Specific performance in the context of a real estate transaction is, for instance, when the seller is refusing to sell the house. They don’t have a reason. They just decided they’re not going to sell the house. A specific performance is a remedy that’s available to the buyer if it’s written into the contract that can essentially force the seller to do something, specifically to make an act. Most remedies in the legal system are based on damages or money damages, but specific performance … you’re actually asking the court to force the party to do something.

The difference between a net lease and a gross lease is the price you see for lease on a gross lease is actually the price you’re going to pay. On a net lease you have the rental rate but you have to add in taxes, insurance and common area and maintenance charges. So it’s important to realize when you’re looking at commercial property, whether you’re looking at a property that’s a net lease or a gross lease. Because it can drastically the determine the amount you’re going to be paying every month.

A warranty deed is the best form of deed in terms of warranties that the owner is offering to the new owner. You’re warrantying the title not only during the time that you owned it but previous to that time. A quick claim deed offers no warranties whatsoever. The person granting the deed is simply saying “I am giving what I have to the new person, whether that be anything or everything.” The quick claim deed offers no warranties.

In a commercial real estate transaction, a guarantee means that you personally are guaranteeing that your business is going to meet its financial obligations to the landlord. This is a term of the lease that is a big sticking point and very heavily negotiated between the landlord and the tenant. That’s why it’s very important to have an experienced commercial real estate attorney watching out for your interests.

The statute of frauds states that there are certain contracts in the state of Florida that are required to be in writing. One of those contracts is a contract for the sale of real estate. You have to be able to identify the parties, you have to be able to identify the property and the consideration that’s being paid for the property, and it has to be signed by the person whom you’re seeking enforcement against.

Essentially, the attorney is trying to uncover whether there are any unpaid mortgages, leans on the property, what easements and restrictions may be on the property, so they can fully explain to you as the buyer what restrictions or what limitations you’re going to have when you purchase this property. It’s also a requirement any time you obtain title insurance, there must be a title search performed before the insurance policy can be issued.

Zoning is the method the government uses to explain what uses are available for the property that you own. Zoning is designed to protect the health, safety, and welfare of the general public. For instance, you don’t want a power plant necessarily right next to a school or a neighborhood. Each property has a zoning classification which tells you what you can do with that property. For instance, a single-family home would have single-family home residential zoning. A video store may have commercial zoning. There’s agricultural zoning and all different types of zoning that can affect your property.

A quitclaim deed is a type of deed in Florida that provides no warranties. The person signing the quitclaim deed is essentially giving you what they have if they have anything. If they have nothing, you receive nothing. If they have the entire title to the house, you receive the entire title to the house. This deed is often used to cure title defects, for instance, and also in situations where in a divorce one spouse is giving up their interest to the other spouse.

In the state of Florida, if you’ve owned a home less than three years, and you receive title insurance at the time of closing, you may be eligible for a reissue credit, which is about a 40% discount on what title insurance typically costs. In addition, any time you refinance a property and you have a title insurance policy already in place, you’re eligible for the reissue credit.

A short sale essentially is when the lender agrees to take less than what is owed on the mortgage. This became a common occurrence, unfortunately, when the real estate market crashed in 2008, 2009. People often owed far more than her homes were worth. Instead of foreclosing on all these homes, sometimes a bank will agree to do a short sale, which is to take less than what is owed.