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How To Acquire a Real Estate License in Florida

How To Acquire a Real Estate License in Florida

Many people believe that Florida is one of the best places to engage in real estate in the US, mostly because Florida has one of the best tourist attractions in the country and it has great weather and a friendly atmosphere. Also, the state has one of the most profitable real estate markets. However, no individual can start buying and selling real estate properties without obtaining a real estate license in Florida to avoid cases of possible arrest and prosecution.

Acquiring a real estate license in Florida can be quite tedious, but here are some steps involved.

1.   Taking A Pre-License Course to Obtain a Real Estate License In Florida

This process involves taking a mandatory 63-hour pre-license course and passing the exam. The course has the approval of the State Government of Florida, focusing mainly on the laws and principles that guide real estate in Florida. Sometimes, it takes weeks to finish the course, and sometimes, it is a matter of days, depending on the dedication of the person who wants the license. An individual must have a 70 percent score to pass this examination.

2.   Applying To Take the Florida Real Estate Examination

This involves applying for the exam at the Department of Business and Professional Regulations (DBPR). While applying for the exam, an individual must register his fingerprints for some days and provide their state security and ORI numbers. Once their application gets approved, they will get a date to write their exam.

3.   Passing The Driving Exam

This is usually the last stage of getting the license. An individual must score at least 70% before obtaining the license. Once an individual passes the exam, they can fully access the real estate license.

However, having access to a real estate license in Florida does not guarantee its activation. It takes some other steps to get the license fully activated. The first step is to get an affiliation with a broker. Without a broker, it will be impossible to use a real estate license in Florida. The broker will have to activate the license using a Sales Associate Form.

The last step involved is joining a local association. Joining a local association implies that an individual is indirectly a part of Florida’s Realtors State Association.

What Is The Best Place To Live In South Florida?

The best place to live in South Florida really depends on your wants and needs. That said, South Florida is a great place to live. The weather is amazing, the beaches are beautiful, and there are plenty of things to do. South Florida Real Estate is always booming. But what is the best place to live in South Florida?

There are a lot of factors that go into determining the best place to live. Some people prefer to be near the beach, while others want to be close to the city. And then there are those who just want to find a quiet place to call home.

So, whether you’re looking for a place to retire or just a place to call home, here are the top 5 best places to live in South Florida:

1. Coral Gables

Coral Gables is a beautiful city in Miami-Dade County. It’s known for its tree-lined streets, Mediterranean Revival architecture, and lush landscaping. There are also plenty of shops and restaurants to enjoy. And if you’re looking for a place to retire, Coral Gables is a great option. The city has a low crime rate and plenty of activities for retirees.

2. Jupiter

Jupiter is a town in Palm Beach County with a population of about 62,000. It’s located about 60 miles north of Downtown Miami. Jupiter is known for its beautiful beaches, golf courses, and upscale shopping and dining. The town is also home to the Roger Dean Stadium, which is the spring training home of the Miami Marlins and the St. Louis Cardinals.

3. Wellington

Wellington is a village in Palm Beach County with a population of about 61,000. It’s located about 20 miles west of Downtown West Palm Beach. Wellington is known for its equestrian community and facilities. Wellington Village is also home to several shopping and dining options.

4. Boca Raton

Boca Raton is a city in Palm Beach County with a population of about 91,000. It’s located about 45 miles north of Downtown Miami. Boca Raton is known for its luxury shops, restaurants, and resorts. The city also has a thriving business community. And if you’re looking for a place to retire, Boca Raton is a great option. The city has a low crime rate and plenty of activities for retirees.

5. Weston

Weston is a city in Broward County, Florida. As of the 2010 census, the city had a total population of 65,333.[8] Weston is part of the South Florida metropolitan area, which was home to 5,564,635 people at the 2010 census.

Weston was named in 2009 by Money magazine as the 84th best place to live in the United States,[9] and the City with the 9th highest median household income in the country.[10][11] In 2006, it was ranked as the 20th safest city in America by Forbes magazine.[12] It is also home to many large corporations like Tyco SimplexGrinnell and Cleveland Clinic Florida.

Top South Florida Real Estate Attorney Leah Mayersohn

Contact Leah Mayersohn for all of your South Florida Real Estate Attorney needs.

