Purchasing A Luxury Home In South Florida
Florida is known for having sun all year round, so you may think any time is a good time to purchase a luxury home here. However, there are highs and lows in the market, and knowing how the real estate sphere behaves in Florida can truly benefit your home buying experience.
A luxury real estate lawyer in Florida can be your best asset to navigate the local market and find the neighborhoods that offer a balance of prestige, square footage and amenities.
Read on to discover the best time to buy a luxury home in South Florida.
How Much Does Timing Matter?
When it comes to purchasing luxury real estate, timing matters. Markets differ by state, county, and even city, but in South Florida, median sales prices can differ by tens of thousands of dollars depending on the season. This is a huge chunk of money, so it’s vital that you have a reliable law firm on your side and real estate experts that know the local market inside and out.
When Should I Buy a Luxury Home in Florida?
Two main factors to consider when purchasing your home are price and inventory. Pricing will often likely be lower in the winter, and those selling in this time are likely to want to get rid of their home quickly.
On the other hand, inventory is often lowest in the summer. Not many people are looking to sell their homes, so the homes that are available tend to go for higher prices.
In recent years both seasons have been competitive in the luxury market, so if you find an amazing location or something special, be prepared to negotiate and shell out some extra money.
It’s helpful to have a luxury real estate lawyer in Florida to help you find excellent buying opportunities regardless of the season.
Tips for Buying a Luxury Home in Florida
No matter when you buy, it is crucial to have an expert team on your side as you’re navigating the world of real estate. Be sure to get a good real estate agent that knows the local market, set a budget, and secure financing.
It’s also helpful to secure a real estate lawyer in Florida to help you negotiate your contract once you find your dream luxury home. This is where we come in. Mark Schecter has been helping families find their dream Florida homes for years, and we will help you understand your contract from start to finish. We can also assist with your closing. To learn more, contact us today at (954)-779-7009.
Homebuying In Florida?
With a strong economy and several highly desirable residential neighborhoods of South Florida, with relocators from just about everywhere, the housing market has been quite competitive over the past year for buyers.
What can you do as a buyer to ensure that you find the right home at the best price possible? The tips below can help, and once you decide on a home, working with a residential real estate attorney in South Florida can be beneficial when it comes to reviewing your purchase agreement, assisting with title inspections and your closing, and more.
#1 – Get pre-approved
Get pre-approved prior to searching for your home in South Florida. Buyers who aren’t pre-approved will not be taken as seriously by sellers. By working with your bank or a mortgage company ahead of time, and getting a pre-approval letter at the very least, you’ll be able to narrow down a specific price range and get the interest of sellers.
#2 – Be the first to make an offer
When it’s a seller’s market, home sellers will often avoid or ignore buyers who are dragging their feet. If you like any particular home, it’s always helpful to be proactive and be the first to make an offer as soon as you decide it’s right for you.
Of course, the closer that offer is to the seller’s asking price, the more likely you’re going to get serious interest, but there’s nothing wrong with negotiating a bit if you feel confident that the seller is okay with it and if you are proactive with your communication.
#3 – Offer a higher down payment
Statistics show that sellers are more likely to accept an offer from a buyer with a larger down payment, for a variety of reasons including perceived financial security, and the belief that the process will go more smoothly with the mortgage company.
So, when possible, offer the highest down payment that you can, and time your purchase right so that you can save enough to present a substantial down payment to secure the home you want.
#4 – Avoid buyer contingencies
Don’t make the process unnecessarily complicated on your end, such as asking the seller to wait until you sell your current home or asking them to cover some of your costs. There is less room for negotiation for favorable buyer terms when the market is hot for sellers, especially for a desirable property.
Be more willing to work with the seller’s preferred terms, and consider hiring a South Florida residential real estate attorney to assist with the process, title search, and closing to streamline things and finalize the deal.
As a potential tenant, negotiating most commercial real estate leases is always worthwhile rather than accepting the initial terms that are given.
