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Collier County Business And Real Estate Law Blog

People flocking to Florida to avoid high taxation in other states

People have been rushing to Florida from out of state, eager to participate in the current real estate market. As you may know, many states have high taxes on properties there. Florida, unlike these states, does not tax your personal income or estate. With these benefits, more people are moving there to take advantage of the tax shielding.

Even better is how property tax is assessed. It's based on the market value of a property as of the first day of January in the year it's purchased or sold. This is ideal if you plan to purchase a property for a steal and then sell it quickly before the end of the year. You'll save on taxes and be able to make a greater profit.

Florida continues to see real estate market growth in 2019

Florida's real estate industry is celebrated presently in early 2019, and confidence in the industry is very high. Some believe that the real estate market in Florida is returning to normal, but luxury sales are growing.

Take, for example, the story of one buyer who purchased a mansion for $48.8 million. He tore it down before rebuilding and creating his perfect home on the property.

How can you protect intellectual property?

It's always important to take steps to protect your intellectual property. When you create a new invention, the last thing you want is for someone else to steal your idea and reap the benefits of your hard work.

You do get some protection with the use of copyrights and patents. That doesn't mean that others won't try to make copies of your design, though.

3 tips for successful purchasing in residential real estate

Real estate can be a great way to boost your income if you intend to rent or sell for more than you paid for a home. It can also be a great opportunity to invest your money into a home that will grow with you and eventually be like a large savings account for you when you sell the property.

If you intend to invest in residential real estate, it's a good idea to look into tips from those who have done so successfully. Here are three tips that could help you make a successful purchase.

Make sure your contract has these elements inside

When you're preparing to work with a construction team, the most important thing to do is to make sure you have a well-drafted construction contract. A well-prepared contract is legally binding and protects you against damages that any construction team could cause to your property.

Before you sign off on any contract, there are a few things you should make sure are included. These items include:

  • The time frame with which the team has to complete the project
  • The pricing of the project
  • How you'll pay for the project
  • How much you pay in penalties if you are late with payment
  • Rules for industry procedures
  • Arbitration clauses
  • Material terms to discuss goods and services and how they'll be rendered
  • Attorney's fees, if legal aid is needed
  • Anticipated issues or problems that you can set terms of agreement for

Retirement properties in high demand in Florida

Real estate can be a great investment if you know what you're looking for and have the right property in mind. As people around the country reach retirement age, many decide to relocate to sunnier climes like Florida. However, those looking to move to Florida may find it to be more challenging than they anticipated to find the right piece of property.

Why? The number of available properties is decreasing. There is a higher demand for vacancies in retirement communities, which causes prices to go up. More people are seeking luxury accommodations and want to have space to live comfortably, which adds to the expense of moving to a retirement community here.

Reasons landlords cannot evict tenants for

Tenants have many rights, and it is vital for landlords to understand those rights. That includes knowing the reasons you cannot evict a tenant for. Some landlords in Florida landed in trouble after illegally evicting tenants after the last hurricane season. 

Landlords and tenants have disagreements all the time. However, that does not mean a landlord can evict a tenant just because the relationship turns sour. It is critical for landlords to never threaten eviction for the following reasons. Otherwise, they could end up in hot water. 

Know when it's the right time to buy your property

When you're looking into buying or selling a home, you want to look at the housing market. The housing market predicts what's to come in the future, so you can decide if now is the right time to buy or sell.

Forecasts for Florida show that home prices may be on the decline, which is great news if you plan to make a purchase. The downside is that interest rates are expected to climb, which means that you'll pay more over time for your mortgage than you would have months ago.

What do you need to know to work between states?

Sometimes, the people you want to work with in business aren't all in the same state. As a result, you might be held to different standards or face different laws that your business has to follow.

If you want to work with someone who is out of state, the first thing you should discuss is where to set up your business. It's a good idea to choose at least one state that has more beneficial laws and better protections. The state where you choose to set up your business is called the state of organization. Your business will be "domestic" there.

How can you avoid unexpected costs during construction?

When you hire someone to do work on your business' new site, you want to make sure it's up to the standard you need and within your budget. The last thing you want to learn is that the budget you set won't be enough for your project. This is especially difficult when the construction already began.

When you're budgeting for construction work, it's important to do a few things. First, you'll want to make sure you have a firm budget and timeline. You need to calculate for delayed work or modifications you have in mind. You also need to set some funds aside for hidden costs.

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