The Tampa Bay area has experienced a surge in commercial real estate due largely to the efforts of property brokers working together to promote the region. While development in Tampa Bay can be a profitable, prestigious, and noteworthy enterprise, it’s also not without risks, especially for newcomers unfamiliar with the area’s local statutes and social norms. They may find that real estate transactions here can present some unwanted surprises. That’s why guidance from an experienced, local real estate attorney can be invaluable to protecting your investment.
The previously unknown and unexpected historical circumstances of a property can present purchasers with issues they may not be prepared to deal with. Hidden liens, missing heirs, inaccurate survey boundary issues, and filing or clerical errors in public records can have a significantly negative effect on the real estate investor’s hoped-for return. Conducting a title search through a local attorney familiar with the area’s public-record retrieval processes protects against finding surprises in the ownership history of a property.
Many real estate investors have profited from the Tampa Bay area while also improving the region’s overall value for its residents. The local economy has soared in relation to the growth in new businesses and from the rising demand for home ownership throughout Tampa. With the surging commercial real estate boom, there is currently a shortage of residential properties that are available for sale, which helps keep the market prices high.
Many people who were able to purchase homes in the past are now deciding to rent them instead of selling them. Deciding to rent a home for income, however, requires a great deal of legal preparation to ensure that the right tenants are found and that the property will be protected from economic and physical damages.
Hillsborough and Pinellas counties each have their own regulations regarding landlords’ and tenants’ rights and responsibilities. So, renting a home requires a carefully drafted lease that not only serves as the legal agreement between the property owner and the tenant but also covers all of the statutory requirements. Entering into any landlord-tenant relationship can create unforeseen headaches if not done properly. A competent real estate attorney can ensure that documents are correctly drafted.
Frank Charles Miranda, P.A. provides experienced real estate representation and title professionals who can help investors and developers take advantage of the commercial and residential real estate boom in Tampa Bay. Call us at 813-902-3925 or contact us online if you are considering purchasing, selling, or renting a property in the area.