Lanigan & Lanigan, P.L.
831 W. Morse Blvd., Winter Park, Florida 32789
407-740-7379
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Real Estate
When President Barack Obama signed a spending measure to prevent government shutdown, a provision was allowed into law that eases taxes on foreign investment in real estate. The law may help foreign real estate investors What that means for anyone from outside the U.S. who will be investing in Florida real estate is that taxes formerly effecting purchases and sales will be lower. Foreign pension funds are seen the same as U.S. pension funds with taxes being waived on this type of real estate investor. What this means for U.S. property owners and sellers is that money can enter into U.S. real estate and the market can gain strength. First by aiding competition for property effectively raising prices, second by increasing capital flow into the U.S. real estate market. The Lanigans work with foreign real estate investors from around the world who own property, purchase and sell property in Florida. Demand for real estate projects including warehouses, shopping malls, office buildings, condo, apartment and even infrastructure projects has increased and will continue with the tax relief on foreign...
Real Estate
If you’re thinking about buying Florida investment property while vacationing at Disney World or Universal Studios don’t make any quick decisions. While vacationing in beautiful sunshine, your first thought may be that you’d like to own an investment property or a vacation home. Take time to learn the cities, the economies, the prices and the comparables for the area that you decide on. Tip #1: Research Land, Location Never before has the term Caveat Emptor or Buyer Beware been more true than in buying Florida real estate. The first tip is that you should research land, location and the best real estate agents for the type of property that you’re interested in. You may be thinking about a home that you can stay in during vacations and then which you may retire in 10 to 15 years down the line. Maybe you’re in Florida for a short weekend or a long week. You’re one of many visitors and tourists who enjoy the beautiful weather and who consider buying property. Tip #2: Use Trusted, Licensed, Professionals The first decision you make should be in choosing your own realtor, your own title company and your own mortgage lender. The Chicago Tribune in October did a story on a problem that Florida real estate investors have been warned about before. The Chicago Tribune story said that the Consumer Financial Protection Bureau is warning people that the cost of property deals may go up if one person in the closing party has been given kickbacks for: a. bringing a buyer to a mortgage broker b. bringing a buyer to a title company or c. bringing a buyer to a...
Real Estate
Before diving headfirst into a real estate investment that may not be right for your particular financial situation, Florida real estate attorney Eric Lanigan of Lanigan and Lanigan in Winter Park, shares the ABCs of buying Florida property. Before You Buy Florida Real Estate Before you begin: Hire a Florida real estate agent with commission paid by seller Make sure you have a buyer’s agent to help you search and get general information about neighborhoods, locations, values Vet the realtor by getting recommendations Make sure the realtor has lived in Florida, is licensed, has worked with investors, knows all the areas you’re interested in Make sure the realtor is not a seller’s agent committed to the seller If you’re shopping around using multiple realtors you’re wasting your time and theirs: they all have access to the same MLS listings Negotiate that agent’s commission is paid by seller Hire a FLORIDA real estate attorney to protect you from signing contracts that are not in your best interest. An experienced attorney will know the problems of the land, the city/state/county and will know that there are ways to protect you against property and contracts that will not benefit you. Florida Has a Shadowy Real Estate History Florida has a history of very shady real estate activities that go back to the 1920s. Don’t fall prey to cheap land deals with sight unseen purchases. Never buy land you’ve not seen or that a representative of yours has not seen. Florida real estate investors also have to be extremely well informed and must research the value and likelihood of recouping investment funds. You’ve heard stories...
Real Estate
Research Your Florida Real Estate Investments Before you buy a second home, a vacation property, land for commercial or residential use, it’s important to research your Florida real estate investments so that you’re an educated and prepared buyer. Florida real estate investments may be enticing to anyone who lives in a cold weather state. Often, a vacation in Florida compels visitors to think about buying property. Whether you want to buy a commercial property, rental property, pre-construction or property that will be flipped, only thorough research and pre-planning can prepare you. Hire a Skilled, Independent Team Find a real estate agent who knows the area in which you want to buy property. Do not accept the use of their recommended title insurance agent or mortgage companies. You want to make sure that people will work for your best interests and not for referral fees or as a group. Hire an experienced real estate attorney who is a buyers’ real estate agent, a separate title insurance company and mortgage lender. When you work with parties independently, you’ll be able to get honest and straightforward answers that apply to your bottom line. Real estate is a financial venture and by looking into every opportunity, reading comparables, past financial property performances, projected profit and loss sheets you can adequately evaluate the prospective gains. Work with a profit-loss sheet for every single line item from taxes, travel, materials, management fees, repair invested in your home state, or you’re investing for the first time, buying Florida real estate has some built in challenges. Be Aware of Potential Florida Property Problems If you live in Florida and are a Florida native you’ll know...
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...