Tax Deductions On A Luxury Home In South Florida

South Florida is well known for its luxurious lifestyles and beautiful beaches, and homes found in South Florida tend to be very expensive. There are many tax deductions associated with buying a home, but the main deduction results from mortgage interest paid on your South Florida luxury home loan. This article will focus on South Florida mortgages and the deductions you can claim as a South Florida homeowner.

First Mortgage Interest

To start this discussion it is important to understand “first” and “second” mortgages. A first mortgage is a loan that takes precedence over any other loans against the property (e.g., second mortgages). Second mortgages are those where another party has a lien or claim against the property if you cannot make the payments on your first mortgage.

Itemize Deductions On Your South Florida Luxury Home

The interest on a first mortgage may be deducted, but only if you itemize deductions when filing your tax returns. If you take a standard deduction when filing income taxes, you will not enjoy this deduction because it requires itemizing homeownership expenses. As a result, many people don’t bother to include their luxury homes in their tax deductions and they miss out on this potentially very lucrative deduction!

Deductible Mortgage Interest

When computing deductible mortgage interest some areas may limit the amount. For example, if you buy a South Florida home for $3 million dollars with $2.5 million dollars borrowed under the first mortgage you can deduct only $50,000 of the interest associated with this loan (because it is not considered deductible mortgage interest). However, if your home was purchased for $500,000 and you put 20% down ($100k), then you can deduct all of the approximate $32,000 associated with this loan.

New Tax Relief Act

The new tax relief act which became effective January 1 st 2013 makes changes to South Florida luxury homes interest deductions. South Florida luxury homeowners are now permitted to deduct interest on mortgages up to $1 million dollars ($500k if you are married filing separately).

Second Mortgage Interest Deduction On South Beach Miami South Florida Homes

The second mortgage interest deduction is more liberal under the new tax relief act because it allows deductions for interest on up to $100,000 of debt incurred on secondary residences. Thus, South Florida homeowners may deduct all the interest associated with their second mortgages; however, these numbers may need to be computed separately when filing income taxes. The total amount of deductible mortgage interest must remain within the $1 million dollar rule (or $500k if filing separately).

Contact South Florida Luxury Home Attorney, Leah Mayersohn for your luxury home buying legal needs today.

Selling Real Estate In South Florida?

Here’s Why An Attorney Should Review Your Listing Agreement.

In most commercial and residential real property transactions, sellers will utilize a real estate broker to market and sell their property.  Often times, and preferably, the broker and seller will memorialize their relationship in writing by virtue of a real estate brokerage agreement, likely in the form of a listing agreement.

Listing agreements are generally set forth on pre-fabricated forms and are usually prepared by the real estate broker or agent. More times than not, listing agreements will favor the broker.    Sellers of both residential and commercial property will often have an attorney review their purchase and sale contracts, but not their brokerage agreements.  This is a mistake that could end up costing a seller thousands of dollars.

Look Out For Property Liens

Generally, a broker or agent may not place, or cause to be placed, in the public records any writing which purports to affect the title of, or encumber real property.  Fla. Stat. § 475.42(j) (2012).  However, a broker may be able to place a lien on your property where it is expressly permitted by a contractual agreement, such as a listing agreement.  Id.  Why would a broker want to place a lien on your property?  For the purposes of securing its commission pursuant to the listing agreement.

Should you unknowingly agree to such a provision, and a lien is ultimately placed on your property, not only will the lien inhibit your ability to dispose of the property, but it can also cost you significant attorneys’ fees to have the lien successfully removed from the property.

Hidden Issues Withing Your Listing Agreement

There are additional hidden issues in a listing agreement that make the decision to hire an attorney a prudent one.  For example, where a buyer defaults under the purchase and sale contract, the seller generally has the option to retain the buyer’s deposit as liquidated damages. A listing agreement may contain a provision entitling the broker to a certain percentage of this retained deposit, sometimes up to as much as 50%. Where commercial properties or luxury residential real estate are involved, the deposit will likely be significant.

Accordingly, if detailed attention is not paid to a brokerage agreement, a seller may unknowingly consent to a lien being placed on their property or forfeit a large percentage of their retained deposit.  Your interests will be better protected by having an attorney review these agreements before you execute them.

