Lanigan & Lanigan, P.L.
831 W. Morse Blvd., Winter Park, Florida 32789
407-740-7379
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Real Estate
I’m Eric Lanigan with Lanigan and Lanigan Attorneys in Winter Park. I’m going to talk just for a minute about how to buy off plan Florida real estate or pre-construction. Now like so many other things in life, it can be great or it can be a nightmare. You may want to watch the video “How to Benefit from Buying Off Plan Florida Real Estate,” on our YouTube channel. Buying Off Plan Florida Real Estate But let me explain to you essentially what buying off-plan is. It’s buying a condominium or a home in a project that is not yet been built. You should know how to benefit from buying off plan Florida real estate. It’s very common in the U.S. for builders to offer properties, specifically, especially condominiums, at deep discounts if you’ll enter into the contract before the project begins. Developers Want to Pre-Sell Projects It helps their financing in terms of their construction financing and obviously any developer is going to want to pre-sell their project if they can. So they’re willing to give significant discounts upfront which from what would be the ultimate selling price of the property. Now if the market is rising and prices are rising this can be very profitable. For example let’s say you’re buying a unit that costs $100,000. Just to use round numbers so you put 5% down so that’s $5,000. And the balance is going to be paid in five years when the project is finished. Well if the project goes up 10% a year it’s basically now worth $120,000 at the time that you close so your $5,000...
Real Estate
I’m Eric Lanigan with Lanigan and Lanigan Attorneys in Winter Park Florida. We often take certain things about real estate transactions for granted, yet I often forget when a foreign investor comes in the whole thing is foreign to them in terms of how things work. You may watch the video “Tips for Buying Florida Real Estate from Overseas” on the Lanigan and Lanigan YouTube Channel. Tips for Buy Florida Real Estate from Overseas I’m going to take a couple minutes to go over a couple of things to take into consideration if you’re considering purchasing real estate in Florida and you’re from overseas. Here are tips for buying Florida real estate from overseas. So you’re not familiar with how transactions work in our area. The Closing We often refer to the point where you complete the transaction as the closing. And I’m going to use that phrase a little bit as I talk forward. The Settlement Sometimes it will be referred to as the settlement. Either way what we’re talking about is that point and time where the buyer and the seller the realtor and the lawyer comes together all the papers are signed, money changes hands, and the title to the property changes. Florida Closing Costs Now in Florida there are certain closing costs that you need to take into consideration. One benefit we have in Florida is that there’s no sales tax on real estate transactions in Florida. In other words, no percentage of the selling price gets paid in taxes. But there can be significant costs. For example if you have a mortgage you have documentary...
Real Estate
I’m Eric Lanigan with Lanigan and Lanigan attorneys in Winter Park, Florida. General Rules for Buying Real Estate in Florida I want to talk today about the general practice of buying real estate in Florida. Because we get many foreign investors and they know nothing about things the locals let’s say take for granted. Foreign Florida real estate investors beware of the pitfalls waiting for you in this difficult to navigate buyers market. You may watch the video, “Foreign Florida Real Estate Investors Beware of Pitfalls,” on the Lanigan and Lanigan YouTube channel. So let’s go over just a couple of those rudimentary things you need to consider if you’re a foreign investor coming into the United States. And specifically who are the people, who are the players involved in looking for real estate and owning real estate in Central Florida. No. 1: The Real Estate Agent Get a Buyer’s Agent First of all your real estate agent. Every buyer should have what we now call a buyer’s agent. There’s the seller’s agent that’s the real estate company that has the property listed for sale. You can go directly to those people. But I always recommend to people that you contact an agent who’s going to help you find the kind of property in the locale that you’re looking for and they’re looking specifically for you. They are not just trying to sell one particular piece of property on which they have a listing. And the good news is that although the buyer’s agent is representing you and looking for what you want to find, ultimately they are paid...
