Real Estate Transactions: How to Protect Your Rights When Buying and Selling Property

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Buying or selling real property is one of the largest investments that most homeowners and business owners make. Florida has one of the hottest real estate markets in the country. According to the latest data from Zillow, the median home price in the state is now $377,706, and the median home that is for sale goes pending in just 31 days. Commercial property is even more expensive. 

Whether you are buying property or selling property, it is imperative that you take the proper steps to protect your rights and your interests. At Jacqueline A. Salcines, PA, our team works hand-in-hand with buyers and sellers through real estate transactions. Here, our Coral Gables real estate law attorney highlights key things to know about buying and selling property in Florida.  

Do the Research: Make Sure Clarify Your Goals and Know the Market 

As there is a lot on the line with a residential or commercial real estate transaction, it is crucial that you do your research—and this requires having a clear understanding of your goals. Familiarize yourself with the local real estate market by reviewing recent sales, comparable properties, and market trends. Doing so will put you in the best possible position to make informed decisions and set your expectations. Research is important for both buyers and sellers. Key considerations include location, property type, budget, and potential return on investment. By clarifying your goals and having a solid grasp of the market, you can best navigate real estate transactions. 

Seek Professional Guidance and Support 

You do not have to figure everything out on your own. Both residential real estate transactions and commercial real estate transactions can be complex. Seeking professional guidance and support provides much-needed protection. A South Florida real estate lawyer who has a deep knowledge of the law and a comprehensive understanding of the local market can make a big difference. An attorney’s expertise can guide you through the negotiation process, provide insights into market conditions, and ensure compliance with legal requirements. 

Know the Importance of the Contract (Carefully Review the Language)

With real estate transactions, the contract is everything. Do not go by verbal representations. Whether you are a buyer or a seller, you need to review (and understand) the contract language. If any sort of legal dispute or other issue arises, the contract will be used to resolve the matter. A real estate purchase agreement should outline the terms and conditions agreed upon by both parties. 

To safeguard your rights, it is imperative to carefully review the language and ensure you understand each provision. Pay particular attention to clauses related to contingencies, disclosures, deadlines, and penalties. Consult with a real estate attorney if necessary to clarify any ambiguous terms and negotiate changes if needed. A well-drafted and thoroughly reviewed contract will not only reduce the risk of problems, but it will also help to protect your rights if any arise. 

Three Key Tips for Homebuyers in Florida

With picturesque beaches and great weather, South Florida attracts homebuyers from across the country. Whether you are a local or you are moving to the state, you must act to protect your rights and interests when buying property. Here are three tips for homebuyers in Florida.

  • Know How to Effectively Use Contingency Periods: Contingency periods are an important part of any real estate transaction for buyers. During this time, the buyer can conduct inspections, appraisals, and other due diligence activities. In Florida, contingency periods can vary in length. You should refer to any agreement to clarify the deadline. 
  • Make Sure You Have a Full Understanding of the Costs: Cost matters. Beyond the purchase prices, costs include closing, property taxes, and insurance. It is essential to have a full understanding of these costs before making a final offer on a home in South Florida. You should also factor in the cost of any repairs or renovations that may be necessary.
  • Do Your Due Diligence (Inspection): You need to know what you are buying as it is represented. It is essential to have a thorough inspection of the property before closing. You should also research the neighborhood and surrounding areas to ensure that the property is in a safe and desirable location.

Three Key Tips for Homesellers in Florida

If you are planning to sell your home in Florida, there are several factors that you should keep in mind to ensure that you get the best possible price for your property and to avoid any potential legal headaches down the road. Here are three key tips for sellers in Florida. 

  • Know the Value of Your Property: A critical factor in selling your home is to know its value. Conduct a thorough analysis of the current market conditions, including things like recent sales of similar properties in your area. Knowledge is power. 
  • Be Sure to Meet All Disclosure Requirements: In Florida, sellers are required to disclose any known defects or issues with the property to potential buyers. Failure to do so could be a very serious problem, you could even be held legally liable for the damages sustained by a buyer. Compliance with residential disclosure requirements is a must.
  • Ensure the Purchase Contract is Pristine: The purchase contract is the core legal document that specifies the terms of the sale. Be sure that the contract is clear, concise, and free of any errors. A seemingly small mistake could cost a home seller thousands of dollars in the long run. You should consult with a Florida real estate attorney to ensure that the contract is legally sound and in your best interests. 

