Florida Real Estate Law Attorneys are the Key to Successful Real Estate Ventures
When you’re searching for that perfect home or business investment, you shouldn’t be hassled by the small things. But what happens when the small things become big? When you choose to ignore the inevitable, avoid the necessities, or sideline the details that end up mattering the most; the small things can become big. Small or large-scale real estate investments should not be daunting. Having an experienced Florida Real Estate Law Attorney at your side is the best way to see that you don’t miss the fine print. Hire an attorney to assist you in the details. Although they may seem small and tedious to you, they can mean the world of a difference. At Bret Jones, P.A., our experienced Florida Real Estate Law Firm is equipped to assist you succeed in all your real estate ventures.
The Reality of Real Estate
There are many reality TV shows on television these days, and a large number of these TV shows deal with the real estate market. Shows such as these inspire many individuals to try their hand at the world of real estate. However, the reality of the real estate world is much different than what TV shows project. For instance, television shows of today show couples finding that “fixer-upper” or house that they plan to “flip.” The show usually details what must be done to the house in order to get it in “tip-top” shape. Often times, the TV show host will show the couple or family a few options, and the biggest hurdles appear as purely structural in nature.
These TV shows of today present house renovations and people buying and selling houses as an easy task that can be handled with a quality real estate agent, interior designer, and a handy construction team. What these TV programs fail to show are the lawyers behind the scenes. Whether you are making an investment for yourself, your family, or as a business, acquiring a skilled Florida Real Estate Law Attorney is the initial investment you should be thinking about when dealing with real estate.
How a Florida Real Estate Law Attorney Can Help You
Perhaps you are considering a real estate investment in Florida. Many individuals, both local and international, consider real estate investments in Florida for countless reasons. Some individuals choose to invest in commercial or residential property. Commercial property pertains to retail spaces, warehouses, and more. Residential property can be houses, or other dwellings that are used for non-business purposes. As stated earlier, many reality TV shows, display couple or families purchasing second homes as a “fixer-upper”, and they make the steps appear easy. The “hiccups” experienced in these shows are typically fixed with just a little more work on the construction end, however there are often legal incidents that can. Take for instance, liens on property.
A judgment lien on property can last for many years on a property even if the property has changed ownership. When an individual in a court proceeding owes money to another, sometimes a judgment lien is placed on the property of the debtor (the person who owes the creditor money). A judgment lien on the property will enable the creditor to receive payment from the debtor’s sale of such property. Thus, payment that is owed to the creditor from the debtor will be satisfied from the sale of the debtor’s property. Judgment liens are known to be placed on many types of property, both real and personal. Real property that can be subject to judgment liens include: land, houses, condominiums, among others. If a judgment is entered, sometimes it can last for twenty years. A Florida Real Estate Law Attorney can further explain the intricacies of real estate transactions.
There are other issues that may arise when dealing in real estate, and these issues highlight the importance of hiring a skilled Florida Real Estate Law Attorney, when purchasing or selling real estate. Encumbrances are a great example of potential issues that may arise in real estate transactions. Encumbrances are defined as a claim against real estate. Encumbrances can include easements, judgment liens, deed restrictions, and more. Encumbrances can case issues because they limit the ability of an owner to sell the property because of the title issues they present. Encumbrances can cause title issues because when a third party has a right to use or has a claim on a portion of property, (or the entire property), the seller of the property may have difficult transferring title, which is necessary when selling the real estate. That being said, sometimes certain encumbrances do not hamper the sale of property.
For instance, one common example of an encumbrance is an easement on land by a utility company. Often times, utility companies possess easements around homes or land so that they may properly maintain water lines, electric lines or sewer uses. Such easements usually do not stifle the sale of real estate, however there are some easements which may cause issues. For example, some easements allow a neighbor to use the property of another to grant ingress and egress to their home. This means that the neighbor may have to drive or walk on the property of another, in order to get access to their home. This mainly occurs when there is a road that is only accessible by driving through a neighbor’s property.
Another example of an encumbrance that can cause issues deals with deed restrictions. Deed restrictions are restrictions that are written into the deed and “runs with the land”. They are also referred to as covenants or conditions. Sometimes a deed restriction may specifically state what the land can and cannot be used for. For example, a common deed restriction can be seen in newly-built subdivisions. Developers may place certain restrictions on the land so that the lots are used for single-family homes, rather than businesses.
Deed restrictions such as these are used by developers, to ensure conformity in a certain area. Such deed restrictions may be preferential for buyers who want to ensure that an area stays a certain way; however, it can also cause issues for buyers who wish to embark on other ideas with the land. Qualified Florida Real Estate Law Attorneys can assist you in dealing with potential issues that may arise with encumbrances on real estate that you have purchased or wish to purchase.
Other Real Estate Considerations: Making Florida Your Domicile and The Florida Homestead Exemption
What is domicile? Domicile is the legal term used to describe where your place of residence is, or where you currently live with the intention of making that place your permanent home. Many individuals who are purchasing real estate in Florida do so for multiple purposes, and having an experienced Florida Real Estate Law Attorney is the key to success in these real estate transactions. One of the many reasons that individuals choose to buy real estate, and move to Florida is the Florida Homestead Exemption. There are homestead exemptions in different states throughout the U.S., including Florida.
One of the most favorable real estate laws in Florida for homeowners is the Florida Homestead Exemption. The Florida Homestead Exemption means that certain property, such as a home and certain other personal effects, may be protected against creditors in case of bankruptcy. The purpose of the Homestead Exemption is to protect family homes in times of economic turmoil. Although the Florida Homestead Exemption can protect property from creditors in case of Bankruptcy, there are still exceptions to this rule. For instance, if the home was used as credit to get the mortgage, or if the property has a pre-existing lien, prior to the creation of the property as the homestead, then the Florida Homestead Exemption has no standing.
Besides protecting your home from creditors, the Florida Homestead Exemption may also refer to the Homestead Property Tax Exemption. This Property Tax Exemption allows an individual who owns property that is also their permanent residence, to file to receive an exemption on their property taxes. Currently, this property tax exemption, for homestead property, may be up to $50,000. Some of the requirements needed in order to make your residence a part of the Florida Homestead Property Tax Exemption include: 1) owning real property in Florida, 2) making that property a permanent residence for yourself or a legal dependent, and 3) filing for the tax exemption. Furthermore, there are also additional exemptions that are available for veterans, first responders, and disabled individuals. There are more specific requirements that need to be satisfied in order to receive such a property tax exemption.
Experienced Florida Real Estate Lawyers can assist in determining whether you are eligible for such an exemption, and provide Florida Real Estate Legal Advice on whether you should make Florida your domicile. Choose Bret Jones, P.A. as your source for legal guidance in the real estate world. Our Florida Real Estate Law Attorneys at Bret Jones, P.A. are experienced and skilled in Real Estate Law, and can help you with all your real estate needs. Contact our offices today.