For most people, buying a home is the most significant purchase of their lives. If you are purchasing property together with another person, then one issue to consider is how you and the other parties (as the buyers) want to take title to the property. How do you want to own the property? The manner in which a purchaser takes title to property can have significant consequences depending on the situation whether that be the death of one of the owners or the souring of a personal or business relationship.

Three Ways to Own Property

Generally, title agents will ask you how you want to take title or will provide a form for you to fill out indicating how you want to take title. If you are buying property by yourself, then the options are straight-forward because as the buyer, you are going to take title as either “a single man” or “a single woman” or “a married man” or “a married woman.” However, what happens when a buyer is purchasing property with someone else and what are the ways buyers can take title jointly? More often than not, buyers purchasing property jointly take title one of three ways: tenants-in-common (“TIC”), joint tenants with full rights of survivorship (“JTWROS”), or tenant by the entireties (“TBE”). Other options to consider may be forming a corporation, limited liability company, or trust to take title, but those options are not being covered by this post.

Tenants in Common

Continue Reading I Am Buying a Home with Someone Else, How Should I Take Title?

Summer is a busy season for moving in Florida. This time of year is a popular time for families to move because it follows the spring real estate season and because school is out, parents won’t have to deal with enrolling their children in a new school mid-year. Landlords should ensure that they are aware of and in compliance with Florida law prior to renting.

Before signing a rental agreement or lease, landlords are encouraged to seek legal counsel to ensure that their lease complies with Florida law and that they are aware of the laws governing the landlord tenant relationship.

Landlord’s Responsibilities

In Florida, landlords are responsible for maintaining the dwelling. At all times during tenancy, the landlord shall (1) comply with the requirements of applicable building, housing, and health codes; (2) maintain the roofs; (3) doors; (4) floors; (5) steps; (6) porches; (7) exterior walls; (8) foundations; (9) and all other structural components in good repair. The landlord must also maintain the plumbing in reasonable working condition.

Continue Reading Florida Rentals: What is the Landlord’s Responsibility?

 

Your neighbors are proud of their beautiful, large fruit trees, which are now growing substantially over your property. The trees have grown so large that a number of branches extend over your house, tool shed, and other improvements, which you believe results in a dangerous condition, not to mention rotten fruit dropping on your patio. What are your options: force the neighbor to remove the tree extending over your land, sue for damages, or something else? You may be surprised.

Is Your Neighbor Legally Responsible?

In Florida, a possessor of land is not liable to others outside his land for nuisance caused by vegetation growing from his land over adjoining properties. Scott v McCarty, 41 So. 3d 989 (Fla.4th DCA 2010). Therefore, your neighbor has no duty to remove or even trim the tree branches that encroach onto your property.

Continue Reading Are Your Neighbor’s Trees Growing On Your Property?

florida-1624651_640Have you ever wondered whether renting out your property using VRBO qualifies as a commercial use as opposed to a residential use? You’re not alone.

On one hand, earning income from rent, advertising for new tenants, managing and scheduling those tenants, and maintaining the property to comply with the regulations required to frequently rent out your property for short periods certainly sounds like a business.

On the other hand, it’s your residence, and the people paying you to stay in it are only using it to eat, sleep, and do other ordinary acts incident to living. They aren’t using your place to produce income for themselves.

While both sides seem to have a reasonable argument, a recent Florida appellate court decided that renting a home to someone who uses the home “for ordinary living purposes such as sleeping and eating” qualified as a residential use under that particular association’s governing documents. See, Santa Monica Beach Property Owners Association v. Acord, (Fla. App., 2017).

What is the Legal Scoop?

Continue Reading Renting Your Home Using VRBO is a Residential Use

Mortgage contractI find myself frequently having conversations with potential clients asking why they shouldn’t use a title company to handle the closing of their new home. Why spend more money to hire an attorney when a title company can close the deal for less? Excellent question.

Sure, a title company can create the documents necessary to close the deal. They can also generally guide the parties on some issues that might come up, such as what additional requirements must be met when the seller is considered a “foreign person” under FIRPTA.

Continue Reading Top 5 Reasons to Hire An Attorney When Buying A Home

reis_logo_footerAt this month’s REIS meeting, Dr. David Jones, Executive Professor of Economics and Finance at Florida Gulf Coast University, presented his take on how the Trump Administration will affect the U.S. economy.

Dr. Jones predicts that the economy will be on the rise through the end of 2018. He declined to offer a forecast beyond that mark because, as he light-heartedly informed REIS members, he was taught to only predict around one corner, not two.

The first corner in that analogy is the future of the U.S. economy during the first two years of the Trump Administration, while the second corner is how Trump’s potential desire to get reelected may cause him to change his stance on important economic issues.

After recognizing that some experts predict that the Federal Reserve will raise interest rates 2-3 times in 2017, Dr. Jones predicted that interest rates will increase four times in 2017 and six times in 2018, ending in an interest rate of about 3%.

Finally, admitting that he is not an expert in stocks, Dr. Jones cautioned that with interest rates so low for so long the value of stocks may be artificially high and their true value currently unknown.