Contact a Florida Luxury Real Estate Attorney Today 

Are you interested in buying or selling a luxury home? It’s in your best interests to work with an experienced Florida luxury real estate attorney. Contact Mayersohn Law Group today to schedule your initial consultation by calling (954) 779-7009.

Things to Consider When Purchasing a Luxury Home In South Florida

Luxury homes in South Florida are still exploding. Recently, the famed designer, Tommy Hilfiger set out $21 million dollars for just one of the two properties he acquired in Palm Beach. Competition is still sharp for waterfront homes and we see no end in sight.

Nuances Of Purchasing Luxury Real Estate In South Florida?

Purchasing a luxury home can be incredibly exciting yet unbelievably nerve-wracking. Especially if this is your first time in the luxury real estate market, things can quickly get overwhelming. With more money on the line, there is more to consider to ensure you’re making the best purchase. Here are a few key things to keep in mind when you’re selecting your new luxury property.

Consider Your Complete Finances

You want a clear picture of your finances before you ever get started selecting a luxury home in South Florida. If you’re not paying cash, get pre-approved for a loan, then consider how much you actually want to spend. Talk with local professionals about additional costs like local taxes. Take your time on this step and make sure you’re on the same page with your spouse or anyone else you’re purchasing the home with.

Look Past the Pictures

While a luxury real estate listing may have incredible photos, there can be more than meets the eye. If at all possible, take the time to physically go to the home and take a look around. Truly picture yourself in the space, and spend some time looking around the area, too. This will give you a better picture of the neighborhood as a whole, and you can compare your potential property to nearby homes. If you’re unable to make the trip as professionals often are, you need a reliable Luxury Home Real Estate Attorney to liaise for you.

Think About Resale Value

It is not uncommon with the pandemic to consider South Florida for your forever home but the fact is that circumstances can change. At some point, the home you purchase may find itself back on the market due to professional relocation or personal preferences. Think about how the features of the home will stand up to the test of time. There might be an avant-garde feature you love, but how will future buyers feel? Would it be simple to change? Thinking about these things now will save you or your children a lot of hassle in the long run.

Find a Good South Florida Luxury Real Estate Lawyer

When it comes to luxury real estate, finding a good luxury real estate attorney in South Florida is crucial. The market is infested with sharks and you need to ensure that your best interests are being met and considered. A dedicated real estate attorney will be able to steer you in the right direction, interpret the complicated contracts, and generally ensure you’re getting the best value for your money. Look locally for a luxury real estate lawyer with ample experience, and ask for references from former clients.

If you’re considering buying a luxury home in South Florida, consider Leah Mayersohn . His experience as a luxury real estate lawyer has made him a trusted name in the industry, and he can handle any situation or need. Contact Mark today to learn more!

Real estate analysts and insurance executives suggest Florida’s property-insurance market is in a difficult situation, as increasing carrier losses and higher monthly premiums endanger the state’s flourishing real-estate sector.

Long-term property owners are facing astronomical premium increases or warnings that their coverage will be discontinued. Out-of-state property purchasers who migrated to Florida during the coronavirus outbreak are shocked at the current cost of property ownership. To shore up their accounts, insurers who are drowning in debt are reducing coverage in some regional areas.

Why the Cost Increases?

Several factors have influenced these price hikes. Back-to-back hurricanes Irma and Michael in 2017 and 2018 respectively wreaked havoc on the state, resulting in $30 billion worth of insurance claims. The expense of reinsurance, which is taken out by insurers to offset part of the inherent risk of the coverage they offer, is increasing. Excessive insurance claim lawsuits and a surge of suspected sham roofing claims are also at play.

What Florida Commercial Real Estate Buyers Should Know 

Buying real estate is likely to be the biggest financial investment you make in life. It’s essential that you collaborate with qualified professionals at each step of the purchasing process to secure your investment. Each person in your team, including your real estate lawyer, financial lender, property insurance carrier, and real estate agent, plays an important role in a successful commercial real estate transaction.

Retaining a knowledgeable, experienced commercial real estate lawyer from the start will help you avoid expensive errors later on. Before making a purchase, you may want to bring your real estate lawyer on board and meet with them prior to signing any documents.

