Month: June 2019

What You Should Know About a Contract

Buying a house is a very important decision and entails a significant investment. Although it is not necessary, hiring a Coral Springs real estate lawyer is highly recommended. An attorney will ensure that real estate transactions always protect your interests. A lawyer will also help you understand the legalities surrounding any such transaction.

One of the essential aspects of the sale is the purchase contract. This contract will determine your ownership and the price you will pay. There are some crucial aspects that you must know, and a Coral Springs real estate lawyer can help you with it. At the very least, you must know the essentials of any contract. To be legally viable, a contract must have:

Written: A contract must be made in writing to be enforceable. Verbal contracts where an owner has sworn to sell your property will not be considered valid.

Price: The contract must clearly define the purchase price of the property and clear terms on how those are to be carried out.

Address: The property should be clearly identified. A legal definition of the property should be included and often contains more than just the property address to ensure there is no ambiguity surrounding the location of the property.

Names: The contract must clearly name the parties involved. If there are multiple sellers or buyers, each party’s name must be clearly mentioned.

Particulars: The contract should list everything included in the property sale. For instance, residential properties often include window treatments, heating or cooling systems, stove, or gas range. Commercial properties may include inventory and equipment.

Time: The contract sets a time frame and will include a closing date, and time that the transfer of ownership will take place.

Finally, a contract must be signed by both parties. Furthermore, each party must be of sound mind and legal age. Sometimes, particularly in commercial transactions, the contract can be signed by a legal representative. It is essential that you get the contract reviewed by a Coral Springs real estate lawyer before signing.

Factors to Remember Before Commercial Closing

The closing of any property negotiation is often the most important part of the process. This is when all details are documented and the contract finalized. There are some factors that you must keep in mind before a Boca Raton commercial closing:

Setting the date

The closing date is agreed upon during the signing of a purchase and sale agreement. It is usually set at a certain future date to allow both parties time to prepare for the final sale. When agreeing on a closing date, it is always better to avoid dates that are just before or after an important holiday. The closing date should also be set well before an important deadline, such as a tax filing, to ensure that last minute delays don’t interfere.

Be available

Make sure you are available on the date of your Boca Raton commercial closing as well as the day before and after. Your lawyer and real estate agent will be finalizing the paperwork and you may be required to supply last-minute documents, paperwork validation, or other important information.  Matters can also crop up that may push back the closing date by a day.

5 Reasons to Hire an Attorney when Buying Commercial Property

Buying a commercial property usually involves a substantial investment in time and money. So, it’s important to see that your investment is protected by hiring Coral Springs real estate attorney.

Save time and effort: Buying any property can be a time-consuming process that requires a lot of effort. Apart from searching for the right property, there are inspections, negotiations and other matters to be settled. It can be particularly hard for someone who already has a business to run. Hiring a lawyer is a bit like outsourcing all those tedious details to an expert.

A network of professionals: A Coral Springs real estate attorney will have a wide local network of reputable professionals including inspectors, that are necessary when securing financing for real estate purchases. Without a lawyer, you will have to find these people yourself.

Handle negotiations: Property transactions involve a lot of research as well as negotiations. Unfortunately, driving a good bargain is not everyone’s cup of tea. You must also have some knowledge of property sale trends and price ranges in Coral Springs. An experienced lawyer will have a good understanding of price changes and property appreciation.  This is critical in negotiations.

Comply with zoning laws: When it comes to commercial properties, zoning laws are very important. They dictate how a property can be used and developed. Some properties are meant to be residential, while some are for commercial use. If you do not comply with these zoning laws, you may end up with a property that is of no use to you. A Coral Springs real estate attorney will ensure that you are always in compliance with zoning laws.

What You Should Know About Title Insurance

If you are buying a property, you may have heard about title insurance. Title insurance protects the buyer from any threats to his/her ownership in the future. This may include debts, liens against the property or unknown heirs. Buyers are typically advised to buy Boca Raton title insurance. But there are some things you should know about this insurance before you buy:

It is not necessary to buy title insurance. The law does not make it mandatory. You can buy a house without the assurance of title insurance. However, any losses in such cases will be completely borne by you.

While title insurance is not mandatory, you may have to buy title insurance if you are looking for a mortgage lender to finance your investment. Most lenders will demand title insurance to protect their own investment. After all, any threat to your ownership will jeopardize their returns.

Choose your title insurance firm carefully. You can compare the different terms offered by different companies. This will give you an idea about the costs and usual protective terms offered under the insurance.

Boca Raton title insurance is a one-time cost. Unlike other insurances, you will not be required to pay premiums every year.

Find out if the insurance company offers multi-tiered pricing on their policies. Many insurance companies offer standard and enhanced policies. Some of these firms will only quote the enhanced price and not disclose the standard pricing. This is because the standard pricing is lower.

Even if you did not buy title insurance at the time of buying a property, you will probably ask to buy one if you plan to refinance.

Boca Raton title insurance companies fight aggressively to get customers. As a buyer, you must educate yourself on the different options in the market and look for the most favorable terms. You can also ask for discounts or negotiate with the insurance company.

What You Should Tell Your Real Estate Lawyer

When buying a property, whether residential or commercial, hiring a real estate lawyer Boca Raton is very important. Researching a good lawyer is essential to assure the proper experience. To get the best from your legal team, you need to do your part:

Be honest about what you want

Honesty is primary. Since you are purchasing the property, it is essential that you communicate the purpose of the property and your essential requirements. A list of unacceptable deal breakers is also a good idea to include. A lawyer will then be able to offer the best advice possible, based on your requirements.

Be honest about your finances

Sometimes we want what we cannot afford. We may want a large property or the best location in town, but it could be outside our budget. Be honest about your financial constraints, including other properties you may own and any tax obligations or liens.

Be available

While you expect your real estate lawyer Boca Raton to be available when needed, you should also extend the same courtesy. Be available for meetings with agents or to answer any important questions.

Factors to Consider When Buying Commercial Property

Commercial properties can involve numerous complications. Properties that help in promoting your organization are a benefit. Real estate attorney Boca Raton can help you sort out this process. However, there are some essential factors to consider when buying property:

Location: When looking for a commercial property, location is a primary factor.  It should be easy for clients or customers to find, be within a desirable distance from shops, stores, and parking, all while staying within your budget.

Condition of the property:

Inspection of any property that is under consideration is recommended to evaluate any modifications that are required. There are various considerations that need to be taken into account such as the condition of the facility, access for people with disabilities or parking for disabled vehicles, and if modifications are required and how this affects cost further expenses.

Zoning and other legal matters: It is essential to assure whether the property is zoned for commercial activity. Your real estate attorney Boca Raton will also check whether property taxes are paid and ensure that no outstanding liens are levied against the property.