Type of Property. Buying commercial real estate can be a lot more complicated than buying a residential property. Various factors which may contribute to the complications include types of desired ownership, structured financing, tax structuring, leases, potential tenant claims and others. Contact an experienced real estate lawyer for assistance with the structuring of your commercial property ownership to avoid unnecessary drawbacks and tax burdens.
FIRPTA. Foreign nationals purchasing a property in the United States are subject to FIRPTA (Foreign Investment in Real Property Tax Act). FIRPTA is equal to 15% of your property sale value. Consult an experienced real estate attorney to receive advise on how to avoid FIRPTA.
Tenant Eviction. Buying a property with an existing tenant can have numerous complications. Florida landlord-tenant law is complex – make sure you consult a real estate lawyer. The current tenant might have claims against the old owner which may be ‘’inherited’’ by the new owner.
Deposit Holding. An attorney can serve as an escrow agent and hold your deposit before the transaction to avoid problems.
Do You Qualify for Financing? If your concern is being unable to qualify for financing, you should definitely contact an experienced real estate and business transaction lawyer to find out what your options are.
Are you buying a property that is a short sale or bank owned? A real estate attorney with foreclosure defense experience will assist you with bank negotiations. He/she will also advise you on how to correctly title your property.
Illegal additions/illegal improvements to the property. When local and state regulations have been followed, there is not much to worry about. However, the buyer must be aware of any illegal additions or illegal improvements have taken place. If so, the buyer needs to consult an experienced real estate lawyer to get assistance with the complications that may follow.
Judgments or Liens. Florida real estate lawyers can assist you in explaining the effects of liens, and help you resolve the matter.