Real Estate
Tip 1: Work With a Real Estate Attorney Florida real estate investors should hire a real estate attorney to work on any property purchase to prevent legal problems in the sale. Some real estate investors from the United States and from other countries make real estate investment decisions with their hearts instead of their financial futures buying property that is not thoroughly vetted for its financial viability. Florida Real Estate Investors Need an Attorney Florida real estate investors need an attorney and Eric Lanigan a Florida native and has practiced Florida real estate law since 1976. He helps investors and homeowners on all types of real estate issues. Better to invest in a consultation now to prevent what could turn into many thousands of dollars in real estate litigation down the line. Tip 2: Review All Documents A legal consultation should be included in the real estate purchase process so that property issues that can be identified through review of inspection documents, sellers disclosures, title, and mortgage paperwork. Tip 3: Get Independent Inspections Real estate investment property should also not be checked very thoroughly and properly for faults including black mold, sink holes, structural faults. Tip 4: Thoroughly Inspect Land or Structure Issues In the rush to purchase a property within the timeframe of a vacation, Florida property investors forego any history check on the land or the investigation into the inspection of the land or structure. Tip 5: Hire Independent Inspectors When there is the hint of a problem that turns up during an inspection, a prospective owner should hire an expert in whatever is found wrong. There should...
The Law
I’m Eric Lanigan with Lanigan and Lanigan attorneys in Winter Park. I want to talk for a minute about something that came up in a case of mine just in the last couple of weeks that reminded me of a principal that I need to make sure that I always apply and that I would certainly recommend to other lawyers. And that’s the second opinion. You can watch this video “Make Your Attorney Get a Second Opinion” on the Lanigan&Lanigan YouTube channel. What happened is, I received a frantic call from some people who had a case that involved some rental property renovations in Central Florida and they got in a dispute with the contractor and they ended up in a lawsuit where the contractor was suing them and also suing to foreclose on a construction lien. And it was quite a nightmare. Oral Contracts Lead to “He Said, She Said” There was no written contract; it had been an oral contract which is always a nightmare in and of itself when you get into a “he said, she said” scenario which is an oral contract in my opinion in the end everybody loses. On top of that they’re facing a construction lien which means that this contractor if he prevails it all of the construction lien then he recovers all of his attorneys fees. Which I’ve had cases where the attorneys fees in those kind of cases can be double what the actual monetary outcome of the case might be. So the case was a nightmare and it was getting ready to go to trial in 10 days....
Real Estate
There are three critical steps a homeowner should not overlook when selling a home in Florida says Eric Lanigan, attorney with Lanigan and Lanigan in Winter Park. Once you have made the decision to sell your home, it is easy to get caught up in a flurry of activity involved in putting your house on the market. Before you get caught up in all the excitement, a homeowner should not overlook three very important steps. 1. Hire an experienced and licensed realtor A licensed realtor will guide you through the paperwork, help you determine the value of your home and be your intermediary in negotiating the sale of your property. It is also important to know whom your realtor represents. If your realtor is representing both the buyer and the seller, are you comfortable with being fully protected in the sale? If you are considering For Sale by Owner, think twice. Do you know the laws? Are you familiar with the laws concerning the transfer of property in Florida? Do you have the negotiation skills necessary to finalize a contract and see the sale through to closing? 2. Hire a real estate attorney The sale of your home involves a legal and binding contract. Many people wouldn’t sign any type of contract without the advice of an attorney; however, everyday people buy a home without having an attorney review the contracts and the closing documents prior to finalizing the sale. A real estate attorney is knowledgeable in contract law and can spot pitfalls before it is too late. They are familiar with issues surrounding the title search, liens against...
The Law
Roddy Lanigan of Lanigan and Lanigan is working on an interesting case that was recently highlighted in The Orlando Sentinel. The case involves two Orlando, Florida, law firms, one that sent Bar complaints about the other law firm all over the country but using another law firms’ address. A yet to be identified person sent 42 letters to 42 Bar associations complaining about Brownstone Law a Winter Park Florida based appellate law firm. The complaints contained false allegations of ethical violations. Roddy is representing Robert Sirianni, managing partner of the Brownstone Law Firm. Here’s the kicker: The letters were mailed using a return address of Orlando law firm, NeJame Law. According to the Orlando Sentinel article, NeJame Law partner Mark NeJame said no one at his office sent the letters. NeJame Law is working with Brownstone Law to help identify the sender of the Since the postal transaction was paid by credit card, Roddy Lanigan filed suit asking a Federal judge to force the U.S. Postal Service to turn over video surveillance and purchase records of the post office involved. The investigation into these false allegations has affected both law firms. They are responding and cooperating with the many inquiries received from the various state bar associations. The Orlando Sentinel article says that a representative from the Florida Bar states there are no pending complaints against Brownstone Law or managing partner Robert Sirianni. When you have a legal challenge, don’t try to tackle it without the help of an experienced attorney. Lanigan and Lanigan. Aggressive representation with a personal...