Considering the fact that the lease is one of the top expenses for any business, the effort spent on negotiating more favorable terms or lower costs will go a long way.
Below are some tips for negotiating your next lease, which is often easier with the assistance of a Florida commercial real estate lawyer:
Tip #1 – Look at comparable rents
It may seem obvious, but it’s essential to look at rents for comparable spaces in whichever city you are considering. This will help you find the best deal possible.
You will also want to consider your other costs, such as your share of insurance, maintenance and property taxes if it is a single, double or triple net lease.
Your attorney can help you identify exactly what costs you will be liable for and help you determine whether it is a favorable deal or not.
Tip #2 – Consider the length of the lease
Every business will have very different goals when it comes to their preferred lease term and the potential changes to their space that may occur in the next 1-3 years.
It’s essential to have a long-term plan in place prior to lease negotiations so that the most ideal term and flexibility options can be decided.
Established businesses may prefer a longer lease term which can typically result in lower negotiated costs, while startups or high growth companies may desire more flexibility and thus a shorter term.
Tip #3 – Determine the ideal lease structure
Lease structures can vary widely in commercial real estate due to the vast variety of different business circumstances that are encountered. Deciding between a single, double, triple, gross or percentage lease can be tricky, with many potential benefits and disadvantages to each option.
With triple net leases, the costs for maintenance, taxes and insurance are passed through to the tenant. Although this type of lease can be common in certain industries, tenant negotiations are still advisable. Potential monthly costs can be capped for tenant among other cost protections.
A double or single net lease passes on fewer of these costs but may have a higher monthly rent, while a gross lease passes none of these costs onto the tenant but rather includes them in the rent.
The wide range of scenarios that can be encountered during lease negotiations often necessitates a meeting with a commercial real estate lawyer in Florida. If you are currently negotiating a lease, contact Schecter Law today at (954) 779-7009.
Hiring the right Fort Lauderdale business formation attorney is an important decision for any business owner. It’s always a good idea to spend some time on a consultation to get to know your potential attorney and find out exactly how they can help you with planning your business. They must be a good fit in terms of their legal knowledge and should be able to give you specific guidance on every aspect of business formation that you need help with.
Your business formation attorney should understand your short term and long term needs
A business formation lawyer in Ft. Lauderdale should be experienced in the immediate needs surrounding your business’s formation such as choosing the appropriate business structure, drafting contracts and operation agreements, setting internal business policies, obtaining licensing, working with intellectual property (trademarks, patents, and copyrights) and more. Beyond these immediate needs, your attorney should also understand the Florida state laws and regulations that cover the day-to-day operations of your business so that you can operate it with minimal risk once it’s launched.
Your attorney can help with drafting agreements
New businesses often require a legal expert to draft franchise agreements, service contracts, employment contracts, operating agreements and more. Relying on premade agreements that can be purchased online for a low fee is almost always a bad idea, because these agreements often neglect important specific Florida state and local laws. The language of the premade contract may also be ambiguous and it may leave out important clauses. It’s well worth the cost to hire an attorney for business formation in Broward County to draft any important agreements that you will be using in your business or to review any agreements that you currently have to ensure that nothing is left out.
Be sure to choose a competent and experienced business formation attorney
It is important that the business formation attorney you select can handle these diverse business formation issues with competency. A skilled Ft. Lauderdale business formation lawyer like Mark Schecter can assist you with any aspect of your company’s formation. Mark Schecter has extensive experience assisting businesses of all types with their formation in the state of Florida. He can save you a significant amount of money because you will avoid the need to hire multiple attorneys for your legal needs.
For a consultation about your new venture or to ask any pressing questions that you may have at all, call Schecter Law today at (954)-779-7009.
When you are new to commercial real estate investments, you will want to be extremely careful with your first purchases. Picking the right commercial property requires careful planning, the advice of experienced investors, several due diligence steps, and plenty of research.
