Are you seeking to purchase, rent, or sell real estate property in South Florida? Perhaps, you are even just curious to know more about all of the legalities surrounding the management of real estate. If so, you have arrived at the right place, my friends.
Acquiring real estate in the State of Florida has its own requirement and several legal obligations have to be accordingly met. That is why, when you wish to purchase, rent, or even sell some real estate, it is crucial to understand Florida real estate law, the different types of real estate that exist, and in which manner you will be expected to navigate through these legalities.
So, we would like to invite you to join us throughout this article, so that you can gain the necessary knowledge when seeking to venture into the real estate world. Throughout our various topics, you will be more prepared and ready to take on the next chapter in your life.
What Really Is Real Estate Law in South Florida
We believe that is important to provide you with the legal definition of real estate law. Legal scholars believe that real estate is defined to be land and other things permanently attached to it. These objects can be buildings, mobile homes, houses, fences, and even trees. A more colloquial view of it is that anything that is “real property” is seen as real estate property.
Real estate law also pretty much governs the use of what and how specific materials can be utilized in a specific area to construct any building. Within that situation, this law dictates for what reason it will be used and by exactly whom.
Differences Between The Two Most Important Types of Real Estate
One of the two main variables of real estate is commercial real estate. This variation is defined as the law that regulates the transfer and sale of properties that are only intended for business use.
In this spectrum, many legal confrontations arise in disputes when actually trying to complete the transfer of specific properties. Commercial real estate law also covers and regulates commercial leases for liquor licensing and zonings for relocations.
Within commercial real estate, we will find four main classes of properties. They are the following:
- Offices spaces,
- Industrial buildings,
- Multi-family rentals.
This type of real estate also hands people a substantial rental income as well as the potential for some capital appreciation for other investors. The truth is that investing in commercial real estate tends to require a larger amount of sophistication and capital from investors.
Lastly, publicly-traded real estate investment trusts, or commonly known as (REITs) are an attainable manner for individuals to indirectly invest in commercial real estate.
Let’s now delve into the specifics of residential real estate law in Florida. In comparison to commercial real estate law, this variation governs the guidelines in properties that are only meant for living purposes.
Residential real estate covers all single-family homes that always have from one to four units in private residences, while commercial properties deal with anything with five or more units. People who, instead of purchasing properties, have the desire to pay rent, will notice that there will be more laws in place that are meant to protect their rights.
This is because the legalities within residential real estate law can be quite complex and proceed to complicate the lives of the tenants. Also, these laws are present to disallow that the landlord can take advantage of the tenant’s rights and money.
Get Legally Represented Right Away
We would now like to talk about how a Florida real estate attorney can help you attain whichever goal you have when pursuing property. By having a competent lawyer by your side, you will be able to better invest yourself in your dream, and confront all of the legality that arise with real estate legalities. The following advantages are:
- Seeking the services of a real estate lawyer will actually save you time and money. Why? This is because they will analyze your contracts, explain all of the legal terminology and prevent you from signing a contract that can hurt you down the road.
- Your attorney will be even able to design and prepare a contract for homeowners or property owners that can benefit your interests carefully regulated by Florida real estate law.
- If you are buying a home, your attorney will accompany you throughout the whole process, especially during the closing which is the most important part.
- A sense of security: Real estate attorneys know this specific law better than anyone. You will be able to feel safe, knowing that your interests are protected when making a real estate transaction.
- Modifying a loan: Real estate attorneys can assist if you’re seeking to buy a new set of property. However, if you are in need to change the terms and conditions of your loan, your lawyer will do that for you. Even if you are selling property, an attorney can help the seller modify their loan.
- Assuring that the property is correctly insured: Whether it’s homeowners insurance or commercial property insurance, you will want to make sure that all the proper insurance guidelines are in place.
Legal Expertise Is The Answer
We believe that you are now more knowledgeable regarding the complex legalities regarding real estate law and all of its pertinent obligations. The most important takeaway to have in mind moving forward, is that a South Florida real property lawyer will be able to help you reach your property goals. Get in contact with one now!