Experienced Legal Help for South Florida Commercial Real Estate Transactions 

You’ll need an accomplished South Florida commercial real estate lawyer if you’re looking to invest in commercial property in South Florida. For all of your commercial real estate necessities, Leah Mayersohn is the legal advocate to call. You’ll need a lawyer who is able to confront well-funded insurance companies, commercial property owners, and unscrupulous real estate agents, whether you’re local or from out-of-state.

It’s critical to consider every detail involved in finding a commercial property that meets your company’s needs, making an offer, and closing the transaction. For urgent assistance, contact Leah Mayersohn today by calling (954) 779-7009. Don’t wait to reach out — we are available today to assist your business with any commercial real estate needs you have.

South Florida Luxury Real Estate Soaring

South Florida Real Estate continues to soar. Despite the current state of a global pandemic affecting the nation that will no doubt reverberate through markets both far and wide, the market here in South Florida remains a popular luxury home destination and is expected to continue to rise.

So Why Is South Florida Expected To Continue To Excel?

Past, Present, And Future

Looking back on 2020, Luxury homes stayed viable and didn’t require many negotiations with high-net-worth buyers willing, ready, and able to meet sellers at their level or beyond. The latter allowed residential real estate to thrive with luxury real estate far exceeding others. Luxury properties located on the water were the most popular as well as the most sought after locations. Many buyers and investors settled in Florida temporarily and others are here for the long haul, in either case, South Florida is expected to maintain it’s growth streak.

Buying Or Selling?

Whether you’re buying or selling, now is a great time to explore your options. For the best possible outcome on your Luxury Real Estate transaction, you should consult with a seasoned South Florida Luxury Real Estate attorney.  Call or contact our office today to learn more about how we may be able to help you.

Don’t Count South Florida Luxury Real Estate Out

The pandemic appeared to have brought the housing market to its knees in many markets and yet, Florida continued to have successes. In the early months of the Pandemic, there was some concern over what looked like a reduction in sales but summer came in and Florida experienced an upswing, even among million-dollar homes. This surge continues throughout the state of Florida.

Continuing Pandemic Sales

While a majority of would-be sellers are still experiencing some doubt, the numbers show that luxury real estate homes have the market on lock. Luxury homes are at the central focus in the Florida market. 

The Luxury Home Draw

Preference for Luxury Homes and interest continues to permeate the market in Florida. If nothing else, the pandemic has given families the desire to stretch their legs and bask in the security of having more amenities and land. Absolutely nothing is more secure than owning your own luxury home in communities that provide both safety and luxury. 

Previously, families were able to flock to a myriad of destinations, those destinations may now prove to be unsafe in the face of a pandemic that has positioned itself front and center for the long haul. Until the exterior of our communities normalizes, buyers feel the innate duty to their families to provide a secure and safe environment that allows for additional space, that can also function as a safe haven. The Luxury home market in Florida illustrates that even during tough times, families are able to expand and become part of a lifestyle and community that will allow for stability and growth in the long term.

Tis’ Season For Buying

Typically we see snowbirds in the colder months coming into South Florida with the goal of finding the perfect home away from the cold, this year, even during the pandemic, it is not just the snowbirds looking for sharper shelter.  Luxury homes are getting more of the traction and in fact, this attention and inquiry are coming from all over the United States.  Nationwide, families are wanting to relocate to more tropical weather to seek reprieve from larger cities and congested communities.  

In addition, where we once saw the dynamic of slow and moderate home shopping and buying, the safety of masks has given those would-be buyers reliance and security in actually traveling to Florida and seeking any avenue possible to retain their own Luxury home. While this is great news for sellers, it means that you can expect competitiveness when buying. As a buyer, you are not alone in researching or aggressively pursuing luxury home communities. In fact, if you are looking to buy a home in South Florida, it now requires more immediate action to contravene the loss of any opportunity to get into the luxury home of your dreams. You must be actively engaging with the Luxury home market in order that you do not miss the chance to acquire the home you are interested in.