Hiring an experienced South Florida commercial real estate attorney during your property search is beneficial for investors of all experience levels. A commercial real estate attorney can help you catch bad deals long before you finalize any contracts. Your attorney will also help you save time by narrowing down the available options to the ones that match your needs the best.
Commercial real estate is valued differently from residential real estate
Commercial real estate is valued mainly by cash flow while residential real estate is heavily influenced by the prices of other residential properties in the area. Two commercial real estate buildings in the same area can have very different potential cash flows and asking prices.
Although location certainly matters in commercial real estate, there are several other factors to consider such as the number of potential tenants, the market, and more. When trying to determine the value of a commercial property, ask an experienced investor or attorney for their opinion.
Stick to what you know
If you have experience with a particular sector in commercial real estate, you shouldn’t try to venture too far from it. Sticking with what you know will help to ensure that your investment is successful because you will have a better idea about the qualities of a property that will work the best for your sector.
For example, if you are highly experienced with the hospitality sector, you will be able to quickly narrow down the available properties to the ones that are most suitable for the hospitality business. By utilizing your experience, you are maximizing your strengths, and you’ll have a much better chance of picking a successful property.
Be patient with your investment
Patience is essential when investing in commercial real estate, especially when you are new to it. You should wait for the right property once you have identified the sector that you want to work in rather than rushing into a deal.
Assemble a team of professionals including advisors, an accountant, a south Florida commercial real estate attorney, and others who can help you filter through the available options, and pick the best property that offers the highest potential return and matches your requirements the closest.
Mark Schecter is a veteran commercial real estate attorney who can help you find the perfect investment property no matter what your experience level is. Contact Schecter Law today at (954) 779-7009 for advice regarding your next commercial real estate investment or for a consultation.
A commercial real estate purchase is very likely one of the most important business deals of your life, and you need to exercise caution to avoid as many mistakes as possible. There are several exciting markets in South Florida to invest in, but you should always consult with an experienced South Florida commercial real estate attorney as early in your search as possible. Your attorney can help you avoid the following and other critical mistakes that can end up hurting the potential return on your investment.
Mistake #1 – Waiting until it’s too late to buy
Timing matters a lot with commercial real estate purchases, and a properly timed purchase can prove to be very profitable if you sell at the right time in the future. The best commercial real estate investments in Florida are always snatched up quickly by savvy investors. If you try to hold out too long on a great deal the chances are that it will be lost to someone else. You should consult with experienced investors and your attorney and try to find out if it’s a good deal as soon as you can. This way you can finalize the deal before others enter into the picture.
Mistake #2 – Overlooking the tax implications
Inexperienced investors often overlook tax implications of their commercial property investments. You need to have an accountant as well as an attorney advising you on tax implications during your property search. This way you will know exactly what to expect in terms of tax obligations. Successful investors know how much they are going to pay on taxes ahead of time and look for strategies that can minimize their taxes. Tax liabilities can make the difference between a successful investment and a loss, and both your attorney and your accountant can advise you on how to reduce them with your next purchase.
Mistake #3 – Not seeking advice
Even the most experienced commercial real estate investors who are capable of finding a great deal on their own will look to the advice of their attorneys, accountants and other investors. There’s always a potential legal area, negotiation point, or contractual detail that you might overlook simply due to human error. A wise investor will always hire an attorney at some point, but the most benefit can be seen toward the start of the search or during negotiations.
Mark Schecter is an experienced South Florida commercial real estate attorney who can give you experienced and professional advice on your next deal. Contact our office today for a consultation if you are planning on investing in a commercial property or if you have any questions at all about the local market.
If you are in the process of buying a multi-family commercial property in the state of Florida there are several due diligence steps that you need to perform prior to finalizing your deal.
A Fort Lauderdale commercial real estate attorney can advise you on these particular due diligence areas and ensure that you enter into your deal with full awareness. Your attorney will catch major pitfalls that can affect your future profits, and some of the steps you need to take when considering a multi-family commercial property purchase are described below.
