Charles Bradford Real Estate Law York County

Residential and Commercial Rental Property

charlesbradford — Mon, 04 Jun 2007 20:10:05 +0000

There are numerous real estate investors who invest in either residential or commercial rental properties, or some combination of both. Investment in either of these types of rental property can be a valuable component of a good investment portfolio. Investment in rental property requires not only a knowledge of the local real estate market, but also requires an understanding of the laws governing the landlord/tenant relationship.

In South Carolina, there is a very detailed set of statutes governing the landlord/tenant relationship for residential property. This law is called the South Carolina Residential Landlord and Tenant Act, and it is codified as S.C. Code Ann. 27-40-10 et. seq. (1976, as amended). The South Carolina Residential Landlord and Tenant Act is very detailed and well thought out legislation. It covers what is permitted by way of security deposits, the duties and obligations of the landlord, and the tenant�s obligations with respect to maintenance of the property. It also covers both the landlord’s and the tenant’s rights and remedies in the event of noncompliance with the rental agreement by either party. Failure on the part of the landlord to comply with some of the provisions contained in the Act can expose the landlord to liability, in some instances for treble damages and attorneys fees. Any person who has residential rental property in the state of South Carolina should be thoroughly familiar with this statute and have a copy of it for handy reference. Such landlord should also have an attorney who is familiar with the South Carolina Residential Landlord and Tenant Act review the lease that the landlord is using, and make sure that the lease is in compliance with the statute.

There is virtually no regulation of commercial leases in the state of South Carolina. As a result, the terms and conditions of the commercial lease agreement entered into between the landlord and the tenant are extremely important. South Carolina law presumes that the landlord and the tenant have equal bargaining power, and that any lease agreement entered into between them is presumed to be the result of arm’s length negotiation between the parties. Since there is very little regulation of commercial lease agreements, there are substantial variations in the terms and conditions of different commercial lease agreements. Having an experienced commercial real estate lawyer review your lease agreement can be invaluable in helping the client obtain a lease agreement with more favorable terms than he or she might otherwise obtain.

In summary, to be a successful investor with the use of rental properties, it is essential to have an awareness of the laws governing the relationship between the landlord and the tenant. An investor lacking this knowledge or information will most likely benefit greatly from a consultation with an attorney who practices law in these areas.

Understanding Real Estate Capital Gains Tax Law

jason — Sat, 09 Dec 2006 15:12:56 +0000

Understanding the real estate capital gains law takes a bit of effort, but is well worth it if you are a homeowner. Due to the Taxpayer Relief Act of 1997, the real estate sector has been able to stay a step ahead of the rest of the economy. The law essentially says that, if you qualify, you may keep a large tax-free amount of your real estate capital gains after the sale of your home. This amount can reach $500,000 if you are married and filing jointly, or $250,000 if you are a single taxpayer or a married taxpayer who has filed separately.

Under the real estate capital gains law, you must reside in your home for two to five years to qualify for the exclusion. Fortunately for you, the exclusion can be used again and again. The only requirement is that you occupy the house for two to five years. There are also some special provisions for unforeseen events, such as job changes, illnesses, spousal deaths, divorces, or natural disasters. This means that if you are forced to leave your home before two years are up, you may on occasion exclude $250,000 in real estate capital gains when married filing jointly, or $125,000 in real estate capital gains when filing separately.

If you decide to sell your home, you may be eligible to prorate the exclusion. This can happen if you can reduce your gain with selling costs during the sale of your home. Your gain is your home’s selling price, minus deductible closing costs, minus your tax basis. It is very important to have an experienced real estate attorney explain these definitions in detail to you. The details of how real estate capital gains work can get quite intricate, but knowing the law is worth your time and your money.

How Closing Your Real Estate Sale at a Law Office Protects You from Mistakes

jason — Fri, 24 Nov 2006 14:18:21 +0000

Too many of us give little thought to the location where our real estate closings take place. In the state of South Carolina whether you are making your first real estate transaction or you are an experienced investor, closing your real estate sale under the supervision of an attorney is not only required by law in most cases, but makes the process go more smoothly.

Protect Your Rights
In a purchase transaction, the closing agent or attorney is selected by the purchaser.While very few lenders deliberately try to mislead real estate buyers, costly mistakes can happen. An experienced real estate attorney can catch innocent mistakes while defending you from deliberate errors.

Make Yourself Comfortable
Closing your real estate sale at a law office allows you to stage the closing in a truly neutral environment. With your own attorney present to spot problems and to reinforce your decisions, you can feel much more confident about closing on your new property.

Prevent FSBO Woes
Many real estate buyers and sellers use the For Sale By Owner process to save money on real estate agent fees. While you might be able to sell or buy a home on your own, trying to draft the contract or close your transaction without the help of an attorney can expose you to major problems. Closing your real estate sale at a law office gives you the opportunity to have all forms and contracts reviewed by experienced professionals. Simple mistakes like blank lines on boilerplate contracts can put you in financial risk. Therefore, a trip to your attorney’s office is an essential step in any FSBO transaction.

