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Davie Florida Real Estate Law Blog

South Florida real estate fared well, despite hurricane

Residents of South Florida are starting to clean up from Hurricane Irma, which recently roared through the area. Those who were looking to buy or sell a home before the hurricane may wonder how South Florida's real estate market fared after the storm. They may be pleased to hear, then, that according to industry observers, while closings and home deliveries may experience a delay, it should not affect the market too much.

In Miami-Dade, Palm Beach and Broward counties, Hurricane Irma did uproot trees, cause some damage to patios and scatter debris in the roads. For those who were in the process of selling their home before the hurricane, their homes will need to be reinspected, according to a regional manager for Supreme Lending. This manager concedes that it may take a few weeks for things to return to normal, but he believes the market will bounce back relatively quickly.

What are some basic types of mortgages?

Davie residents seeking to buy a home often have to take out a mortgage loan in order to purchase it. However, they may be surprised to find that these days there are a myriad of different types of mortgages to consider. Today, we are going to explore some of the types of mortgages that may be sought by those wishing to purchase a home.

One basic type of mortgage that has withstood the test of time is a fixed-rate mortgage. Fixed rate mortgages are amortized, which means that the buyer makes the same monthly payments until the loan is paid off. The payment periods could last anywhere from five years to 50 years.

What are 'arm's length' real estate transactions?

Whether you are buying your first home or selling one that you lived in happily for many years, any residential real estate transaction can be very emotional and personal in nature. Therefore, Davie residents may be surprised to hear that real estate transactions are generally "arm's length" transactions, so that they can be fair to both parties involved in the sale, and also so that they can be legitimate.

A real estate transaction is an arm's length transaction when both parties to the transaction put their own interests first and aim to get the best deal possible. Buyers want to pay as little as possible, while sellers want to make as much as possible on the sale. In the end, though, both parties usually compromise and the property is sold at its fair market value.

Can't pay your mortgage? You may have options

No one in Florida can tell what the future will bring, particularly when it comes to money. Homeowners who have held a steady job for years might one day find themselves the victim of a company-wide layoff. Alternatively, a person could be struck with a serious illness, racking up significant medical bills. Or, a person's automobile may break down, necessitating an expensive repair. Really, there are a myriad of reasons why a homeowner may find they are unable to afford their mortgage.

Falling behind on your mortgage payments is incredibly stressful. People may fear that they will inevitably lose their home to foreclosure. However, there may be alternatives to foreclosure that allow them to keep their homes.

How to handle building codes and violations

If you own business or residential property in Florida, you may think that because you own the property, you can build and develop it as you please. Picking out just the right space for your business or family can be difficult based on your needs. You may have a vision for the property that just a few renovations can fix, but making it just right might be easier said than done.

Having the ability to construct a home or building on your property to your exact wishes sounds like a utopia to many people, but it is often not reality. The way you construct your property could create a negative externality or moral hazard for others. Therefore, the city, state and federal government each play a role in shaping building codes for business and residential property.

Even those of modest means need estate planning

It seems like every death of a celebrity these days winds up in a plethora of unanswered inheritance intentions and probate litigation as heirs fight over what they feel is rightfully theirs. Sometimes, a person in Davie thinks this will never happen to them, as they have only a modest estate. However, nothing could be further from the truth. Estate planning is for anyone, of any means, who has some opinion about how their final affairs should be handled.

It can be a mistake to assume that, even without an estate plan, your assets will simply be passed on to your surviving spouse, or, in absence of a spouse, to your children. However, if you don't have an estate plan, this may not automatically happen. In the absence of a will, under state intestacy laws, sometimes one's assets will pass to siblings or other relatives, even if that is not agreeable to you.

What is a fixed-rate versus an adjustable-rate mortgage?

Buying your first home is an exciting time for anyone in Florida. Those who have saved up a down payment may be on the lookout for the perfect home. However, what many will find is that they also need to seek out the perfect mortgage to finance that home.

When it comes to mortgages, some have a "fixed" rate, while others have an "adjustable" rate. It is important to understand the difference between these two categories, so that you can make an educated decision when choosing a mortgage.

Helping you complete your estate plan

Planning for your future can mean a wide variety of things to different people. For those in their 20s, it is likely that they are thinking about college, professional schools and what career field they want to work in. Those in their 30s are thinking about buying a house and starting a family. The 40s and 50s are about making life changes, such as career changes, buying a bigger home or going on vacation. And, once a person hits 60, they are thinking about retirement. What retirement age signals to many is that it is time to draft an estate plan. However, it is never too early to start the estate planning process, and it is something that residents of Florida should consider in their 20s and 30s.

While no one wants to think about death or what will happen if they become incapacitated, it is important that individuals understand the valuable role that an estate plan can play in your life. At Sobi Law Group, P.L., our experienced attorneys understand how completing an estate plan is crucial no matter your age or wealth; thus, we are dedicated to serving those in Broward and Palm Beach County navigate the drafting process.

Make knowledgeable decisions when purchasing a home

You have always dreamed of purchasing your first home. You are at a point in your life where you think you are ready. You have an idea of what style you want to purchase. You’ve checked out locations. You’ve browsed different websites to see what is available.

You will want to thoroughly prepare before you purchase a home. Follow these tips:

South Florida sees spike in price gains on home sales

Owning a home may be part of the "American dream," but it is important to buy and sell at the right times. A research group recently compared the sale price of almost 30,000 homes in South Florida in the second quarter to the price the homeowners paid at the time that they purchased the property. The profits noted did not include expenses related to renovations performed on the homes. The results were startling.

Those selling homes in Broward County and other South Florida counties have seen a 45 percent price gain on average from April through June. It is the greatest percentage raise in a decade and is quite a way above what the average is across the United States, which is only 26 percent.

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