Speak to Our Florida Real Estate Transactions Lawyer Today

At Jacqueline A. Salcines, PA, our Florida real estate transactions attorney provides the solutions-first legal guidance and support that you can trust. We protect the rights of buyers and sellers in real estate transactions. Call us now at 305-669-5280 or contact us online for a fully private case review. With a legal office in Coral Gables, our firm serves real estate buyers and real estate sellers in Miami-Dade County and throughout all of Southeastern Florida. 

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Real Estate Lawyer Near Me

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We service all your real estate needs in the entire State of Florida. We are your “real estate lawyer near me”.

As a buyer or seller of real estate in Florida, it is never prudent to rely on a real estate agent or broker to handle your real estate transaction. Realtors are excellent at what they do, which is bringing buyers and sellers together. However, when it comes to giving advice regarding a Real Estate Contract, the did not attend law school and are not experts in contract law. It always makes sense to hire a real estate lawyer to protect you every step of the way. What you pay is nominal for peace of mind.

What can you expect to pay a real estate lawyer? Depends on the transaction. Fees generally start at $450.00 and depending on the scope of work, whether you need an As Is Contract for Sale and Purchase prepared, title work, lien search, etc.

Always hire a real estate lawyer near me to protect your interest.

LAW OFFICES OF JACQUELINE SALCINES

706 S. Dixie Highway Second Floor Coral Gables FL 33146

J.Salcines@salcineslaw.com

(305) 669 5280

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The Coronavirus and Force Majeure Clauses in Contracts

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The Coronavirus and Force Majeure Clauses in Contracts – SALCINESLAW

With the Coronavirus (COVID-19) taking over the country and businesses, businesses are now seeking to determine whether they are obligated to perform under their contracts, or whether they can invoke a force majeure clause to excuse performance temporarily or even permanently.

Force Majeure Clauses Generally

Not all contracts contain force majeure clauses and even if they dont, there are still protections afforded by law. The force majeure clause is a contractual provision which excuses one or both parties’ performance obligations when circumstances arise which are beyond the parties’ control and make performance of the contract impractical or impossible.[1]

Force majeure events typically enumerated in contracts include:

  1. acts of God, such as severe acts of nature or weather events including floods, fires, earthquakes, hurricanes, or explosions;
  2. war, acts of terrorism, and epidemics;
  3. acts of governmental authorities such as expropriation, condemnation, and changes in laws and regulations;
  4. strikes and labor disputes; and
  5. certain accidents.[2] Economic hardship typically is not enough to qualify as a force majeure event on its own.[3]

Determining whether a force majeure clause can be invoked depends on the specific language of a contract. Generally, force majeure clauses are confined to situations of the kind or nature which limit damages in a case where the reasonable expectation of the parties and the performance of the contract have been frustrated by circumstances beyond the control of the parties.

State Specific Requirements for Force Majeure Clauses: Florida

The CDC defines an epidemic as an outbreak of disease that infects communities in one or more areas, and a pandemic is an epidemic which spreads across the globe. If a contract at issue lists epidemics or pandemics as a force majeure event, the claiming party could argue that the coronavirus qualifies in light of the fact that is has been officially declared a pandemic by World Health Organization.

If a force majeure clause does not list epidemic or pandemic as a triggering event, it is possible that the coronavirus could be covered as an act of governmental authority in some areas, given that many governments, including the United States government, have instituted lockdowns to prevent the spread of the coronavirus.

If a listed force majeure event occurs, however, there is still further analysis required to determine whether invocation will be successful.

Under Florida law, a party seeking to invoke a force majeure clause must show that the force majeure event was unforeseeable, and that the force majeure event occurred outside the party’s control. This means that the claiming party must show that the event could not have been prevented or overcome, and there additionally cannot be any fault or negligence on the part of the claiming party.

Some contracts additionally require that the claiming party give the other contractual parties notice before invoking a force majeure clause. If the claiming party does not give proper notice as set forth in the contract, it could preclude successful invocation of a force majeure clause.

Businesses seeking to invoke the force majeure clause of their contracts likely have a strong argument that the coronavirus outbreak is an unforeseen event, unless the parties entered into the contract after the outbreak of coronavirus. Whether businesses have also attempted to perform their contractual duties despite the coronavirus outbreak, and whether that is even required under a particular contract are questions that must be assessed on a case-by-case basis.

