Blog Elements – Page 16 – Title Partners of Florida

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Why You Should Work With Attorney Operated Title Company?

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October 22, 2018/by RK Admin

Are Luxury Condos Still a Profitable Real Estate Investment?

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The profitability of renting luxury condominiums in South Florida is yet to be proven. The high inventory and output of extravagant amenities determining high prices, tied to the stagnation of […]

September 26, 2018/by RK Admin

Why You Should Work With Attorney Operated Title Company?

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October 22, 2018/by RK Admin

Are Luxury Condos Still a Profitable Real Estate Investment?

News

The profitability of renting luxury condominiums in South Florida is yet to be proven. The high inventory and output of extravagant amenities determining high prices, tied to the stagnation of […]

September 26, 2018/by RK Admin

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Why You Should Work With Attorney Operated Title Company?

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A title company performs several fundamental roles in day-to-day real estate transactions. It generally acts as the intermediary between the buyer, the seller, the insurance company, mortgage lenders, and any other party involved. Title companies also search real estate titles’ histories to review the records of the property in subject in order to advise the parties involved the status of the property.

Title companies make sophisticated title search for outstanding mortgages, liens, judgements, unpaid taxes, restrictions, easements, leases, legal actions, or anything else that might affect real property ownership. After presenting the abstract of title, it issues a title opinion letter, a legal document that expresses the validity of the title. It is common that title companies retain the escrow account funds and documents designated to protect the parties interests.

A real estate attorney helps clients with legal issues related to real estate like prepare and review documents such as appraisals, agreements, mortgages, disputes, titles, file liens, draft deeds, transfer ownership documents, and oversee closings. If you are buying a real estate property in Florida, you have the choice of hiring a title company or a real estate attorney to assist on the closing.

The question is: why would you hire a real estate attorney when you have the option to hire an attorney owned and operated title company? It is very simple, an attorney owned and operated title company is established, managed, and controlled by an attorney. In addition, title companies must adhere to the American Land Title Association’s (ALTA) best practice standards, and are regulated by the Florida Department of Financial Services. A title company plays a crucial role in the process, coordinating the real estate transaction since it starts until the closing. It facilitates the closing, issues the title insurance, files and records paperwork, helps protect your investment, and prevents you from expensive and often hidden potential problems that may place the ownership of your home or your client’s home in jeopardy.

Choosing an attorney owned and operated title company provides you with the comfort that if an issue arises, the legal advice is in-house, you have access to legal answers concerning the settlement and the necessary corrective documents, and solutions can be prepared immediately, eliminating the risk to delay the closing. Make sure you comply with the law every step of the way, and guarantee moving forward without complications.

Working with Title Partners of Florida, an attorney owned and operated title company, you are hiring a team that has legal knowledge, is in regulatory compliance, maintains clear and quick communication, and is ready to quickly overcome issues that may arise during your real estate transaction. We are proud members of the Attorneys Title Insurance Fund, a division of Florida’s largest title insurance underwriter, which supports and promotes the success of attorneys’ real estate practices. We are Secure Insight Trusted & Verified.

We adopt and sustain the use of best practices in title insurances and closing process pursuant to ALTA standards, as follow:

Obey with all state and federal laws and regulations,
Ensure that our employees are updated with newly released ALTA policies, procedures, and standards,
Provide sufficient protection for all customers’ personal and financial information.

We assist Realtors® with residential sales, commercial sales, short sales, and foreclosure. We offer equal professionalism and diligence to buyers, sellers, and lenders. We are a full-service, title, settlement, and escrow company with 17 years of experience formed of attorneys, paralegals, and significant support staff providing utmost efficiency and professionalism at reasonable rates. We are committed to your success and helping you strengthen your relationship with your clients.

Contact us with any questions about our real estate closing services by phone (844) 321-6168 or by email titleinfo@titlepartnersfl.com.

October 22, 2018/by RK Admin

Are Luxury Condos Still a Profitable Real Estate Investment?

News

The profitability of renting luxury condominiums in South Florida is yet to be proven. The high inventory and output of extravagant amenities determining high prices, tied to the stagnation of wage-increase for potential renters has been a sign of trouble for the investors’ industry.

For investors, these condos lost their attraction to be considered a sound, profitable investment, after evaluating the cost of association fees, assessments, and taxes.

The downturn in prices for these condos, “already happened” said Josh Migdal, Miami attorney who represents clients in multiple jurisdiction and is known for his work on behalf of the Federal Deposit Insurance Corporation (FDIC) in the wake of mortgage meltdown and the condo market.

Huge Supply of Million Dollar Condos

The condo oversupply is clear in luxury projects, yet absent in affordable projects. Condo Vultures’ website who weekly distributes the Market Intelligence Report for residential real estate in Miami-Dade, Broward, and Palm Beach counties, recently reported that there is a 70-month supply for condos costing at least $1 million.

Last year, a news report found a “home luxury glut”. There was a 124% increase of condos and luxury properties over the same time in comparison to the previous four years.

Last year, Ron Shuffield, President of EWM Realty International, a 54-year-old real estate brokerage, with 10 offices in South Florida said, “There are more properties on the luxury market right now than we’ve ever had in history.”

Peter Zalewski, founder of Condo Vultures, told the Herald, “there’s a 32-month supply of condos in downtown Miami alone, so the only way you’re going to move a condo in this market is to lower your price.”

Although in the second quarter of 2017, there was a median worth decline for condo/townhouse of 22% in zip code 33132, and 10.1% in zip code 33140, the recent trends in Miami real estate luxury prices finally saw a growth in January of 2018, and have reached the highest price gains since July 2005. The luxury market in Miami is growing according to Danielle Hale, chief economist for realtor.com®.

Shrinking Supply of Affordable Condos

There has been a crunch in the affordable housing in United States; consequently, affordability for renters is becoming an issue. Florida families spend more than half their income on rent, lead by a shrinking in the inventory of rental units and the increase of rental prices.

According to the Brooking Institute, a research leader non-profit organization for solving problems facing society at the local, national and global level, the supply of affordable condos within the $200,000 – $300,000 range in Miami-Dade has been shrinking, while the county’s median household income stays at $45,900.

The advice for investors looking for condos is to do their homework, analyze their investment prior to commitment, and align their costs with the return. Also, to look for alternatives outside the multi-million-dollar market areas with lower prices. An example of these areas is Homestead which has been undervalued, but where a significant appreciation has been occuring during the last two years.

Despite the variation in inventory supply, price, and climate change among other factors, it is well known that Miami-Dade is still one of the most attractive markets in the country to invest in real estate.

September 26, 2018/by RK Admin

Half Sized Blog Element (Single Author Style)

Half Sized Blog Element (Multi Author Style)

Why You Should Work With Attorney Operated Title Company?

Are Luxury Condos Still a Profitable Real Estate Investment?

Why You Should Work With Attorney Operated Title Company?

Are Luxury Condos Still a Profitable Real Estate Investment?

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Why You Should Work With Attorney Operated Title Company?

Are Luxury Condos Still a Profitable Real Estate Investment?

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