Time is crucial for South Florida Real Estate Investors. The longer a process takes, the greater the financial affect they feel. Accordingly, issues arise that require Legal Representation. This includes the purchase and sales of properties, Foreclosures, Evictions, and Preparation of Legal Documents. To learn how South Florida Real Estate Investors benefit from Legal Representation, contact the Law Office of Brian P. Kowal, PA at (954) 990-7552.
How South Florida Real Estate Investors benefit from Legal Representation
Real Estate Investors are in the business of buying and selling properties to make a profit. When they purchase a property, Tenants may be residing there. This can be a problem if the lease has expired but they refuse to vacate. As a result of the delay, they may lose money. While this can be frustrating, it is important to retain an Attorney in the beginning stages.
Removal of Tenants or Prior Owners
Investors often purchase properties with Tenants. Some refuse to vacate or provide their lease information they had with the prior owner. When this occurs, a Real Estate Investor needs to proceed with the removal process. However, it is more efficiently handled with Legal Representation.
If the Investor purchases the property from a Foreclosure Sale, they may have to proceed with the removal process. In other words, it could be occupied by the Former Tenant or Owner. If that is the case, they must provide them a Tenants in Foreclosure Letter. This requires them to provide any lease information they had with the prior owner. If they can provide a valid lease, they may be able to remain for ninety days. However, this is determined by the Court. After the Florida Real Estate Investor files a Motion for Writ of Possession, a hearing will be set.
On the other hand, if an Investor purchases a non-foreclosed property, they must receive an Estoppel Letter from the Tenant. This should state the terms of their lease with the Former Owner including the existence of a security deposit, the date rent is due, and the length of the lease. If there is no lease and they want to remove them, they need to send a 15 day notice of termination. If it is determined that the Prior owner still lives there but fails to vacate, the Investor needs to file an Unlawful Detainer to remove them. As they no longer own the property and do not pay rent, this is the best way to remove them.
Removing a prior owner or Tenant after a Foreclosure can be tricky. It can also be challenging to remove them after a normal purchase. Either way, hiring an Attorney ensures the best result.
Purchase and Sale of Properties
Before a Real Estate Investor submits an offer, they need to understand the terms. They should meet with a Lawyer that will explain the entire process including the amounts owed and the documents they are required to sign. In Broward and Miami-Dade County, the Buyer chooses the Title Company to handle the closing. If they choose one that is Attorney owned, they will also receive the benefit of Legal Representation. Most Investors favor this option because they are protected.
Investors can hire an Attorney when they sell. They will review all offers, draft closing documents including the Deed, Bill of Sale, Settlement Statement, and communicate with the Buyer.
To learn how South Florida Real Estate Investors benefit from Legal Representation, contact the Law Office of Brian P. Kowal, PA at (954) 990-7552.