Thriving South Florida Market

As reported by our local ABC news, the market in Florida is thriving, and now is the time to take the next step and commit to buying a luxury home.  Many may be entertaining the idea of waiting until after the pandemic slows a bit in order to begin their journey into luxury home buying but that can be a mistake. Buyers that come into Florida in earlier months looking to profit off of what they imagined would be a devasted market experienced a rude awakening. Florida is growing and the market here is doing fantastically in Luxury home sales. Indeed, with a market such as South Florida soaring it is never too soon to get in on evergreen luxury homes with a tropical backdrop.  If you’re looking to buy or sell a Luxury home, you need an experienced luxury home real estate attorney to guide you through the process.  Leah Mayersohn can walk you through your options and give you a great head start. Contact our office today to learn more about how we can help you.

Luxury homes in South Florida have an understated challenge that they must meet.  These property types in South Florida generally do not have a broad buyer base as is the case with mid-priced homes nationwide.  Because this market is somewhat specialized, it puts the seller in a unique position when marketing their home in the exclusive South Florida Luxury Homebuyers market. 

Strategize For Successful Sales

To be frank, selling a South Florida Luxury Home can be a lengthy process during the pandemic.  The nature of the locations, communities, and amenities involved bode well for the seller during a normal market, however, with COVID controlling nearly every aspect of the American way of life, it’s no wonder that is also affecting Luxury Real Estate sales. So what is extending closing timelines here in South Florida? It’s a buyers market.

South Florida has been and remains one of the hottest selling markets, not only in the states but for those living abroad as well. South Florida has reaped the rewards of its location, and often, the property will sell itself. The affluent nature of the available buyers in contrast to the number of available properties favors the buyer. Essentially, it is a buyers market. Financially speaking, the buyer of a luxury home has more options in the luxury market, especially during this pandemic. It’s important to have an experienced South Florida Luxury Home Attorney to assist in the process of selling your home as he or she will be better suited to guide you through the process.

Listing Elements That May Support A Speedy Sale

Understand Your Market:

A luxury home is said to stay on the market almost twice as long as the overall housing market nationally. Quite often a seller will even begin dropping their price to close-out the year. Before you begin undervaluing your own luxury home via reducing its price as the housing market does, make it a point to address the sales listing for all areas of improvement. 

We may be dealing with COVID but that has not stopped home-buyers from shopping in the luxury market in South Florida. You need to develop the best strategy to move your property, despite the pandemic, with the understanding that you will have competition and that you need to move up the ranks to centrally locate your property at the best vantage point possible for the home buyers needs.

Most buyers already know what they are looking for as well as the value that they are willing to invest into that dream home.  The more details you provide, the more value you add to your listing and the possibility that the buyer will view the home. Viewing the home online is only half of the journey, getting a buyer into the front door is the ultimate objective. 

Craft Your Story: 

Engage the buyer by cultivating a listing that tells the unique story of the luxury home. In all likelihood you will be working with a realtor, if not, your Luxury Real Estate Attorney will be able to assist you in obtaining a quality luxury real estate agent to improve your ability to sell the home. Regardless, it is vital that your listing is crafted with professional images of the home. 

The Images Are The Initial Selling Point

We all understand the nature of the phrase “first impressions”. With that in mind, you will need to focus a healthy part of your sales arsenal into real estate photography. Many realtors capture images with their cell phones and depending on the brand and model, that may work out great, however, to be clear—the images are absolutely key. Should you need to invest in a professional real estate photographer in order to capture the images, be sure to get that done early on. We do not DIY our luxury home listings when we’re looking to sell at record speed. It is common knowledge that the higher the quality of your images are, the more likely you are to sell the property more expediently. 

Background and Exclusive Details About The Luxury Home

Be sure to include and amplify any security systems, high-end appliances, finishes, or moldings.  When we say detailed, we mean down the most minimal of details. A luxury home comes equipped with a pool, sauna, a gym, etc.  It is important to outline all of the amenities that help make the home a landslide buy among the competition. In addition, if do not already have in-depth information about the community or surrounding areas, it is time to do your due diligence. It is vital to share unique details about the community. Is the community gated or private? Who is the architect of the property and neighboring landmarks, homes and more. 

