Law Office of Ryan S. Shipp, PLLC

February 2017 Archives

Hard money lenders and residential real estate transactions

Most home buyers in Florida and around the country take on conforming real estate mortgages, but those who only require money for a short period only may sometimes choose to approach a hard money lender instead. This kind of financing may be appropriate when property buyers or owners require funds to renovate a house or apartment prior to putting it on the market, and hard money loans can be extremely useful when a deal must be closed quickly and there is not enough time to put a conventional loan package together.

Obligations of a Florida landlord

In the state of Florida, a tenant is an equal party to a landlord. Therefore, the tenant does not have to agree to anything that a landlord proposes. However, once a lease is signed, both parties are bound by its terms, and there is no grace period in which the lease can be cancelled after it is signed. Typically, leases are written down as an oral agreement may be harder to enforce in court.

Fed officials warn of interest rate hikes, possible bubble

Commercial real estate investors in Florida may be interested to hear what Federal Reserve officials have to say about possible interest rate hikes. On Feb. 1, the Federal Open Market Committee stated again that it planned to raise interest rates gradually this year. Officials have tentative plans for three quarter-point interest rate increases in 2017.

When employees leave, make sure your information stays behind

Many businesses depend on proprietary information, trade secrets or other closely held information in order to differentiate their product or services from the competition. When employees with access to this information leave the company, it comes with the risk that your trade secrets will end up in the wrong hands. For this reason, many Florida companies rely on the protection of a non-compete agreement.

When buying is cheaper than renting

Florida residents may feel as if it is too expensive to buy a home. However, according to ATTOM Data Solutions, it is cheaper to buy than to rent in 66 percent of American counties. The report compared the cost of a three-bedroom apartment to the cost of a mortgage payment with taxes and insurance included. Mortgage data was gleaned from 540 counties in which there were 900 or more home sales in 2016.

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