Subject: York County SC Real Estate Law

Making a Title Insurance Claim

jason — Fri, 24 Nov 2006 12:25:24 +0000

Owner’s title insurance exists primarily in order to protect the owner, and to insure the marketability of the owner’s property title. What this means, is that if there is a title defect not listed on your policy, which prevents you from being able to sell your property or from using it as collateral on a mortgage loan, the title company must pay for the legal and court costs for curing the title defect, or if it cannot be cured, they must pay your losses up to the coverage amount. In the case of a lawsuit against the owner or lender of real property, or against the title held by the owner, title insurance can help reimburse the insurance holder for monetary loss. Usually, title insurance will make reimbursements limited only by the amount of insurance the title insurance policy provides.

The companies that provide title insurance to the owners of real property provide this insurance in the interest of the property owners, who may fall victim to missing or faulty governmental records having to do with title ownership. Title insurers take on the responsibility of searching the records of property ownership and determining the precise history of the title. Those who own title insurance are backed up by the financial stability necessary to make valid claims within the confines of the policy that is held.

When compared with other types of insurance policies, title insurance generally pays only a fraction of losses. The majority of the money the title insurers pay for their premium is usually used to fund the thorough records research performed by the employees of the title insurance organization. The most common goal of title insurance holders is not monetary compensation. In fact, the most common goal of title insurance holders is to maintain the initial conditions of the title that they expected upon their first entrance into the purchasing transaction.

Title insurance can protect you against unforeseen complications regarding property ownership. Those who own title insurance, however, should be aware that making a claim does not always provide a payout that compensates for the difficulties that occur when these complications arise. Buyers of title insurance should be very aware of the policies of their insurance providers. Title insurance exists not necessarily to pay off, but to prevent situations in which otherwise inarguable challenges about title ownership could arise.

Subject: York County SC Real Estate Law

How Experienced Attorneys Help Your Real Estate Closing Go Smoothly

jason — Fri, 24 Nov 2006 12:24:21 +0000

The sheer amount of paper you will be presented with at your title closing can be intimidating. Understanding and scrutinizing the documents to ensure that all legalities are complete and that documents are in order is a task best left to real estate law attorneys. Buying and selling property is a complex matter, and an experienced real estate attorney can make an otherwise cumbersome and detailed process seamless.

The major advantage of hiring a real estate attorney to handle your closing is an experienced lawyer brings detailed knowledge of real estate law and procedures as well as a familiarity with the process that could take you months or even years with which to become familiar. The contract of sale in itself is a legal document, and any mistakes or incompletion could void or jeopardize the deal. Most real estate attorneys handle closings on a daily basis, and they know what to look for to ensure that all documents pertaining to your closing are complete and properly executed.

It is common for buyers and sellers of real estate to have questions about documents involved in the transaction. While a real estate agent can answer some inquiries about a few closing documents, the best source of answers is an experienced real estate attorney. Not only will the attorney be impartial, as he or she has no interest in when the sale is made or for how much, but an attorney with a strong background in real estate can quickly and thoroughly answer your questions. They also can review your documents and make sure that when the closing date arrives, you have completed everything you need.

The process of signing all of the documents at a real estate closing can frequently take an hour or more. The attorney will walk you through each document, giving you an explanation of what you are signing and answering any last minute questions. Without a real estate attorney, you may be put in a position of having to make a decision without fully understanding its consequences. Hiring an experienced attorney for a real estate closing does require a fee, but the money will be well spent for the peace of mind and assistance that you receive.

Subject: York County SC Real Estate Law

Insurance Laws Protect Homeowners from Bogus Lawsuits

jason — Fri, 24 Nov 2006 12:22:45 +0000

Home insurance, also known as Homeowners Insurance, is protection against the many possible losses that can occur to the contents of a home, the home itself, the functionality of the home, and other personal possessions of the owner of the home. The liability coverage in homeowners insurance is also designed to provide homeowners with protection from lawsuits that may occur due to accidents that happen in one’s home or on one’s home property.

Homeowners insurance covers loss at an amount that has a direct relationship to the cost of the home itself and any items within the house that are also covered by the insurance policy. Claims having to do with natural disasters, such as earthquakes and floods, are not generally covered by a basic homeowners insurance policy, though special policies can be purchased to protect one’s home against these eventualities.

Under South Carolina law, you as the buyer or borrower have the right to select the agent you use to obtain your homeowners insurance coverage. This is a competitive market, and you may want to shop around to obtain the best coverage and pricing to meet your needs.

Subject: York County SC Real Estate Law

Top Five Real Estate Laws You Might Not Know About

jason — Fri, 24 Nov 2006 12:20:59 +0000

Fair Housing
In real estate, you absolutely can not discriminate against anyone interested in selling or renting your property based on race, sex, familial status, national origin, religion, age or handicap. The federal Fair Housing real estate laws ensure that everyone has equal access to the kind of housing they want, and violating these laws can lead to serious trouble. Recent violations of the Fair Housing laws include a landlord refusing to rent to Hispanic families and a real estate agent and homeowner making a house unavailable to a female client because of her race. For more information about the Fair Housing real estate laws, visit http://www.hud.gov/offices/fheo/FHLaws/index.cfm.