Thank you to Dr. Jones for his entertaining and highly informative presentation, and thank you to State Insurance Agency for sponsoring the event.

hacker-1944688_1280 - CopyThe news these days is rife with stories about hacking, leaks, and stolen confidential information, and no one seems to be immune to the threat, as demonstrated by the recent reports of hackings perpetrated on Donald Trump and Hillary Clinton.

While those examples may seem far from home for most of us, there are stories throughout the country of hackers stealing the money people are intending to use to purchase their homes.

The ploy hackers often use is to hack someone’s email, which allows them to intercept wire instructions. They then modify the wire instructions in transit so that the money is eventually wired to the hacker’s account.

So how do you minimize the chance of losing the money you saved to buy your dream house?

Continue Reading 4 Steps to Minimize Your Susceptibility to Wire Fraud

Denny Grimes
Denny Grimes

As a Southwest Florida business professional, your business likely ebbs and flows with the local real estate market. When demand is freely flowing, business flourishes and you can concentrate your focus on accomplishing what is in front of you. However, when it ebbs, businesses often need to consider whether their current trajectory is optimal, or whether they should pivot in order to foster some new opportunities in a slightly different corner of the market.

While we all know the market is generally unpredictable, on February 22, Market Watch 2017 will have three local, well-respected real estate experts discussing the state of the Southwest Florida real estate market. Hearing what they have to say could be the key to putting you ahead of the curve in 2017.

In addition to Randy Thibault presenting, Denny Grimes will touch on whether now is the time to buy or the time to sell? In spite of generally positive news reporting many real estate markets across the country are experiencing a slow down or “shift” as it’s called and its effects are being felt in SW Florida. Denny will report why 2016 was an “off year” and will give his predictions for 2017.

Stan Stouder photo
Stan Stouder

Stan Stouder will talk about changes in the commercial real estate market, such as:

  • What are some national trends and how will they impact our local market?
  • Is the local apartment market overbuilt?
  • What do the changes in permitting mean?
  • What Was, What is and What’s Next for Commercial real estate in SWFL.

Having big data is of little value, but knowing what the data means is invaluable.  Stan knows and will be freely sharing that insight at this year Market Watch.

As a sponsor for the event, Henderson Franklin is anxious to hear what these three experts have to say and wants to make sure all Southwest Florida professionals, home buyers and sellers, and investors aware of this exciting opportunity! To register, click here.

For those of you who missed it, Thursday’s 2017 Commercial Real Estate Outlook Conference offered exciting sneak peeks into new, major downtown Fort Myers developments, insightful discussions on the impacts technology and millennials are having on the real estate industry, and a general feeling of optimism toward 2017’s real estate market.

While blogging etiquette won’t allow me to recount all of the intriguing insights offered by the expert presenters, here are a few takeaways:

  • On the heels of Donald J. Trump’s Presidential Inauguration, Lawrence Yun, Chief Economist for the National Association of Realtors, forecasted that over the next year there will be almost no reason to worry about another housing market bubble and opined there will be less than a 5% chance of another national recession (according to numerous economic indicators). In addition, Dr. Yun explained that he anticipates a slight rise to our Country’s GDP under the new administration, from a recently “sluggish” average of 2%, to approximately 2.2%.
  • The landscape of downtown Fort Myers is about to significantly change over the next few years as Mainsail Lodging and Development puts in a hotel and overhauls the Harborside Event Center, Dwell Florida erects The Place on First – a high-rise luxury condo and retail development on the corner of First Street and Jackson Street, and Fischler Property Company constructs First Street Village – a live, work, and play development on the corner of West First Street and Altamonte Avenue.
  • To meet the non-traditional demands of the up and coming millennial workforce, office environments are steadily deemphasizing large individual offices in favor of smaller individual spaces and more, larger collaborative work spaces.
  • While emerging technologies are certainly changing the way commercial real estate business is done, inventors haven’t found a way to replace the investor’s desire to make a personal connection with a live, local realtor before signing on the dotted line.

Thank you to all of this year’s speakers for their useful insights into the 2017 real estate market and to Bev Larson, CCIM for producing such a great event. We look forward to Commercial Real Estate Outlook 2018!

hacker-1944688_1280January is the month of the fresh start. It brings in the New Year and the inevitable “I am going to be better about (insert your commitments here) this year” commitments everyone makes to themselves.

Building on our end of year recommendations, I’d like to offer another “I am going to be better about” to your list.

In 2016, the real estate industry saw a big spike in the amount of attempts fraudsters made to hijack real estate transactions. While we have undertaken significant precautionary measures to make sure our clients and transactions are protected from these attempts, we would like to offer some advice to you to help you avoid any fraudsters’ attempts to detract from your ability to fulfill your New Year’s commitments.

To help protect your real property and your identity, go to your county clerk’s website and perform a public records search for your own name. If you see a transaction or document you don’t recognize, this could be an attempt by someone to steal your identity or assets.

If you find yourself in the unfortunate situation where someone has made a fraudulent attempt on your identity or assets, please give us a call, and we will help you sort it out. Hopefully, you don’t find yourself in those shoes, and instead, you find plenty of time and energy to follow through with your personal “I’m going to be better about.” Good luck!