Other Options: Impossibility/Impracticability and Frustration of Purpose

If a party is unable to successfully utilize a force majeure clause to excuse performance during the coronavirus outbreak, or if a contract does not contain a force majeure clause, other options may still potentially be available to excuse performance, such as the defenses of impossibility and impracticability. The Uniform Commercial Code (UCC) provides that a seller is excused from performing under a contract when “performance as agreed has been made impracticable by the occurrence of a contingency the non-occurrence of which was a basic assumption on which the contract was made or by compliance in good faith with any applicable foreign or domestic governmental regulation or order whether or not it later proves to be invalid.” The Restatement (Second) of Contracts defines impossibility as “not only strict impossibility but impracticability because of extreme and unreasonable difficulty, expense, injury or loss involved.”

If a contract does not contain a force majeure clause, and an impossibility or impracticability defense fails, another possible defense for a party unable to fulfill its obligations under a contract due to the coronavirus is frustration of purpose. For the doctrine to apply, “the frustrated purpose must be so completely the basis of the contract that, as both parties understood, without it, the transaction would have made little sense. ”Put differently, frustration of purpose occurs where “a change in circumstances makes one party’s performance virtually worthless to the other, frustrating his purpose in making the contract.” Business should be mindful, though, that economic hardship such as an increase in the cost of performing under a contract is not enough to assert a frustration of purpose defense.

Conclusion

The coronavirus is having a significant and harmful impact on businesses and their ability to perform under their contracts. However, whether a claiming party can successfully invoke a force majeure clause, an impossibility/impracticability defense, or a frustration of purpose defense in order to excuse performance due to the coronavirus is a fact intensive inquiry and must be assessed on a case-by-case basis. Contractual parties must look to the specific language of the contract, including the applicable law, to determine their likelihood of success.

At the Law Offices of Jacqueline A Salcines PA we are here to help. With over 21 years experience interpreting contracts and practicing business law. the best defense is to hire the right lawyer. Let our experience go to work for you. We can assist virtually, by phone, facetime or skype. Call or email us today.

TRUST | COMMITMENT | RESULTS

The Coronavirus and Force Majeure Clauses in Contracts
JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY 2ND FLOOR
CORAL GABLES, FL 33146
TEL 305.669.5280 EMAIL: J.SALCINES@SALCINESLAW.COM
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When It Comes to Contracts, Is Coronavirus a ‘Force Majeure’?

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Dealing with the current situation is hard enough on ourselves and our loved ones. But what if you entered into a contract, or are a landlord or tenant facing difficult uncertain times? Can you get out of the contract? Can your tenant? Can a seller or buyer? The question is, when It Comes to Contracts, is Coronavirus a ‘Force Majeure’?

Force Majeure typically refers to an “Act of God” such as a hurricane, terrorrism or other act, outside the control of the person, that prohibits the person legally bound under the contract to perform. Is the COVID-19 pandemic, legally speaking, an “act of God”?

Here’s a look at how Florida Courts may rule on real estate disputes that arise from transactions during this unprecedented time.

If intending to invoke a “force majeure” clause, a party is required to show a very specific and compelling reason why they can’t perform, as opposed to a more general sense that times are uncertain.

Since this is a first in history, and very new, it is a complicated question to answer. However, though not exactly on point, there is not an abundance of legal precedence to predict how Florida Courts may rule on disputes that arise from transactions during this time.

First of all, what is written into the contract does hold a lot of weight. If, for example, the Far/Bar As Is Residential Contract for Sale and Purchase or Residential Lease contains a force majeure clause, then that will control.

What is the legal definition of force majeure?

As written in the As Is Contract: Section 18(G) Force Majeure. Buyer or Seller shall not be required to perform any obligation under this Contract or be liable to each other for damages so long as performance or non-performance of the obligation, or the availability of services, insurance or required approvals essential to Closing, is disrupted, delayed, caused or prevented by Force Majeure. “Force Majeure” means: hurricanes, floods, extreme weather, earthquakes, fire, or other acts of God, unusual transportation delays, or wars, insurrections, or acts of terrorism, which, by exercise of reasonable diligent effort, the non-performing party is unable in whole or in part to prevent or overcome. All time periods, including Closing Date, will be extended a reasonable time up to 7 days after the Force Majeure no longer prevents performance under this Contract, provided, however, if such Force Majeure continues to prevent performance under this Contract more than 30 days beyond Closing Date, then either party may terminate this Contract by delivering written notice to the other and the Deposit shall be refunded to Buyer, thereby releasing Buyer and Seller from all further obligations under this Contract.

