Real Estate Law - Pinellas County, FL

Secured Lending

Secured lending is a procedure where the creditor secures the loan with property that is monetary value. For example, if you go into a bank to borrow money to purchase a home, then the home is the security that is placed as collateral with the in exchange for the bank loaning money to the homeowner. If the homeowner fails to pay the debt, then the bank can repossess the home. There are legal requirements that secure the interest must be filed in real estate records in the County Courthouse. There may be more than one security interest file in any given property. Generally, the first to file their security interest would prevail over any second party who filed a security interest. One should consult a real estate attorney concerning these highly complex matters.

Subleases and Assignment of Leases

Subleases involve the right of a tenant to enter into a separate agreement to lease the tenant's property rights to a third person. Whether a person has the right to sublease their property rights is determined by the terms and conditions of the lease agreement. Most lease agreements do not provide for subleasing unless written authorization is obtained from the landlord. An assignment of a lease is an agreement where one person assigns their right to another person with respect to their obligations under a contract. For example, if you want to get out of a an automobile lease, you might be able to enter into an agreement with a third party. The third party would assume your leasing obligations. You'd only be able to do this though if the automobile leasing company agrees to it.

Foreclosing Your Mortgage or Lien

A financial lender has the right to foreclose on the note when the debtor fails to make timely payments. Generally, a lender will be required to give notice to the debtor, then the lender will post the default transaction at the courthouse for foreclosure. The home or property which is used to secure the loan will then be repossessed by the lender after the date of foreclosure. The procedure for foreclosure depends upon whether the home was sold on a contract for deed or a deed of trust. A party may wish to consider filing for bankruptcy which can delay the foreclosure process. A person involved in foreclosure should consult a real estate attorney to determine a person's options and rights.

Purchasing a House/Condominium

Some of those considerations would be the location of the property. The location of the property is generally the prime consideration which determines the market value. One should determine the value of other homes or condominiums in the vicinity to determine if the price for the unit is a market value. One should also consider the cost of operating the home or condominium. For example -- what is the electric bill? The cost to insure the property? The taxes on the property? How much will the title insurance policy cost? And, how much will the property cost the purchaser in addition to the monthly note that the purchaser will be required to pay the note holder. A person should compute the cost of a home into their budget before purchasing a home or a condominium.

Title Insurance and Surveys

When a person purchases a home, they should secure a title policy. A title insurance policy is an insurance policy which would be provided by the seller to the buyer which represents that the seller is conveying good title without liens our impediments on the title. The cost for title insurance is usually paid for by the seller, but the fee can be negotiated. A survey is generally required to be performed before closing on a real estate transaction. A survey is where the boundaries for the land will be measured and compared to the surveys on file with the real estate records in the county where the land is located.

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