7 ways to own property in Florida

Home ownership is the American Dream! When you are ready to purchase a home, you usually begin the process of visiting neighborhoods until you narrow it down to a few perfect areas where you would love to live.  You find your dream home or lucrative investment property and now you are ready to make an offer.  

WAIT!

It can take months of searching, 45 days to get financing and weeks of negotiating but it can take one minute to make a mess! How you write your offer is how you will be able to take ownership of the property at closing. 

Here are some of your main options available in Florida:

1.    Fee Simple (ownership as a single owner)rea

2.    Tenants in common

3.    Tenants by the Entirety (as husband and wife)

4.    Joint Tenants with right of survivorship

5.    Life Estate

6.    Holding Company

7.    Revocable Trust

Each option has different inheritance, tax and practical characteristics that may or may not work for you.  The best option is to make sure you consult with a Real Estate Lawyer prior to entering into a contract.  It is also important that a Real Estate Lawyer is acting as a closing agent so that you can be advised as to which of these 6 options above is best for you and your family or portfolio.

Real estate in South Florida is booming now more than ever and Grimaldi Law Firm is prepared to help you with your home buying needs. Melinda Grimaldi, the firm’s founder, has been a real estate attorney for over 8 years and wants to make buying a home in Florida a great experience for you.

At Grimaldi Law Firm, your future is our present.

Melinda Grimaldi is an attorney in Hollywood, Florida, whose practice is concentrated in the areas of commercial and residential real estate and estate planning law. 

She can be reached at (954) 491-8707

or

melinda@grimaldi-law.com

 Special Note

The information on this blog is of a general nature and is not intended to answer any individual’s legal questions. Do not rely on the information presented herein to address your individual legal concerns. If you have a legal question about your individual facts and circumstances, you should consult an experienced real estate attorney. Your receipt of information from this website or blog does not create an attorney-client relationship and the legal privileges inherent therein.

The Top Ways to Avoid a Failed Real Estate Sale

At Grimaldi Law Firm, a leading real estate law firm in Florida, we’re always working hard to protect and educate new home buyers on the potential pitfalls of a purchase gone wrong.

We all need to remember that sellers need protection too!

A seller has needs just as important as a buyer in any real estate transaction and those needs should be protected with their own representation during the closing process. We have seen a trend of real estate contracts becoming “dead deals” when the home is older or overpriced and we want to help you avoid even come close to this.

Grimaldi Law Firm prides itself on taking our clients from contracts to keys without any hiccups, so here are four ways to ensure your real estate sale makings it to the closing table as smoothly as possible.

1.     Inspect early

Conduct a pre-contract inspection on your property with a licensed inspector. This avoids having the potential buyer run into any unsatisfactory surprises that may turn them off to purchasing your place altogether. When a pre-contract inspection is conducted, you have the ability to fix, repair, or replace anything that could potentially turn your sale sour way before the buyer’s inspector steps in to do his work.

2.     Avoid the unqualified buyer

An unqualified buyer only means one thing for a person selling their home in Florida: major risk. The risk involved here is that if you enter into a contract with a person who ends up not qualifying for their loan, you’ve just wasted a great deal of your time engaging in and negotiating with a flake of a buyer. To ensure this doesn’t happen to you, insist upon only showing your home to pre-qualified buyers. It is not uncommon for a seller to request a pre-qualification letter and/or proof to ensure the deal can actually make it to the closing table.

3.     Appraise early

Much like an early inspection, an appraisal ahead of the game can save you tons of headaches down the road. Before your realtor recommends a price or you go ahead and overprice your home – have it appraised. It is important to get an understanding of what your property is truly worth and what you can reasonably expect as a final sale price of your home before the buyer’s appraiser steps in. If you overprice your home and enter into a contract with someone who has the house appraised only to find that it is worth less than you’re asking – you’re very likely going to end up with less than you’re asking for the sale of your home. Avoid any surprises like these by doing the dirty work up front, and ensuring you’re setting a price for your home that is reasonable.

4.     Review your file with the city for any open or expired permits

We recommend that all of our Buyers include a clause in their contract for the seller tp close out any open or expired permits.  There is nothing that can delay or “kill” a closing like knowing that there is a permit issue as they can sometimes take months to resolve.  Sellers usually don’t realize that a contractor they hired years ago never finished the last step of closing out the permit.  Pull your property on your city’s permit search system to make sure you don’t have anything lurking in the shadows. 

