Housing Law
Commercial vs. Residential Real Estate
Commercial vs. Residential Real Estate Contracts
If you are considering buying property for your business, you may be surprised to discover just how different the process is - from purchasing a home for personal use.  Specifically, the contracts used in commercial real estate are very unlike those used in residential real estate.
Following are a few common distinctions between the two types of contracts:
- A commercial real estate contract should ensure that the intended purpose of the property is permitted under local zoning ordinances.  Generally, zoning ordinances do not come up in residential real estate contracts, unless the buyer intends to make specific renovations to the property, or use it for a business purpose.  In a commercial enterprise, however, it is typical for the buyer to use the property for a completely different type of business than the seller.  If you plan on purchasing a property, make sure that it is stated in your contract that the property is, or can be, zoned for your particular business purpose.
- Commercial real estate contracts can include options.  An option refers to the right of a seller to allow the buyer to purchase real estate within a certain timeframe.  The seller can offer to pay the buyer an option fee in exchange for the privilege of being the sole buyer of the property within that timeframe.  As long as the option exists, the property cannot be sold to another buyer.  Sometimes, it can be negotiated that all or part of the option fee is applied toward the purchase. It can also be forfeited to the seller if the potential buyer decides not to purchase.
- Less protection, but more flexibility, is offered in a commercial lease than in a residential one.  State and local laws are often designed to protect tenants by ensuring that landlords meet certain basic requirements in the living conditions of a building.  However, since commercial leases are viewed as contracts between two informed business people, the government feels less protection is needed from the lessor.  Instead of offering as much protection, many more terms of a commercial lease can be negotiated than in a residential lease.
Contact an experienced Tampa Attorney for help with your real estate legal matters.
What to expect when going through foreclosure
Your lender usually sends you a demand letter before foreclosing on the mortgage stating the date by which payment must be made to avoid foreclosure. If this happens, it is in your interests to speak to an experienced Miami foreclosure attorney to craft a reply. After the demand letter you can expect a complaint, a lawsuit, court proceedings, judgment, and sale. Speak to an attorney and avoid waiving rights or saying the wrong thing.
There are so many foreclosures in Florida that some courts developed special procedures and rules in response. The foreclosure process is difficult and requires an experienced foreclosure attorney. Instead of trying to navigate the foreclosure process on your own, put yourself in capable hands.
Source: Foreclosure in Miami
Lawyers at Templer & Hirsch, P.A. law firm are knowledgeable about foreclosure laws and have been assisting their clients by offering them aggressive defense in a foreclosure action.
Your Bank has a lawyer - You need an attorney to fight back!
How to Identify Lending and Mortgage Fraud
As a law firm in Joplin, Missouri regularly working with victims of bad faith mortgage loans and other forms of mortgage lending fraud, we are unfortunately familiar with the steps that lead millions of homeowners to these difficult financial conditions.
It is regrettable that so many hardworking people have fallen victim to mortgage bad faith lending practices by unscrupulous players in the mortgage industry. The U.S. Department of Housing and Urban Development offers tips to new homebuyers and people looking to negotiate better mortgage terms to help avoid mortgage loan fraud. These tips include:
- Shop for a lender and compare costs. Be suspicious if only one lender is suggested by a mortgage broker or other individual.
- Be wary of anyone who encourages you to make a false statement on your loan application. This would include overstating your income, the source of your down payment money, the size and nature of your existing debts, or the tenure of your employment (lying on a mortgage application is legally defined as fraud and can result in criminal penalties).
- Never sign documents containing blanks. If there are some, write in N/A for not applicable or cross a line through those blanks.
- Do not sign anything you do not understand. Before signing, have the loan contract signed by an attorney who understands real estate law. Lower cost or free attorneys are available through your local HUD-approved agency.
- Be honest about what you intend to do with the property you are purchasing. If you say you plan to live there, but in fact your intention is to rent it or sell it to someone else, you are violating a federal law.
It certainly helps to know these things in advance. But if you are victimized by a bad faith lender, contact the predatory lending law firm of The Hershewe Law Firm at 877-382-9734 or contact us online today for a free consultation about your case.
Predatory Lending Law
Predatory lending refers to any unfair lending practice that may affect your loan and severely impact your financial circumstances while attempting to obtain a mortgage.
Predatory Lending: Interest Rates
Before you agree to accept a loan from a lender, you should examine the percentage of fees and interest you are being charged to ensure that you are not being charged more than lending law allows.
Additionally, being given a loan by a lender that is in excess of what you could reasonably repay is considered predatory lending. Your lender has a responsibility to examine your circumstances and determine the amount you will be able to repay, and issue a loan for no more than that amount.
Predatory lending is a broad term that can refer to a number of practices and actions that can have a severe impact on the loan you receive and your ability to repay it. Having a mortgage attorney represent you and explain the laws and regulations is key.
If you are seeking representation while obtaining a loan or feel you are the victim of predatory lending, contact an experienced predatory lending lawyer right away to discuss your rights and responsibilities.