What does this clause do?

It provides an automatic extension that comes into play when a dramatic event prevents a party’s performance or closing from happening. It takes an unusual event to trigger this force majeure clause, as you can see from a few of the examples in the clause, such as hurricanes, acts of God, and acts of terrorism.

Once the clause is triggered, certain time periods (including the closing date, if applicable) will be extended for a reasonable time up to seven days after the force majeure no longer prevents performance. Parties should pay attention to the time in relation to the closing date, though, since either party may terminate the contract by delivering a written notice if force majeure continues to prevent performance more than 30 days beyond the closing date.

Are all force majeure clauses the same?

No.The specific terms can vary, which means every analysis must look at the specific words of the executed contract to see if they apply. It’s possible for the same exact facts to qualify for force majeure protection in one contract, but not another. For example, some force majeure clauses include epidemics and pandemics as covered events, while others do not.

Is the virus an “Act of God” as written in the clause above? Does this force majeure clause apply to COVID-19 related issues?

At this point, it is too novel and too new to tell. So frankly speaking, we don’t know yet how the Courts will interpret it.

Where does the Law Offices of Jacqueline A. Salcines PA Come In?

Myself and my team want you to know that we are here for you. Whether to interpret a contract, or the law, at the Law Offices of Jacqueline A. Salcines, PA we here virtually, to assist. In addition to reviewing contract for you virtually, we can initiate contact with the other party and send demand letters. We are open and here to serve the community.

Call or email us today. We are here to help. Contact attorney Jacqueline A. Salcines, Esq. today.

Jacqueline A. Salcines PA

Tel: 305 669 5280

Email: J.Salcines@Salcineslaw.com

TRUST | COMMITMENT | RESULTS

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REFINANCE YOUR HOME MORTGAGE

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REAL ESTATE AND MORTGAGE LAWYER

With interest rates at an all time low, there has never been a better time to refinance your home loan. If you already own the home and the property has equity, you can tap into some of that equity and take cash out to pay off debt or for school. If the property has a higher interest rate mortgage, you will benefit by having a reduced rate and monthly payment.

The benefits of hiring a real estate lawyer who is also a title company for a refinance are many.

First of all, you are entitled in Florida to choose your own title company to handle the refinance. What you pay is nominal to get peace of mind. Often the fee is between $650 and $750 in attorney’s fees. Moreover, if you do not hire the title company and advise your lender you have selected one, the bank will hire one for you, and often charge twice as much. And, the worst part is, that even though you are paying the bill, the title company does not represent you. They represent the lender.

Additionally, by hiring a title company for a refinance, we can look for your prior owner title insurance policy and issue you a credit for your title insurance so you do not have to pay it again and will have significant savings at closing. Not all title companies issue the credit and borrowers end up paying unnecessary fees and costs.

Lastly, by hiring us, the closing is done at our offices. By the attorney.

Attorney Jacqueline A. Salcines will guide you every step of the way with all documents that need to be signed and explain what you are signing. The day of closing, the mortgage and note will be signed here so if you have any questions or doubts, the attorney will explain it.

Do not go it alone. A mortgage is often the highest debt consumers enter into and with all the legal terms and repercussions for default, it makes no sense to not hire a lawyer.

Attorney Jacqueline A Salcines, Esq., has been assisting borrowers with their real estate and mortgage needs for over 21 years. Consult with us today.

TRUST | COMMITMENT | RESULTS

Attorney Jacqueline A. Salcines, Esq.
706 S. Dixie Highway
Second Floor
Coral Gables, FL 33146
Tel: 305 | 669 | 5280
EMAIL: J.Salcines@salcineslaw.com
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RETURN OF YOUR ESCROW DEPOSIT

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SOUTH FLORIDA REAL ESTATE LAWYER

FLORIDA “AS IS ” REAL ESTATE CONTRACTS HAVE MANY TERMS AND DATES THAT IF THE BUYER IS NOT CAREFUL, AND NOT REPRESENTED BY A REAL ESTATE LAWYER THAT IS MONITORING THE DEADLINES, YOUR ESCROW DEPOSIT COULD BE PLACED AT RISK.