Communication Is Key: 

As you well know, a luxury homebuyer is investing in a piece of property that most buyers (less than 15%) are able to attain. With that said, they require a certain brand of concierge service.  When a luxury buyer reaches out to you, the sooner that you are able to communicate with them, the better. This means that any phone calls or emails addressing the desire to see the home or learn more about it must be handled at your earliest convenience and with care. Think V.I.P. service. Your communication must be responsive and it must be clear. It is often best to delegate these matters to an experienced South Florida Luxury Real Estate Attorney who deals with affluent purchase and sales regularly and is able to provide both you and your future buyers white-glove real estate legal services.

You can sell your luxury home during the pandemic but it will require a bit of footwork. If you are in the market to sell your luxury real estate home and need superior legal guidance, contact Leah Mayersohn to learn more about how he can assist you.

What To Expect When You’re Inspecting

Part of your luxury home purchase requires that you have the home inspected.  This may appear to be a small element or incidental to the purchase, however, this is exactly the area of your luxury home purchase that can go awry. The process involves the hiring of a home inspector to evaluate and inspect the condition of the property that you intend to purchase. While not affirmative in every purchase, after the inspection, there may be some elements of the home that the buyer, you, will want to have addressed and repaired.

The repairs can be handled in one of two ways:

Some repairs are more common than others, however, the word “reasonable” is key as anything that the buyer deems unreasonable or in excess can result in the loss of the home for a buyer making excessive and “unreasonable” requests.

The Inspection Process

Retain an experienced Luxury Home Real Estate Attorney

First things first, when purchasing a luxury home, you must ensure that you have an experienced attorney at your side to represent your interests and ensure that the process is as seamless as possible. Closing on a home can be extremely stressful, an attorney is your buffer during the course of the entire transaction.

Use Certified Home Inspectors

Your attorney can assist you in retaining an experienced inspector that will do a thorough and detailed inspection of the home leaving no stone unturned to ensure that the home is a viable purchase on your behalf.

Critical Systems Review 

While you may find issues with surface elements like wall blemishes or floor scuffs, asking to have areas such as these remedied prior to the purchase are minimal issues in relation to important systems in Florida such as Air Conditioning and Electricity.  If you intend on requesting repairs, it is absolutely reasonable that you require updates that involve safely operating the home such as:

These meet the reasonable expectation for repairs prior to your luxury home purchase and the seller should be willing to remedy such elements.

Pest Inspections

Another vital inspection that requires an experienced licensed professional is a Pest Inspection. As beautiful as South Florida is, an unkept property, no matter how luxurious it appears to be on the surface, may in fact have a pest problem. It is vital to you, your family, and your well being that an inspection clears the property of pests like:

It is important to address any infestations before purchasing the home.

Assurance That Safety Concerns Are Addressed And Corrected

As previously mentioned, you do not want to reach a point in the deal that you are asking for continued repairs, however, you cannot purchase a home that is not safe. In most cases, a luxury home will not require the same in-depth repairs as that of a typical residential home but you still want to ensure that all of the critical systems are running well and are safe. 

Using a gas tank that may have a leak versus a missing smoke alarm as examples, one is clearly more critical than the other though both are required for maximum safety. In the case of the latter, you may retain credit for the smoke alarm but require the seller to repair the gas leak. 

Disagreements

Disagreements during the course of a purchase are not uncommon and in most cases, any issue that arises can be fixed. In the case of cosmetic elements like a cabinet that appears to be coming unhinged or a slanted door, those elements can be easily fixed but may cause the buyer additional stress and legwork while they attempt to address any critical list items. 

Choose your priorities wisely if you have found your ideal home and location as you will be competing with other buyers, many of which would buy the home as-is in terms of small cosmetic issues. 

Unreasonable Expectations

Real estate attorneys have seen the gambit on expectations during luxury home purchases, from expecting every room in the home to be-repainted, having a driveway repaved and finished floors, the key is not to trap yourself into a corner where another offer may end up being accepted. 

Making unreasonable demands on a seller who holds the market in their hands for both price and location can result in a buy gone bad. The ultimate goal of any request that you make is that it stays within a reasonable realm and addresses the quality of life and safety issues that are the most important of your concerns. Creating a lengthy list of “minor” repairs can end up pushing your seller towards another buyer. 

Get Help With Your Luxury Home Purchase Today

Contact us today to learn more about how we can help you during your South Florida Luxury Home Purchase. We are here to help.