Commerical | Real Estate Blog of Schecter Law, PA

Archive for the ‘Commerical’ Category

Lease Commercial Real Estate in South Florida

August 18th, 2010

By Mark Schecter | No Comments »

officebuilding Are you thinking about leasing office space, a storefront or warehouse? You are in good company.

Many businesses are foregoing large purchases and deciding to lease instead.

The good news is there is a lot of prime real estate for you to choose from.

Finding the “Right” Property to Lease

The real estate market in Florida is over-saturated with all types of commercial properties.

You can find great bargains but there are 3 things you need to consider before you kick off your search.

1. Budget

What you can afford will determine the location and type of property you can lease. If you set your budget before you start searching, you will know (and can focus on) what is available to you.

2. Location

Consider your customer base when considering locations that may be a good fit for your business.

Ask yourself:

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

Consider the needs of your customers and employees, then decide what type of property you want to lease. A warehouse, storefront or office space?

Finding the “right” property takes time. Knowing what you want and how much you can afford will speed up the process.

Need help finding (and securing) a property for your business? Give us a call today – (954) 779-7009.

Tags: Commercial, lease agreement, leasing, Real Estate, South Florida
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: Commercial, Florida, Real Estate, Residential, title examination, Title Insurance
Posted in Commerical, Real Estate Law, Residential, Title Insurance | 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: Broward County, Commercial, investment, property, Real Estate, South Florida
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-tenant In 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: commercial tenants, constructive eviction, Florida, property, Real Estate
Posted in Broward Real Estate, Commerical, Fort Lauderdale Real Estate, Real Estate Law | No Comments »

How to Find Commercial Property to Buy

April 10th, 2010

By Mark Schecter | 1 Comment »

We know finding a commercial property to buy is a complex process.

There are many factors to consider: how much you can spend, the type of property you need, and the best location for your customers and staff.

Here are tips to help you find a property that meets your business needs:

1. Set a budget

The first step of the buying process is to set a budget. This will determine the location and type of property you can afford to buy.

You will also avoid wasting time on real estate that is not a good fit for your business.

2. Property type

There are various types of commercial properties, and you will find many in Florida’s market.

Consider the type of property you need to run your business – a retail storefront, office space or warehouse?

3. Location

The location of your business can contribute to its success or failure. You should look at different locations before you make a final decision.

Choose a location that is not only suitable for your business, but convenient for your customers and employees as well.

If you need help finding the right property for your business, contact our Fort Lauderdale real estate lawyers to start your search.

Tags: buy real estate, commercial property, find property
Posted in Commerical, Fort Lauderdale Real Estate, Property Investment, South Florida | 1 Comment »

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: Commercial, lease agreement, office space, Real Estate
Posted in Commerical, Fort Lauderdale Real Estate, South Florida | 1 Comment »

South Florida Real Estate News: Week Ending March 6

March 6th, 2010

By Mark Schecter | No Comments »

Pending Homes Sales Up in South Florida

Pending home sales in Miami-Dade and Broward counties were up in February, as low prices and a tax credit for first-time home buyers appeared to drive sales.

In Miami-Dade, the number of people who agreed to purchase a home in February was up 9 percent versus January at 9,164 homes and condos. Compared to year-ago levels, the number of pending home sales was up 61 percent, the Realtor Association of Greater Miami and the Beaches reported Thursday.

In Broward County, pending home sales increased 4.7 percent versus January to 7,791 homes. Compared to last year, pending sales in Broward were up 62 percent.

Foreclosure Statistics in South Florida Dropped

The number of foreclosures in South Florida this week dropped to 1,871 from 2,320 in the same week last year, according to data from Condo Vultures Realty. Year-to-date, the number of foreclosures dropped to 14,314 from 16,686 at the same point last year. The graph below shows foreclosure activity in South Florida’s three counties.

foreclosurerates

Commercial Upgrades in South Florida’s Office Sector

The bottoming out of the commercial market in South Florida has some businesses taking advantage and upgrading office space.

That’s especially true in downtown Miami and the office market near Miami International Airport that combined have around 2 million square feet of Class A office space coming on the market in 2010.

“You have new supply added and you have new opportunity,” said Bob Orban, senior vice president and branch manager at tenant representative advisory firm Studley.

In some cases, Orban said, tenants are moving up to Class A office space from Class B or Class C. In other instances, tenants are moving within the same class but to a newer building or renovated space. And they’re finding landlords willing to give them free months of rent or paying moving costs.

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.

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.

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.

Value of Distressed Commercial Real Estate in South Florida?

January 9th, 2010

By Mark Schecter | 1 Comment »

Earlier this week, we discussed a report by Grubbs & Ellis that provided a “forecast” of South Florida’s commercial real estate market. According to the report, in 2010 landlords can expect to see an increase in the number of vacancies in Broward County’s office sector as more companies downsize, end their leases and/or relocate to other locations.

You can read the post here.

Today, I want to share an article I found that reports on a study released by Real Capital Analytics earlier this week, which assesses the value of the troubled commercial real estate throughout South Florida.

According to the study, South Florida has approximately $12B in troubled commercial properties, and more than $1.5B of those are in Broward County alone (when you consider apartments, retail stores, hotels and other developments).

In Broward, Real Capital Analytics found $650 million in apartments, $409 million in development projects, $377 million in retail and $165 million in hotels.

Read the entire article here…

Posted in Commercial Foreclosures, Commerical, South Florida | 1 Comment »

Archive for the ‘Commerical’ Category

Finding the “Right” Property to Lease

1. Budget

2. Location

3. Type of Commercial Real Estate

What is a title?

What is a title examination?

Can a title be transferred from one person to another?

What is title insurance?

Who needs title insurance?

Finding a commercial office space

What is a commercial lease agreement?

Terms of a commercial lease

Pending Homes Sales Up in South Florida

Foreclosure Statistics in South Florida Dropped

Commercial Upgrades in South Florida’s Office Sector

Mortgage Fraud Summit in South Florida

Hundreds Turn Out for Mortgage Modification Seminar

Florida Cracks Down on Home Loan Rescue Companies

Are you leaving your Florida business vulnerable? Find out!