Real Estate
I’m Eric Lanigan with Lanigan and Lanigan attorneys in Winter Park. I want to talk for a moment about disclosure of mold issues in homes. If you would like to see the video “Florida Real Estate Disclosure Black Mold” visit our Lanigan and Lanigan YouTube channel. Florida Homes May Have Mold Damage I recently read an article and the author estimated that as many as fifty percent of the homes in the south have or have had some level of mold damage. Now the mold you always hear about and you read about is black mold and while it certainly gets the most attention any mold damage can be a big expense as well as a health hazard. The problem with the mold is kind of like sinkholes and termites. Nobody wants to talk about it. Everybody wants to skirt the issue. Just the other day I was reading an article from a real estate magazine which was really the motivation for me to talk about this subject today and the article was about how realtors should address the issue of mold damage history in a house. And the article said that you never refer to mold never use the word mold refer to things like musty odor and dampness and discoloration. In other words just say enough to cover yourself that you brought up sort of the subject but not enough to kill the deal. Home Inspection Contracts Have Exclusions Many times people say to me well you know I’m going to have a home inspection or I had a home inspector go through the house. The...
Real Estate
I’m Eric Laningan with Lanigan and Lanigan of Winter Park, Florida. I want to talk for a few minutes about foreign investors in U.S. real estate. If you would like to see the video “Help for Foreign Investors Who Want to Buy Florida Real Estate” visit our Lanigan and Lanigan YouTube channel. This is something that we’ve seen come and go in waves especially here in Florida. And I would say we’re now reaching another point where foreign interest in Florida property is very high. So it’s again a subject that has come to the forefront. In my 36 plus years of practice I’ve probably seen four or five of these waves over the years. And they come and they go, but no matter when it is there are always certain basic issues on top of the regular real estate purchase issues about disclosures and title search and all of those kinds of things. Structure of a Foreign Investor When you have a foreign investor in U.S. real estate there are other things that you need to consider that are critical. One is the structure of the buyer. Is it a foreign individual just buying property in their own name which is almost never the right thing to do. Because you can immediately subject that foreign individual to U.S. tax laws and tax liabilities. Does the individual already have a foreign entity, a foreign corporation or a foreign trust and there are lots of entities overseas that we don’t have here in the United States. Do they want that entity to buy the property. Again, that’s usually never going...
Real Estate
I’m Eric Lanigan with Lanigan and Lanigan in Winter Park, Florida. I want to talk for a few minutes about easements and how they can affect property rights and become a matter of a property dispute. If you would like to see the video “Florida Property Easements Can Cause Land Disputes” visit our Lanigan and Lanigan YouTube channel. What is an Easement? First of all, what is an easement? An easement is a right to use the land of another person for a specific purpose. So, it’s not ownership of the land, but it is an ownership interest in land in that it is the right to use the property for a specific purpose. Probably for the most common easement that we see is a driveway easement where someone uses sort of the edge of their neighbors property to come into their property. That’s a typical type of easement that we see. Written Easements The most common easement is a written easement which is very much like a deed where you layout the legal description and you layout the specifics of the easement. For instance the right to ingress and egress an automobile over this particular strip of land to enter and leave your property. The one thing really about the written easement is you make sure that the legal description is right because somebody’s going to have to carve out the legal description of the area over which the easement runs. You just can’t use the overall property description. And certainly if you’re the owner of the property and you’re granting an easement over your property, you don’t want the...
