Commercial Real Estate

What Is Zoning And Does It Affect My Property

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.

Watch an explanatory video here

What Is And Who Has A Fiduciary Duty In A Real Estate Transaction In Florida

A fiduciary duty means that you have a legal and ethical obligation to act in someone’s best interest. For instance, a real estate attorney has to act in the best interest of their clients. Real estate agents in Florida, are actually presumed to be transaction agents, which means they do not have a fiduciary relationship with their clients. Although there are many great real estate agents out there, that’s one reason why it’s very important to hire an experienced real estate attorney because of that fiduciary relationship. An attorney must look out for your best interest and will do so throughout the transaction.

Watch an explanatory video here

What Is Specific Performance

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.

Watch an explanatory video here

What Is The Difference Between A Net Lease And A Gross Lease

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.

Watch an explanatory video here

What Is The Difference Between A Warranty Deed And A Quitclaim Deed

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.

Watch an explanatory video here

What Is The Effect Of A Guaranty

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.

Watch an explanatory video here

What Is The Statute Of Frauds

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.

Watch an explanatory video here

What Is A Foreclosure

When you purchase real estate with financing, you sign a note and a mortgage. A note is what obligates you to repay the debt. A mortgage is what puts the property up as collateral for that debt. A foreclosure is when the lender is seeking to sell the collateral because the borrower is not making their monthly payments. It is important to consult with an experienced real estate attorney if you’re served with a foreclosure because you could lose the property.

Watch an explanatory video here

What Is A Letter Of Intent

A letter of intent is something that takes place between a buyer and seller prior to writing a contract. It essentially has the buyer and seller agree on the big-ticket items before the attorneys get together to actually write the contract. It’s very common in commercial real estate to start with a letter of intent before you actually move on to the purchase contract.

Watch an explanatory video here

What Is A Quit Claim Deed

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.

Watch an explanatory video here