Real Estate

Purchasing Residential Property

Buying a home can be an exciting but also confusing time. There are many terms and conditions that require careful scrutiny before committing to the purchase of a home. There is a complex legal process that goes into a home purchase, so hiring a real estate attorney can be one of the best ways to preserve rights and understand what is expected of you. Contact the Coye Law Firm when considering buying or selling real estate.

How do I buy a home?

Many people hire a real estate agent to help them find a home that fits their needs. Real estate agents can represent the buyer or seller of a home, or sometimes both at the same time. Agents do charge a commission for their services, but it may be difficult or impossible to find and negotiate the purchase of a house without one.

Is the inspection necessary?

Before committing to anything, it is important to have a home inspected for structural and mechanical defects. The seller is obligated to notify potential buyers of any problems with the home, but a professional inspector can find serious problems that can go overlooked.

It is crucial to have any property inspected before buying it because an inspection can directly affect the health and safety of those living there, but also prevent big legal problems for the buyer. Termites, electrical problems, and rotting structural beams can be dangerous and costly to repair. If the inspector find these problems before the purchase, negotiate with the seller to see if they can repair these issues or perhaps adjust the home price to reflect the cost of potential repairs.

Do I need insurance?

Aside from homeowner's insurance to protect the actual structure of the building, it is wise to purchase title insurance. Title insurance protects the buyer against any disputes with the title. For example, if there is a gap in the ownership history for a property, a person may come forward proving they own the property. Because of the confusion that arises from these situations, buyers can be left paying the price. It is important to protect yourself from these potential issues, and an experienced lawyer at the Coye Law Firm can help explain the process and defend your interests.

Mortgages, Closing, & Legal Issues

When a buyer commits to buying a home, most of them need a way to buy the house without paying at one time. Banks, credit unions, and mortgage companies provide home loans for buyers to pay back over a long period of time. Once financing is secured and the conditions of the sale have been met, all parties involved in the transaction meet at what is called a closing. Here, paperwork is signed and money changes hands. More information on mortgage loan modification and foreclosure options is available here.

There are a lot of processes and filings that occur in the purchase of a home. Titles and deeds need to be filed with appropriate offices, terms of the sale may need to be negotiated, and other requirements may need to be explained. Because of a buyer's new responsibilities, a real estate attorney can be their best protection in this process. Calling the Coye Law Firm today can help make the process less stressful and less complicated.

Discrimination

The Florida Fair Housing Act protects individuals who feel they have been discriminated against in their attempt to acquire housing. It is illegal to prevent the sale, rental, financing, or advertisement of a home or dwelling to a person based on their race, color, gender, religion, handicap, national origin, or family status. If you feel that you have been denied housing in any of these ways, pursuing legal action is your best defense against this discrimination. 

Selling Residential Property

Who can sell the property?

Who can sell a property depends on who legally owns the property. If one person owns a piece of real estate, the type of ownership may be "fee simple absolute." This means they are allowed to sell and improve the property, or leave it for beneficiaries as part of their estate. If the property is jointly owned with distinct interest in the property, it is a "tenancy in common." This type of ownership may entitle the other owners to a person's piece of the property if they die and there is no will describing what to do with the property.

Married couples who own a home have a situation similar to joint tenancy. In this situation, when one of the owners dies, the property is transfered to the remaining tenant, not the beneficiary. If the couple divorces, they revert to tenants in common and each have a legal right to a piece of the property.

Encumbrances: Easements & Liens

Quite simply, an encumbrance is anything that affects or limits a title. There may be conditions on the property that transfer with the sale of your home. If your neighbor, for example, wants access to the lake next to your property and you've legally sold them a path through your property, it transfers with the property. In this example, the encumbrance is more specifically called an "easement" because it grants someone access to your property without them owning it. Government agencies may also have easements on properties for the purpose of running gas, electrical, or water lines.

Liens are put on properties when a debt or some other obligation must be fulfilled. However, the lien holder doesn't own the property. Mortgages are a type of lien because they give the bank or financial institution a legal right to the property if the homeowner doesn't pay. 

What are the Real Estate agent's obligations and duties?

Real estate agents in Florida have a "fiduciary duty" to the seller, which means they must deal with a seller honestly, fairly, and loyally. They are also required to practice confidentiality, obedience, and disclosure. The real estate agent is hired to protect your interests during the sale of your home. If they do not fulfill these duties, it may be a violation of their contract and/or state laws. Contacting a real estate attorney can help resolve an issue if you feel your agent is not completing their end of the agreement. 