When it comes to the best real estate advice for buyers and sellers, reach out to  us today! We want to ensure that your real estate transaction not only ends up in your favor, but that you also obtain all the knowledge of real estate from a trusted professional.

At Grimaldi Law Firm, your future is our present.

Melinda Grimaldi is an attorney in Hollywood, Florida, whose practice is concentrated in the areas of commercial and residential real estate and estate planning law. 

She can be reached at (954) 491-8707

or

melinda@grimaldi-law.com

Special Note

The information on this blog is of a general nature and is not intended to answer any individual’s legal questions. Do not rely on information presented herein to address your individual legal concerns. If you have a legal question about your individual facts and circumstances, you should consult an experienced real estate attorney. Your receipt of information from this website or blog does not create an attorney-client relationship and the legal privileges inherent therein.

A Lesson In Protecting Your Property Rights in Florida, Part Two

There is no doubt that Grimaldi Law Firm, a Real Estate Law Firm in Florida, goes the extra mile to ensure our clients rights as property owners are protected.

Which is why we’re on a mission to educate everyone, from first time home buyers in Florida to the most seasoned real estate investor, on the hidden secrets of purchasing real estate.

In the first part of our series on Lessons in Protecting Your Property Rights in Florida, we shared a story about an unknowing couple from Missouri who nearly lost everything when the home they purchased had liens against it from the previous owner. Had it not been for their Real Estate Attorney and Title Insurance Policy, this couple would have not only lost their home to foreclosure, they would have been out a great deal of money as well.

Another example of why it makes all the difference to have the right legal professional involved in the real estate process comes from a story about prominent home builder in Texas, Casa Linda Homes.

This Texas-based builder, who had developed a prestigious reputation over time of developing and selling beautiful homes at affordable prices, found themselves in some hot water over some illegal activity. This builder had been selling first-time homebuyers homes that were overloaded with undisclosed liens. Because these homebuyers did not know what potential challenges they could face as homeowners, they naturally didn’t think to ask if they’d ever end in up hot water over their purchase.

It wasn’t until Casa Linda Homes failed to pay its debt, that the creditors then went after the homebuyers for the money. Foreclosure proceedings and filed lawsuits began flooding in by the dozen, leaving unsuspecting homebuyers to blame for the debt. These deals were “seller financed,” meaning the person selling the house lends the buyer the money for the purchase. The buyer and seller execute a promissory note providing an interest rate, repayment schedule, and consequences of default.

This builder’s biggest crime, was not requiring, or informing, the buyers to buy title insurance. Title insurance would have prevented or resolved this whole mess, protecting the buyers from having any responsibility for such debts.

So, who would have informed them to obtain this important insurance? A Real Estate Attorney – one like Grimaldi Law Firm – who always has your best interests at heart.

For your next real estate deal or for questions regarding the home buying process in Florida, contact Grimaldi Law Firm, where your future is our present.

Melinda Grimaldi is an attorney in Hollywood, Florida, whose practice is concentrated in the areas of commercial and residential real estate and estate planning law. 

She can be reached at (954) 491-8707

or

melinda@grimaldi-law.com

Special Note

The information on this blog is of a general nature and is not intended to answer any individual’s legal questions. Do not rely on information presented herein to address your individual legal concerns. If you have a legal question about your individual facts and circumstances, you should consult an experienced real estate attorney. Your receipt of information from this website or blog does not create an attorney-client relationship and the legal privileges inherent therein.

A Lesson in Protecting Your Property Rights in Florida, Part One

If you own a home in Florida, you probably know that there are a few circumstances that can threaten your rights as a property owner. At Grimaldi Law Firm, we aim to keep you, your finances, and your property safe, which is why we’re sharing all you need to know about protecting your property rights.

Unfortunately, running into problems as a homeowner may sometimes have nothing to do with you at all. If you’re purchasing a home that was once owned by someone else, it’s important to go the extra mile to ensure you’re not stepping into their mess, literally or figuratively.

Take, for example, this story about an unknowing couple from Missouri:

The Parker’s* had purchased a home from their landlord, who had previously taken out a loan of almost $420,000 to invest in multiple properties. When a title search was performed, this lien was missed, so instead of paying off the lien with the Parker’s money, the landlord received the funds instead. Despite being up to date with their own mortgage payments and doing everything by the book, their former landlord’s bank sent a letter to the Parker’s saying that their home would be auctioned since no payments had been made towards the lien.