Disclosure Laws
Even though that leaky roof may cause you thousands to fix, it may not be legal to cut corners and hide the telltale water stains from potential buyers of your property. Federal and state real estate laws require property owners to disclose certain information to potential buyers, such as the existence of lead paint in buildings constructed before 1978. It is vital to research state and federal disclosure requirements before selling your property.

Building Codes
Before you build on that extra bedroom, be sure that your plans comply with local building codes. You may surprised at the detail in which these codes outline the size and scope of building projects, including attention to plumbing, wiring and even architectural details. Many neighborhoods in our area also have homeowners associations and architectural review boards that exercise considerable power over renovations and new construction. Avoid costly teardowns and renovations to your construction by ensuring that your project complies with all local building code standards, and with the subdivision requirements set out in the restrictive covenants.

Zoning and Land Use
You may think a property along a main road in your city is perfect for a building your dream house, but you’ll first want to check that the property’s zoning allows for residential construction. More and more municipalities and counties are adopting zoning regulations and land use plans that outline what types of buildings are allowed in certain areas, which will limit what you can build where. Before you buy, sell, or make plans to build on a property, make sure your plans comply with local zoning.

Local Rules
While there are some federal laws the govern real estate practices in the United States, states and local governments often have their own additional requirements and real estate laws that you must follow. Familiarizing yourself with the real estate laws in your state and town can protect you from costly mistakes and potential lawsuits.

Subject: York County SC Real Estate Law

How to Work with an Attorney for the First Time

jason — Fri, 24 Nov 2006 12:19:59 +0000

The need for quality legal advice is on the rise, thanks in part to rising trends in divorce, child settlements, and bankruptcy. These devastating events often require an attorney’s intervention. In fact, 65% of adults in the United States consulted an attorney in 2006. Two out of three adults will have consulted a professional for legal advice in their lifetime. Most likely, you or someone you know will be seeking counsel from an attorney, which means knowing the best way to get help from an attorney can be valuable.

Until you have developed a comfortable working relationship with a lawyer, the first few times you meet with an attorney can be awkward, uncomfortable or unproductive and overwhelming. There are ways that you can prepare yourself if you’re going to be working with an attorney for the first time. Most of this preparation involves gathering facts and knowing exactly what your situation is and the result you want.

When working with any professional, time is money. Most often, the money involved is yours. Having a list of facts and questions ready can go a long way to saving costs and will give your attorney a better idea of what he or she has to deal with. Also, your questions will be easier to answer if you’ve prepared a good overview of the situation.

Start off by simply clearing up how and where you would like to be contacted. Is it okay for your attorney to reach you at work, or is there a private cell phone you prefer to use for your conversations� Knowing the dates of key events and what transpired is even more important. Having relevant documents that support your claims will also go a long way to get the most out of your legal proceeding. To help your attorney best represent you, provide as much documentation for your claim as possible and let your attorney decide what to leave at home.

Your question list is equally important. Ask about options, the types of settlement that are possible, case strategies, overall related costs, the time involved until settlement and most importantly, the credentials of the attorney you’re meeting. Each individual has his or her strengths and weaknesses and you want an attorney who is specialized and experienced enough to handle your case.

Subject: York County SC Real Estate Law

Why You Need an Expert to Handle Commercial Real Estate Law

jason — Fri, 24 Nov 2006 12:05:07 +0000

The first instinct of many experienced business people is that they can handle commercial real estate transactions themselves. While it is true that many business people are skilled negotiators and have a basic understanding of contracts, they simply do not have the necessary legal expertise to represent their interests at closing. Real estate transactions have grown increasingly complex, and in such a litigious society it is wise to factor the fee of hiring a commercial real estate law attorney into your cost of doing business.
Even if business negotiations are a regular part of your job, that still doesn’t make you the most qualified person to handle the drafting of your contract. Experienced negotiators often hire attorneys to advise them when they write the contract and also when they close a deal. A commercial real estate law attorney whom you hire not only will look out for your best interests, but also should notice any potential problems or issues with your contract before you sign. Commercial real estate transactions often deal with issues ranging from zoning to taxes, and an expert in the field will know the specifics of local and state regulations that you could easily overlook. To assure yourself the best deal, make sure a commercial real estate law attorney is working on your side.
Many, many things can go wrong during a commercial real estate deal. If you don’t have a commercial real estate law attorney to advise you during the process, you may end up spending even more money on an attorney to represent you in an ensuing lawsuit. While real estate brokers are not attorneys and cannot provide you with legal advice. It may be tempting to save money by opting out of having an attorney represent you, but having an attorney to represent you is money well spent.
Subject: York County SC Real Estate Law