Real Estate law is usually state-specific. A standard form will not provide the type of Florida-specific language you need to make sure your rental agreement is legal and in your favor. At a minimum, if you must use an online template, take it to an experienced attorney to review and finalize it with you.
If you need a rental agreement for your properties or have any questions about how to make a legal rental agreement contact, contact Attorney Francis Boyer today.
The closing is the end of the long and arduous process of buying a house. It refers to the day you close the deal on a piece of real estate and on the mortgage to buy that real estate. Essentially, it’s the final transfer of money and keys.
Additionally, timing is critical when scheduling the transaction. make sure you take into consideration your current living situations, mortgage considerations, work schedules, and moving.
The Real Estate Documents
• HUD Form 1 or Disclosure/Settlement Statement. This is one to read carefully (though, of course, all these papers are important and need to be read). The form will contain all the actual settlement costs and amounts.The closing agent will go over this document with the buyer and seller.
• Warranty deed. This document should include the names of the buyer, the seller and a description of the property. Often this deed also guarantees that the seller has the right to sell the property. With the signatures of the seller and buyer, this piece of paper transfers the title of property.
• Proration agreements. These describe how you and the seller are divvying up the costs of the house for the month in which it is being bought.
• Tax and utility receipts. You’ll probably also be signing various city and state receipts acknowledging that this or that has been paid by the seller or will be paid by the buyer.
• Name affidavit – This document is certifying that you are who you say you are.
• Acknowledgment of reports. More legalese assures that the buyer has seen all of the reports regarding the property. These can include surveys and a termite inspection.
• Search or Abstract of Title – gives a listing of every document that has been recorded about this particular piece of property.
Lastly, once all the documents are signed it is time to end the closing. This is the favorite part for most buyers and sellers: handing over the money and receiving the keys. Here are a few things a buyer will be paying for at the closing:
• Closing costs. Expect to pay a portion of the closing costs. These can vary from state to state and even from county to county. Also, most are negotiable (ahead of time), so closing costs can vary greatly.
• Payment for the house. The buyer brings the down payment (if any) at this time, minus any earlier deposit(s).The money is given to the closing agent, along with the lender’s check for the balance.
• Escrows. Often the buyer’s annual taxes, insurance and other items are paid through the lender. An escrow account (or reserve) will be established at this time. To learn more on real estate closings read here.
Some of the main advantage points of hiring a real estate attorney are:
– Ensuring that you receive clear title to your new property;
– Drafting and explaining to you the appropriate documents;
– Finalize closing and register the deed in your name
Not all attorney’s fees are tax-deductible, but many are. The 2016 tax deductible attorney’s fees generally include those that can be written off as a business expense. So, fees for services like business planning sessions, commercial litigation, and trademark research and rights acquisition are likely tax deductible.
You can even pre-pay attorney’s fees for 2017 calendar year and deduct those fees from your 2016 taxable year.
Some of our popular tax-deductible legal services include contract drafting and contract review, real estate closing for a commercial property or for a business that buys and sells residential real estate, business incorporation services, business tax preparation, and business immigration.
Business immigration includes filing and acquiring all necessary documents in order to move an employee or owner to the Unites States from abroad. Our office offers quick and accurate visa services.
Some services that are not tax-deductible include creating contracts or review contracts for an individual (unless that individual is a business owner/ sole proprietor), real estate closing for an individual, estate planning, probate, will drafting, individual tax preparation, and individual or family immigration matters.
Don’t forget: Pay your attorney’s fees before December 31, 2016 to qualify for a tax deduction for the 2016 taxable year.
When a party breaches a contract for the sale of a home or a lot, the non-breaching party is entitled to certain remedies for breach of land sale contract, including damages. In this case, damages would be the difference between the contract price and the market value of the land on the date of the breach, plus any incidental costs.
An example of an incidental cost to the buyer would be rent payments made elsewhere while waiting to move. For the seller, it might be the cost of utilities or any accruing taxes.
To obtain specific performance, a plaintiff must show (1) that a contract exists, (2) that the plaintiff has performed or is ready, willing, and able to perform, (3) that the legal remedy is inadequate, (4) that enforcement is feasible, and (5) that there are no defenses available to the defendant.
The issue with seeking specific performance is usually in proving the third element, that the legal remedy is inadequate. Generally, the legal remedy is inadequate when an item for sale is unique.
Because land is always unique, specific performance is an available remedy. Specific performance here would be the forced sale of a home. So the court would essential force the buyer to transfer funds to the seller or force the seller to transfer possession of the premises to the buyer.
Real estates sales contracts usually require the buyer to deposit “earnest money” into an account with the seller. They also frequently provide that if the buyer defaults in performance and fails to make payments, the seller may retain the earnest money as liquidated damages.
Liquidated damages must be agreed to in a contract and cannot be punitive in nature. Courts generally uphold the seller’s retention of the earnest money if the amount appears to be reasonable in light of the seller’s anticipated and actual damages.
If you have any questions about your contracts or would like to discuss the sale of property, contact one of our experienced Florida business law attorneys today.
Whether you are a tenant or a landlord, drafting a lease agreement is an important part of the renting process. To be successful and to avoid future headaches, you need to understand the Term Provision of a lease agreement and how to draft a lease agreement that is fair to both sides.
First, you need to decide whether the lease will be at will, month-to-month, or for a set period of time, like a year.
An “at will” lease means that either the landlord or the tenant can cancel the lease, at any time, without breaching the contract.
To create an at will tenancy, you should put language in a written lease agreement that explicitly states that the lease is “at will” and that “either party may terminate the tenancy at any time.”
A “term of years” tenancy means that the lease will last for a fixed period of time, like 7 months or a year, and then terminate automatically. Under a term of years lease, neither party has to give the other party notice that they don’t plan to renew the lease.
To create a term of years tenancy in a written lease agreement, you should include a statement in the contract that provides that “the tenancy is for a term ending on [a certain date]” and that parties wishing to renew the lease should give proper notice ahead of time.
A “periodic tenancy” is the most common type of lease. A periodic tenancy lease continues from year to year or for successive fractions of a year (such as weekly or monthly) until it is terminated by proper notice by either party. The key to a periodic tenancy lease, is that the termination date is always uncertain, which means it renews automatically.
To create a periodic tenancy in a written lease agreement, the contract should expressly state the successive periods of the lease. For example, if both parties would like to only commit to one month at a time, then the lease would say something like “Landlord leases to Tenant from month to month.”