THE ESCROW DEPOSIT IS THE EARNEST DEPOSIT OR MONEY PUT DOWN ON A CONTRACT TO SECURE THE PROPERTY.  IT IS USED ON ALL REAL ESTATE CONTRACTS AND PLACED IN AN ATTORNEY TRUST ACCOUNT OR REALTOR BROKER ESCROW ACCOUNT AND HELD UNTIL THE END OF THE TRANSACTION.

IF AN AS IS CONTRACT REQUIRES FINANCING, THE FINANCING CLAUSES OF THE REAL ESTATE CONTRACT WILL HAVE SPECIFIC DATES TO APPLY FOR THE LOAN AND TO OBTAIN A CREDIT OR LOAN APPROVAL. IF THE BUYER IS NOT CAREFUL OR IS NOT ADEQUATELY REPRESENTED, MISSING THOSE DATES COULD HAVE SERIOUS CONSEQUENCES INCLUDING THE FORFEITING OF YOUR ESCROW DEPOSIT TO THE SELLER.

A REAL ESTATE LAWYER WHO IS EXPERIENCED IN REAL ESTATE LAW NOT ONLY GUIDES YOU THROUGH THE CONTRACT MAZE BUT PROTECTS YOU AT EVERY CORNER.

IF THE SELLER IS WANTING TO KEEP THE DEPOSIT, THEN THERE ARE MANY WAYS TO MAKE SURE THAT DOES NOT HAPPEN.  WHETHER DENIAL LETTERS ARE TIMELY PROVIDED, OR INSPECTION PERIODS NEED TO BE EXTENDED, HAVING THE RIGHT ATTORNEY IN YOUR CORNER MAKES ALL THE DIFFERENCE.

WHETHER YOUR DEPOSIT IS IN JEOPARDY OR WHETHER YOU ARE JUST ENTERING INTO A REAL ESTATE CONTRACT, CALL US TODAY SO WE CAN HELP YOU NAVIGATE THE REAL ESTATE HOMEBUYING MAZE.

WITH OVER 20 PLUS YEARS EXPERIENCE IN THE REAL ESTATE LEGAL FIELD, ATTORNEY JACQUELINE SALCINES AND HER KNOWLEDGE CAN MAKE THE DIFFERENCE BETWEEN KEEPING A DEPOSIT OR FORFEITING IT.  LET OUR EXPERIENCE GO TO WORK FOR YOU. CONSULT TODAY.

TRUST   |   COMMITTMENT  |  RESULTS

JACQUELINE A. SALCINES, ESQ.
OWNER/FOUNDER
706 S. DIXIE HIGHWAY  2ND FLOOR
CORAL GABLES, FL 33146 
(305) 669-5280   J.SALCINES@SALCINESLAW.COM
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MIAMI LAW FIRM PROVIDING REAL ESTATE, LITIGATION AND TRANSACTIONAL SERVICES

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Why hire the Law Offices of Jacqueline A. Salcines, P.A.?

With over 20 years of experience assisting clients with their Real Estate, litigation and transaction service needs,  we assist both large and small corporations as well as individuals facing legal challenges.  Many issues companies and individuals face every day, can quickly escalate into litigation.  However, with a knowledgeable and experienced attorney at your side, with a proven track record of handling such disputes before they escalate, that can make all the difference.

Often times individuals are quick to want to file a lawsuit or defend their rights, but litigation can be time consuming.  With the right tools to review your evidence and evaluate your strengths and weaknesses, we can assist in narrowing down issues between parties, and often settling cases and disputes before they go to court.

At the Law Offices of Jacqueline A. Salcines, PA, our attorney, Jacqueline Salcines brings to her clients 20 plus years of litigation, transaction and dispute resolution experience that has benefited our clients for decades.  Whether your dispute involves  a contract, or employment, or perhaps even an interfamily issue regarding inherited property after the loss of a loved one, we are here to help.

Contact us today and let our experience go to work for you.

TRUST   |   COMMITMENT  |   RESULTS

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146 
(305) 669 5280    EMAIL:  J.SALCINES@SALCINESLAW.COM
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DEFENDING HOA LIEN FORECLOSURE CLAIMS

SOUTH FLORIDA HOA LIEN AND DEBT SETTLEMENT LAWYER

Over the past 20 years, working as a South Florida real estate lawyer, I have seen my share of condominium and homeowner association liens resulting in foreclosures against my clients.  Condominium and Homeowner Association liens have the power to attach to your property and cause you to lose your property and should be taken seriously. Even if $100.00 past due. The Condominium can easily foreclose and leave you out on the street.

