Florida and throughout the US.

According to recent statistics, real estate sales are up in Broward, mainly in the Fort Lauderdale area. In March 2010, approximately 3200 properties were sold; compared to 2200 in February. And, the average property price of $143,000 is up from $137,000 in the previous month.

Despite the increase in real estate sales, Broward County’s commercial (and residential) markets remain saturated with vacant foreclosures and unbeatable deals. Most of these deals can be found in Fort Lauderdale, the largest incorporated city in the county.

If you are a property investor looking to buy a property in foreclosure, Fort Lauderdale is a good place to start your search. But before you invest any capital, you should understand the foreclosure process so you can catch the properties with the best deals.

There are 3 steps that occur during the foreclosure process:

Pre-Foreclosure: During this period, the property owner is behind on mortgage loan payments but no legal action has been taken to start the foreclosure process. At this time, the property owner is more inclined to consider offers to avoid foreclosure and save their credit rating.

Notice of Default: This is the first step that initiates the foreclosure process.

Sale: If you fail to prevent the foreclosure, the lender will eventually be able to take the property. The length of time the process takes to complete is determined by the state you live in.

In Florida, once a judgment is reached the foreclosure sale is scheduled to take place on the courthouse steps. In some states, the property owner may be given an opportunity to get the property back. This is known as the redemption period, but is not applicable in Florida.

Buying commercial foreclosures and other real estate is a complex and tedious process. Our Fort Lauderdale real estate lawyers can help you navigate the purchase process and find the right property for you. Contact us today to start your search for commercial foreclosures.

Buying foreclosures and other real estate is a complex and often tedious process. The Fort Lauderdale real estate lawyers of Schecter Law can help you navigate the purchase process. Contact us today to start your search for commercial foreclosures. You can use this form to email or call us at (954) 779-7009.

Tags: , , , , ,
Posted in Broward Real Estate, Commercial Foreclosures, Foreclosure, Fort Lauderdale Real Estate, Residential, South Florida | 1 Comment »

South Florida Real Estate News: Week Ending April 17

April 17th, 2010

By Mark Schecter | No Comments »

newspaperForeclosure Filings are on the Rise

Since last month, foreclosure filings in Broward County have increased along with the foreclosure rate. As homeowners struggle to find work, they are finding it more difficult to make their mortgage payments.

“Broward had the eighth-highest foreclosure rate among Florida’s 67 counties, with one in every 127 housing units receiving a filing.”

In Broward, there are 6300 homeowners in the county facing foreclosure, which is up from 4600 this time last year. In Palm Beach, the foreclosure filings in March totaled nearly 4,000, which has doubled since April 2009.

Read more here…

Florida Senators Seeking Relief for Homeowners Affected by Chinese Drywall Litigation

Florida Senators have written letters to Fannie Mae asking the company to allow six months of mortgage relief for Florida homeowners affected by the Chinese Drywall problems.

This follows Fannie Mae’s decision to provide relief to the seven families awarded more than $2.5 million in damages weeks ago in federal court.

“Many homeowners with the problem drywall are concerned about possible health effects, though the government has yet to link the material to nosebleeds, respiratory problems and other reported symptoms. Some residents have moved out and are juggling temporary housing costs in addition to paying their mortgages.”

The senators are also asking that the homeowners’ credit ratings are not negatively affected by the drywall problems.

Read more here…

Tags: , ,
Posted in Broward Real Estate, Foreclosure, In the News, Miami Real Estate, Uncategorized | No Comments »

Basic Facts about Leasing Commercial Office Space in Florida

April 1st, 2010

By Mark Schecter | 1 Comment »

Fort Lauderdale businesses are choosing to lease commercial office space at an increasing rate. While some purchase commercial real estate, more and more businesses are opting to become tenants.

Finding a commercial office space

The process of finding a commercial office space to lease is similar to finding a home. Throughout Florida, there are several office spaces vacant and ready to be leased in prime locations.

You should begin your search for a property that meets your criteria. Once you find a property that’s suitable for your business, you can negotiate the lease terms with the landlord. It’s important to approve of the terms before you sign a binding lease that confirms the agreement with the landlord.

What is a commercial lease agreement?

A commercial lease agreement is a legally binding and enforceable agreement that specifies the terms of a lease arrangement. The lease duration can range from month-to-month to multiple years.

Generally, a commercial lease will name the landlord, tenant and any other parties of the agreement, the duration of the term, monthly rent and other obligations of both parties, and it can be structured in many ways.

Usually, on the last day of occupancy your lease is terminated if no other agreements between the landlord and tenant exist.

If the lease term is year-to-year or month-to-month, it’s considered a periodic tenancy, which means it automatically renews at the end of the lease period.  Your lease will not terminate and will continue to renew indefinitely.

Terms of a commercial lease

The terms of a commercial lease, although often similar, can vary depending on the agreement between the landlord and tenant.

Under some lease agreements, the utilities are included in the rental amount. In other situations, they are not and the tenant is responsible for paying the utilities, in addition to the rent they agreed on.

Unlike a simpler residential transaction, commercial leases can be complex and may require you to come up with a substantial amount of money. It is imperative that you fully understand the terms that are expressed.

Before your business leases office space in Fort Lauderdale, you should hire an attorney to guide you through the commercial lease process.

Tags: , , ,
Posted in Commerical, Fort Lauderdale Real Estate, South Florida | 1 Comment »

South Florida Real Estate News: Week Ending February 26

February 27th, 2010

By Mark Schecter | No Comments »

Mortgage Fraud Summit in South Florida

The first mortgage fraud summit will take place in South Florida. The Financial Fraud Enforcement Task Force chose Florida because it is among the worst states in the nation when it comes to the mortgage fraud crisis. According to a recent report from U.S. Financial Crimes Enforcement Network, South Florida is number one for residents involved in mortgage fraud related activity.

The agenda of the summit lists not only fraud schemes, but also predatory lending and other criminal acts against current and future Florida homeowners. Currently, there are 23 task forces at work in our nation and 67 mortgage fraud groups.

Read more…

Hundreds Turn Out for Mortgage Modification Seminar

During a recent loan modification seminar, the Palm Beach County Convention Center was extremely busy and packed with homeowners desperately trying to modify their mortgages. There were people from Florida, the west coast and mid states in attendance.

Many homeowners are feeling the financial pressure and attended the seminar to get answers to their questions along with some sort of relief from the steep prices and terms that they have to deal with.

Some lenders’ failure to be straightforward with their clients and discuss their options has led many homeowners to seek help through seminars and conventions. Although travel costs can be expensive, the end result may be worth it if these individuals are able to modify their mortgages and/or discover better options.

Read more…

Florida Cracks Down on Home Loan Rescue Companies

State regulators in Florida are cracking down on unlawful loan mortgage rescue companies. Several operations in South Florida have been ordered to stop their practices immediately due to recurring illegal activity.

As of January 1st 2010, loan modifiers, originators and lenders were all mandated to have a state mortgage broker’s license. As for upfront fees, they have been prohibited since 2008 although some businesses continue to operate by disobeying these laws. This is a welcome enforcement that will likely ease the minds of South Florida homeowners.

Read more…

Tags: , , ,
Posted in Commerical, Fort Lauderdale Real Estate, In the News, Miami Real Estate, Residential, South Florida | No Comments »

« Older Entries