Seller obligations

If you are selling your home in Florida, you must disclose any defects your home may have. This includes the apparent ones (i.e. ones the buyer can see) and material defects. Material defects include property damage and malfunctioning or environmentally hazardous systems. This is especially important for homes built before 1978, which may have lead-based paints. It is a federal law to notify potential buyers of this issue.

Why do I need a lawyer?

Much like the purchase of a home, there are legal issues involved in the sale of a home. Real estate lawyers investigate the legal backgrounds of titles and notify you of potential problems. The paperwork and documents filed with a city, county, or state can be complicated and overwhelming for a seller to investigate, so hiring a lawyer helps. If there are liens against your property, the sale can be slowed or stopped. Before spending the money to market and sell your home, it is a good idea to speak with an attorney so your time and money aren't wasted. 

Contact the Coye Law Firm today at any of our four offices in the central Florida area.   

Buying Commercial Property in Florida

The complexities of buying real estate are not restricted to homes. Businesses and other commercial ventures need a place to conduct their day-to-day operations. Buying a piece of commercial real estate can be just as complex as buying a home.

Types of commercial property

The term "commercial property" often brings to mind businesses. However, any building or land that is developed or used to make a profit can be considered commercial. Rental properties, such as apartment buildings and homes, can be considered commercial. Malls, restaurants, and shopping centers all fall under this category as well. The amount of people and money that these sites deal with on a daily basis makes them subject to strict laws.

Zoning Laws

Zoning is a way for the local government to dictate how pieces of land are used. Governments often set up zones to control the growth and expansion of a community in an orderly way that is best for the people living and working there. A community's zones are strictly enforced and can only be changed through amendments after proving that the change is best for the community. It is important for any business or person interested in buying or building commercial property to understand how the land must be used and if the zones are in the process of being changed. 

Environmental issues

Many resources go into commercial property operations and need to be regulated. The building's impacts on water quality, solid and hazardous waste management, and air quality are enforced by the Department of Environmental Protection in Florida. If the standards outlined by the state are not met, permits are required to emit certain levels of environmental hazards. A real estate attorney can help to gather and explain the environmental requirements for commercial buildings.

Proper use and maintenance

Zoning laws reflect where buildings are, while land use laws dictate how they are used. Local governments maintain building codes, through which they can mandate where buildings are put on a piece of property and other measures to protect members of the community. Land use can be regulated on local, state, or federal levels depending on where the land is located, so it is imperative to familiarize yourself with the laws if you are pursuing commercial property.

Maintenance of a commercial property is crucial. If the structure is not adequately maintained, anyone who is injured on the property because of that negligence can take legal action against the owner. Before buying a piece of commercial real estate, have the building and land thoroughly examined to prevent future problems. These hazards and their legal consequences can be explained to potential buyers by hiring an attorney to discuss the purchase.

Leasing

Larger commercial properties, such as malls and shopping centers, lease sections of the property to separate businesses. Leases are contracts that describe who is involved, how much rent is to be paid and when, and how long the lease will be. Businesses often operate on strict budgets and need to negotiate lease terms to keep spending under control. Negotiations can include items such as which party pays for utilities and cancellation terms of the lease. These contracts are complex and can require an experienced legal team to ensure that the person or business leasing a building is getting what they want and need. 

Selling Commercial Property in Florida

Subleasing

If the original lease allows, tenants renting property may transfer it to another through a process called subleasing. In this case, the original tenant serves as only an intermediary (or a means to pay rent) for the landlord and the new tenant. However, they are still legally responsible for the unit they rented. For example, if the new tenant damages the structure or abandons the property, the original tenants is liable for these issues. In this situation, it is possible for the original tenant to sue the new one for the damage they caused. If you have experienced a dispute over damage liability and subleases, contact the Coye Law Firm to discuss your case and pursue collecting the money you are owed. 

Other Legal Issues

Much like the sale of a personal home, it can be a confusing and stressful process to sell commercial property. Sometimes millions of dollars can be at stake, so it is absolutely necessary to understand obligations and provisions in contracts. Professional legal advice can help with this process and potentially save you a lot of time and money. Contact the Coye Law Firm to discuss your real estate transaction with an experienced real estate attorney.

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