Scary situation, right? Imagine being told you had to cough up a huge amount of cash because of someone else’s mistake?

Luckily, the Parker’s Real Estate Attorney had advised them to purchase an Owner’s Title Insurance Policy. Without the help of their attorney, the Parker’s would have never been educated on the potential “what if’s” of buying their new dream home. Their lawyer’s advice kept them from ending up with a foreclosure sign on their front lawn, and also shielded them from having to be responsible for some serious debt. In the end, this insurance policy meant that the title insurance company was responsible for paying the lien. The Parker’s kept their home.

Because the couple purchased an Owner’s Title Insurance Policy, the title insruancecompany paid the lien and the husband and wife kept their home.

There is no better decision to make when buying a home in Florida than to hire a Florida Real Estate Attorney who is on your side. Only your Real Estate attorney can:

-          Answer your legal questions pertaining to your closing.

-          Decipher the ‘legalese’ of any documents you are signing.

-          Resolve any issues with the title and/or existing contract.

-          Give you legal advice as needed.

And this means ensuring that all research is done so that you’re never left in a lurch. This is exactly what we mean when we say that at Grimaldi Law Firm, your future is our present.

*Names have been changed for privacy

Melinda Grimaldi is an attorney in Hollywood, Florida, whose practice is concentrated in the areas of commercial and residential real estate and estate planning law. 

She can be reached at (954) 491-8707

or

melinda@grimaldi-law.com

Special Note

The information on this blog is of a general nature and is not intended to answer any individual’s legal questions. Do not rely on information presented herein to address your individual legal concerns. If you have a legal question about your individual facts and circumstances, you should consult an experienced real estate attorney. Your receipt of information from this website or blog does not create an attorney-client relationship and the legal privileges inherent therein.

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Two Ways to Protect Your Real Estate Assets with Grimaldi Law Firm

One of the biggest purchases you’ll ever make in your life happens when you decide to buy a home. Owning real estate means there are important assets in your name, and you have likely taken steps to protect your real estate assets in case something should happen that causes damage or even the loss of your home.

But have you considered the importance of protecting these assets from potential lawsuit or probate case?

Whether the home you own is the one you go to after a long, hard day, or it’s the one you purchased to rent out to other tenants, Grimaldi Law Firm, a leader in Real Estate Law in Hollywood, wants to help you protect every part of your assets. It is just as common for a landlord to jeopardize losing the property he owns after being sued by his renters as it is for your death to cause a family feud over your home or real estate investments or have it be stuck for over a year in probate.

Neither of these risks are one’s worth bearing.

Working with Grimaldi Law Firm for your real estate needs means getting your real estate done right. This includes giving you the two tools for real estate asset protection:

Limited Liability Companies (LLCs)

If the real estate you own is earning you income, then going the LLC route is a great option. Setting up an LLC means you will be able to protect your personal assets from any claims or lawsuits brought against you as a result of being the owner of the property. Your liability is limited to what is owned by thye LLC. In addition, having the LLC associated with your property brings a level of security and anonymity. It is especially important to seek counsel when developing an LLC so that you can ensure you have the guidance you need in order to maintain the LLC and continue to comply with the rules associated with it.

Trusts

A revocable trust, can be changed at any time without the consent of the beneficiaries offers flexibility, privacy and the ability to avoid probate. . Another bonus? Your assets stay within the control of your family.

If you have multiple properties, not to worry! Combining LLCs and trusts in order to ensure your real estate assets are protected is a common practice. Let’s sit down and decide the best course of action to keep you protected and out of court.

Because at Grimaldi Law Firm, your future is our present.

Melinda Grimaldi is an attorney in Hollywood, Florida, whose practice is concentrated in the areas of commercial and residential real estate and estate planning law. 

She can be reached at (954) 491-8707

or

melinda@grimaldi-law.com

Special Note

The information on this blog is of a general nature and is not intended to answer any individual’s legal questions. Do not rely on information presented herein to address your individual legal concerns. If you have a legal question about your individual facts and circumstances, you should consult an experienced real estate attorney. Your receipt of information from this website or blog does not create an attorney-client relationship and the legal privileges inherent therein.