Be sure to catch any units that are in need of repair
You should be aware of any units that cannot be rented right away because of a need for repair. The price for your property should be discounted accordingly. Your attorney can adjust the contract to reduce the price based on “non-rentable units,” and this can be a significant difference in price. Considering the fact that you’ll have to spend money on repairs once you buy the property, this is not a step that you will want to overlook.
Review police reports for the property
You need to check police reports for the property over the last few years to try to determine if it has been a spot for crime or drug activity. Properties that have had even a small amount of crime can be difficult to rent or may not be in line with your requirements. Your attorney can help you obtain police records of the property and help you research the area to determine if it will meet your investment goals.
Check the market for potential growth
You’ll want to talk to other investors and your attorney about the local market that you are investing in. Is demand for rentals expected to grow over the next few years, and will you be able to raise rents?
Look at how rent prices have changed for other multi-family commercial properties in the area along with your property of interest. If your goal is to increase your rent after a period of time make sure that you are investing in a high growth area. Don’t neglect to get a current rent roll before you close the deal so that you know the expected income for your investment in the short term.
Mark Schecter is an experienced Fort Lauderdale commercial real estate attorney who can catch any last minute issues or pitfalls with your next commercial real estate investment. Contact Mark Schecter today for advice if you are considering purchasing a multi-family property in Florida.
There is always a conflict between buying and leasing commercial real estate, and there are benefits and disadvantages to each option. If you have decided to purchase commercial real estate, you will want an experienced South Florida commercial real estate attorney to advise you on the deal, as well as several other experts. Buying commercial real estate is certainly a complex issue, and you need to be certain that it is right for your business. However, a wise commercial real estate investment offers great potential rewards.
Assemble the right team
You need to have an experienced broker, a knowledgeable attorney, and most likely a mortgage broker and accountant at minimum as you conduct your search for a property. Your accountant will help you figure out what you can afford as well as the tax implications of your purchase. Your mortgage broker will help you manage the financing side and look for the options with the lowest interest rate and long term cost to you. Your real estate attorney will negotiate the terms of the deal, catch any potential issues with the contract, and ensure that your interests are protected throughout the deal and at the closing.
Think about location
There are several thing to think about when deciding on a commercial property, but zoning and location are two of the most important. The location of your business is really the most important deciding factor because you want to be close to your customers while also being near to your suppliers. Each business has a different location requirement; some businesses want to be closer to residential areas while others benefit from being closer to industrial areas. Your team can help you decide on the best location based on your specific business.
Zoning needs to be considered
Florida’s zoning laws can be complicated, and that is an area where a South Florida commercial real estate attorney can help out. You never want to pick a location that has potential zoning problems, as these issues can affect your operation and lead to downtime or legal battles. Many businesses are required to have parking, so you may need to find a location with adequate parking spots. There may be requirements for handicapped access to your building, and you need to choose the appropriate area of the city that is zoned for your business. There are many other requirements to think about such as the condition of the property, leasing extra space and expanding and more.
If you are thinking about buying a commercial property, talk to Mark Schecter at Schecter Law today to get your questions answered or for a consultation.
Sinatra v. Bussel, 2D12-1031 (Fla. 2d DCA 2013):
The Sinatras and Mr. Balog purchased separate condominium units from the Bussels. Both believed that they had purchased a dock and boat slip as part of their individual transactions. The Second District affirmed the trial court’s determination that as a matter of law the Bussels did not have authority to convey their interest in the dock and boat slip to the Sinatras and that title vested in Mr. Balog.
When a “time is of the essence” clause is contained in a real estate contract, the parties are required to perform certain obligations within a specified time. If a party’s obligation is not performed within the essential time, the non-performing party has defaulted. By defaulting, the other party is provided the opportunity to cancel the agreement. “Time is of the essence” is not a standard provision.