Luckily, HOA lien law is strict, and Florida Statutes, particularly §718.121 protects property owners.

A quick look at the lien statutes reveals all the required language that must be contained in the lien. The lien must have the association address, not the attorney address filing it.  The lien must also have the breakdown of amounts due and be accurate.  Florida Statutes §720.3085 also requires that the lien be served upon the homeowner, prior to filing suit.  The suit can not be filed until 30 days after it is served.

To win against the HOA lien foreclosures, you have to start by hiring the right attorney.

Often associations make errors in their billing, don’t provide the proper credits, accounting errors are made that shows misapplied funds.  And, if the condominium or regulating documents do not permit such charges, the condominium association or homeowner association can not bill the homeowner at all!

 

At the Law Offices of Jacqueline A. Salcines, PA, we have over 20 years experience assisting homeowners with their  HOA liens, and condominium liens. The most important step and first step is to make sure you are represented by an attorney that is familiar with your area.

The Law Offices of Jacqueline Salcines offers cost effective services designed to meet your individual needs and requirements. For strong legal representation, call us at (305) 669-5280 today! Attorney Jacqueline Salcines  has been handling all your real estate and business law needs  for over 20 years.

 Main office 305 | 669 | 5280. Or email the attorney directly: J.Salcines@Salcineslaw.com

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL. 305 669 5280

Email:  J.Salcines@Salcineslaw.com

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EVERYTHING YOU NEED TO KNOW BEFORE BUYING YOUR FIRST HOME – FIRST TIME HOME BUYER MAP

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REAL ESTATE ATTORNEY  – MIAMI

With its single taxation for residents, homestead exemption protection, booming tourism ,and wonderful climate, Florida has long been a desirable state for buyers, sellers and real estate investors.

Florida is also a tax-friendly state for real estate investors, providing one more reason to put your property investment dollars in the Sunshine State. Here’s what you need to know about buying your first home in Florida.

Buying your first home

Today’s millennial face ever-growing and complex challenges on the path to home ownership.  Credit checks, student loan debt, lack of credit or bad credit, overpriced homes and not enough funding from lenders.

At the Law Offices of Jacqueline A. Salcines, PA we have been assisting first time home buyers for over 20 years.  Starting with finding the right lender or mortgage broker professional to pre-qualify the loan, we work side by side with companies to connect you to the right individual to suit your particular lending needs.

We can assist you with finding the right property and then creating the correct As Is Contract for Residential Sale and Purchase, or perhaps a new development or other type of contract.  By holding your hand during the contract preparation and review, you are 100% protected so that  nothing can go wrong.

As your real estate lawyer, we are here for you to then request and review inspections and inspection reports, surveys, and other matters that come up during the closing.  We also protect your bottom line in making sure you can get any first time home buyer credit, as well as any tax credits available to you.  To then finally get you, a first time home buyer,  to the closing table and in your dream home.

Buying real estate is exciting but also can be complicated and risky.

Choosing a real estate lawyer and title company that is one and the same, as we are at Jacqueline A. Salcines, PA, you, as first time home buyer, or any buyer in general,  are protected and start off on the right foot.

If you are a first time home buyer, interested in real estate investing in Florida, consult with us today  to learn how you can take advantage of our 20 plus years of knowledge.

By navigating around the tax laws and benefits of investing in Florida,  we are here to help you.

We offer free phone consultations, and a no cost review of your case. 

Call us today.   305.669.5280 and see how we can help you.

About the Author:

Jacqueline A. Salcines, Esq is the Owner and Managing Partner of the Law Offices of Jacqueline A. Salcines, P.A. Real Estate and Business Law Group. With over 20 years experience including holding a dual degree in Accounting, her broad knowledge of REAL ESTATE LAW serves to aggressively protect and defend our firm’s clients, foreign investors, real estate buyers and sellers.

Call us today to set up a  free consultation to discuss your specific needs. We are here for you!

Main office 305 | 669 | 5280. Or email the attorney directly: J.Salcines@Salcineslaw.com

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL. 305 669 5280

Email:  J.Salcines@Salcineslaw.com

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FLORIDA REAL ESTATE TAX ADVANTAGES FOR FOREIGN INVESTORS – REAL ESTATE LAWYER MIAMI

REAL ESTATE ATTORNEY  – MIAMI

With its single taxation for residents, homestead exemption protection, booming tourism ,and wonderful climate, Florida has long been a desirable state for real estate investors.

