Florida Real Estate Lawyers
Whether you are looking to buy or rent real estate, have a contract dispute or a Landlord/tenant dispute, our team of attorneys are proficient in real estate matters and can help with even the most complex real estate disputes. Rak Law Firm has years of experience in Landlord/Tenant disputes and contract lease negotiations, do not hesitate to call to schedule a consultation.
General Real Estate Law
Real estate law involves personal property, which includes objects, real property, and land. There are several components to real estate law such as title, purchase agreements, financing, taxes and zoning.
Real estate law is governed by both federal and state laws. It can be complex as there are various regulations for zoning, taxation, leases, tenancy, rentals and the law may differ in every state. What a person can do with their property also may be limited and restricted by the law.
Real estate refers to land and improvements, whereas Real Property includes all real estate plus the bundle of rights. The legal bundle of rights include right of disposition, right of enjoyment, right of exclusion, right of possession, and the right of control.
Property is divided up into zoning types based on whether it is residential, commercial, industrial property which then are divided up into subdivisions which may have further restrictions and formalities with it.
In addition to buying and selling property involving deeds and mortgages, leasing, tenancy and rentals are also included in real estate law. Getting an attorney to review deeds, mortgages or Rental Agreements (leases) can help save you trouble in the long term. Real estate and contracts attorneys are useful in reading, understanding and drafting agreements before a client signs it and it becomes legally enforceable.
Real estate law can be state specific and it is recommended you seek out legal counsel to help you accomplish your goal of buying, selling, or leasing real estate in a legal manner.
Deeds
There are many different types of deeds and they depend on the state. In Florida, there are four different types of statutory deeds (a statutory deed transfers ownership of land; 1. Quitclaim, 2. Bargain and sale, 3. Special warranty, and 4. General warranty. A general warranty deed provides the most comprehensive guarantee and contains three unique covenants: 1. Quiet enjoyment, 2. Further assurance, and 3. Warranty forever. A quitclaim deed contains no covenants or warranties.
There are restrictions on ownership, including police power, eminent domain, and taxation. Private restrictions include deed restrictions, easements, leases and liens.
Rental Agreements (Leases)
The five types of leases are: 1. Gross lease, 2. Net lease, 3. Percentage lease, 4. Variable lease, and 5. Ground lease. Assignment of the lease occurs when a tenant assigns to another all leased property for the remainder of the lease. A sublease occurs when a tenant assigns only a portion of the leased property or the tenant assigns all the property for a portion of the remaining term of the lease.
It is advisable to hire an attorney who is familiar with landlord/tenant law draft your lease. The lease can be tailored to you needs and the lease will comply with Florida law.
Mortgages
There are two legal theories of mortgages; 1. Title theory (title conveys to lender/mortgagee through mortgage deed) and 2. Lien theory (title remains with borrower/mortgagor and lender has a lien against property). Florida is a lien theory state.
There are two parties to a mortgage: 1. Mortgagor/borrower (debtor) and 2. The mortgagee/lender (creditor).
The mortgage loan creates two instruments, 1. Promissory note, the promise to repay and represents legal evidence of debt as well as interest rates, loans maturity, and payment and 2. Mortgage, which creates the lien interest and pledges the property as security for the debt.
Once the borrower has repaid the mortgage in full, the mortgagee executes and records in the public record a satisfaction (release) of mortgage to remove the mortgage lien. Fl. Stat. §701.04(2) requires the mortgagee send the recorded satisfaction to the mortgagor within 60 days.
The assignment of mortgage transfers ownership of a mortgage and note from one company or individual to another.
A contract for deed is another type of financing arrangement. Here, the buyer agrees to make payments to the seller overtime, but unlike a mortgage, the seller retains legal title until all payments have been made.
Real Estate Contracts
Buying or selling real estate involves transactional contracts and documents such as purchase and sale agreements.
- Purchase and Sale agreement: agreement that governs the purchase and sale of a property.
Here at Rak Law Firm we can help draft purchase and sale agreements as well as closing documents, brokerage agreements, rental/lease agreements, letters of intent, restrictive covenants, deeds, easements, construction contracts, asset/stock purchase agreements, merger documents, condominium association documents, homeowners association documents and all other real estate documents. We routinely provide clients with contract drafting services and Florida real estate law expertise.
Why Should I Hire an Attorney for Real Estate Matters?
Hiring an attorney regarding real estate matters including contract drafting helps ensure you protect your property and interests while being legally compliant. Please do not hesitate to call RAK Law Firm at (407) 437-0319 today regarding your real estate dispute, landlord/tenant issues, contract needs today.
Generally, the duties of an attorney employed to represent the buyer in a real estate transaction are to investigate the title to real estate, to make a painstaking examination of the records and to report all facts relating to the title, to give an opinion on the marketability of the title to the property, and to handle the real estate closing. Maillard v. Dowdell, 528 So. 2d 512 (Fla. Dist. Ct. App. 1988).
Hiring an attorney for real estate matters:
- Ensures your rights and interests are protected
- Has the experience and knowledge to handle issues and create solutions
- Can review and modify existing contracts
- Draft inspection contingencies to make sure you do not buy property with costly defects
- Can work with your loan officer to make sure appropriate dates are set without unnecessary delays
- Peace of mind knowing your transaction is in good hands
Contact us today to schedule a case evaluation and get started.
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