Florida is also a tax-friendly state for real estate investors, providing one more reason to put your property investment dollars in the Sunshine State. Here’s what you need to know about Florida’s tax laws as a real estate investor, as well as an overview of how Florida’s tax system works for real estate investing.

Florida Income Tax on Real Estate Investing

Alongside Nevada, South Dakota, Washington, Wyoming, Alaska, and Texas, Florida does not collect personal income tax. That doesn’t mean you won’t pay income tax to the IRS for federal taxes, but it does mean you will  pay less overall income tax in Florida.   Even if you don’t live in Florida, you can benefit from the state’s lack of income tax as a foreign investor in real estate.  Here’s how:

When conducting real estate transactions, collecting rent, or earning commercial property dividends from a Florida real estate investment, you will be taxed at the state’s franchise rate if you operate as a “C” type corporation. You can get around this by filing as an “S” corporation, but there are still easier ways to escape business taxes in Florida.

#1 Sole Proprietorships and Partnerships

Sole proprietorships are defined as businesses owned by a single individual, and in Florida there is no distinct business or corporate tax on sole proprietors. And since there is no income tax leveraged on individuals in Florida, you can invest in real estate as a sole proprietor without paying state income tax.

The same goes for partnerships; Florida does not leverage a state-specific tax on partnerships. And while most states tax the revenue generated from partnerships, Florida does not. This means you can invest in Florida real estate as either a sole proprietor or partnership without paying state income tax.

#2 LLC

Though perhaps a little more confusing, operating as an LLC in Florida can still afford real estate investors the benefit from Florida’s lack of an individual income tax. But, the LLC has to be setup properly to enjoy this tax benefit.

To form an LLC in Florida while living in another state, you’ll need an agent living in Florida to serve as a “resident agent”. If your LLC is composed of multiple members, it will usually be treated as a partnership for tax purposes, meaning you will not pay state income tax. Furthermore, if you are the only owner in your LLC, it will be treated as a “disregarded entity”, and you won’t pay state income tax.

Be aware, though, that it’s possible to setup an LLC so that it’s treated as a corporation under Florida’s tax code, which would result in paying Florida taxes. So, use a professional to setup your LLC to avoid paying Florida income tax.

Watch Out for These Complications

Florida’s lack of a personal income tax makes it a great place for real estate investors to conduct business. However, there are a few ways this picture can be complicated by external factors.

First off, depending on what state you live in, your state may leverage an income tax on income generated out of state, even if that income comes from a non-taxable legal entity in Florida.

Similarly, if the legal entity that you’ve formed to operate in Florida conducts business in other states, you may fall victim to “nexus” based taxes. “Nexus” exists when a business operates in more than one state, and the rules and regulations for businesses that fall into this category are extremely complicated. Again, consult tax and legal professionals before doing anything relating to taxes and real estate investing.

Things To Consider Regarding Out-of-State Real Estate Investing

From a tax perspective, there are numerous benefits for real estate investors in Florida. But if you live outside of Florida, there are logistic concerns to keep in mind.

Anytime you invest in real estate outside your home area, you need to do a great deal of out-of-town research to learn where to purchase investment properties. Plus, from a financial perspective, managing properties and tenants from long distance can be impractical, besides dramatically cut into your profits.

The solution, then, is to use a real estate attorney and local realtor.

There are major tax benefits for real estate investors in Florida, compared to most every other state.

If you are interested in real estate investing in Florida, consult with us today  to learn how you can take advantage of Florida’s tax laws. Hopefully, you can significantly increase your profits by avoiding state income tax in Florida.

By navigating around the tax laws and benefits of investing in Florida,  we are here to help you.

We offer free phone consultations, and a no cost review of your case. 

Call us today.   305.669.5280 and see how we can help you.

About the Author:

Jacqueline A. Salcines, Esq is the Owner and Managing Partner of the Law Offices of Jacqueline A. Salcines, P.A. Real Estate and Business Law Group. With over 20 years experience including holding a dual degree in Accounting, her broad knowledge of REAL ESTATE LAW serves to aggressively protect and defend our firm’s clients, foreign investors, real estate buyers and sellers.

Call us today to set up a  free consultation to discuss your specific needs. We are here for you!

Main office 305 | 669 | 5280. Or email the attorney directly: J.Salcines@Salcineslaw.com

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL. 305 669 5280

Email:  J.Salcines@Salcineslaw.com

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