If you co-own a property and want to sell, but the other party doesn’t, you may wonder what your legal options are. The situation is quite common. When co-owners do not agree on the sale of the property, they may feel that litigation is the only option to resolve the dispute. However, that is not correct.  As a real estate attorney, Peter J. Snyder regularly handles title disputes that arise between property co-owners. Attorney Snyder helps clients resolve real estate disputes as swiftly and efficiently as possible. With an office in Boca Raton, Florida, Mr. Snyder works with clients in Delray Beach, Deerfield Beach, and the rest of the state. Reasons One Person Won’t Sell There are several reasons one person may refuse to sell the co-owned property when the person they share ownership with wants to sell. Common reasons one person won’t sell are: Inheritance . If a person inherited the property from their parents or grandparents, they are less likely to want to sell the property. Many people tend to hold on to heirlooms because there are many memories attached to those properties. Divorce . Two soon-to-be-ex-spouses can argue about a lot of things, including whether or not to sell property, when going through a divorce. In fact, who gets what and what to do with co-owned property tend to be some of the most contentious topics when ending a marriage. Regardless of the reason why one party does not want to sell, the other party may wonder how to get out of co-ownership of property. In this situation, a partition may be the best option for everyone involved. Understanding Partitions At this point, you might ask, “ What can I do if I want to sell, but the co-owner doesn’t want to? ” You may need to opt for what is known as partition. The term “partition” refers to the process of dividing real/personal property owned by more than one individual or entity. A partition lawsuit can be filed when a title dispute arises. The purpose of partition is to divide the co-owned real estate or sell it and divide the proceeds. Courts recognize three types of partitions: Partition by sale . When one party wants to sell the property but the other party doesn’t want to, the court may order the forced sale of the property. Partition by kind . When title disputes over co-owned property arise, the court may order the division of property in an equitable manner, allowing each co-owner to keep a certain percentage of ownership. Partition by appraisal . If one of the co-owners refuses to sell the property, the other co-owner(s) can buy out that party’s share for the appraised price. However, all parties must agree to partition by appraisal before the court can order it. Yes, a partition may be the only option to resolve a title dispute in which one co-owner does not want to sell the property. However, the partition process can be complicated and confusing, which is why you’ll need the assistance of an experienced real estate attorney to help you. Dividing the Proceeds Many people resolve title disputes by filing a partition lawsuit to force the sale of the property. If the sale of real estate is forced by the court, the proceeds will be divided among the co-owners based on their interest in the property. Before the proceeds are divided, attorney’s fees, referee’s fees, liens, commissions, and other sale-related costs will be deducted from the amount. When dividing the proceeds, courts may consider a number of factors that may affect the co-owner's interest ownership. That is why consulting with a knowledgeable attorney is crucial to understand your rights when selling property and dividing the proceeds. Turn to Peter J. Snyder, P.A. When title disputes where one party does not want to sell arise, Peter J. Snyder has extensive experience representing both sides of the dispute. As a real estate attorney in Boca Raton, Florida, Attorney Snyder helps clients negotiate a favorable settlement and defend their interests in and out of court. Schedule a consultation with Mr. Snyder to discuss your unique case.

Real estate purchasers in Florida are often at a loss for understanding what conditions of the sale should be established in writing and included in the deal. Real estate transfers can appear as relatively simple transactions, but the truth is that they can be very complicated when misunderstandings exist between contracting agents. Although there are multiple details that should be included, there are three primary components that must be spelled out in writing for all parties. Financing terms Any real estate sales agreement will typically include a financing institution of some type even when the purchaser is making a significant down payment. Each party to the agreement should be listed with a designated purchase price and interest rate included in the mortgage. In addition, all real estate agents should be identified as well. Home inspection report All real estate structures are sold contingent on the building or home passing an inspection that must be completed prior to finalizing the transfer. A third-party inspection team can evaluate the home and check for items such as potential radon gas issues that cannot be noticed without special equipment. All structures must be up to code with any acceptable defects being identified to avoid any potential litigation for unforeseen problems. Closing cost responsibility One of the primary functions in any real estate transaction is performed by the attorney handling the closing. The closing designates when a sale goes to escrow and includes when payment will be made and official control is transferred to the new owners. Not all sales will go to escrow, but many do and it carries both advantages and disadvantages.  There are indeed multiple issues that must be stipulated in any comprehensive real estate contract, and having an experienced Florida real estate attorney is vital. Real estate deals can fall through when all potential issues are not addressed firsthand, and the ensuing litigation can be costly.

Trusts can be a great tool for estate planning. In a trust, one party puts assets into an instrument that a trustee manages. This individual looks after the funds until they pass to a beneficiary. In Florida, almost anyone can be a trustee as long as he or she is an adult of sound mind. A corporation, like a bank, can also act as a trustee. So can a professional, like a lawyer. In some cases, testators choose a family member or friend to be a trustee. How Revocable Trusts Work Revocable trusts are instruments that allow people to pass assets on to their families quickly upon their death. After the creator’s death, funds in the trust don’t have to go through the process of probate . They can pass to the heirs quickly. Sometimes, people talk about tax benefits in association with revocable trusts. This is a complicated issue and should be discussed with an accountant. A Trustee’s Duties Being a trustee is a big responsibility. Trustees must invest and account for the funds entrusted to them. Upon the death of the trustor who created the revocable trust, they are responsible for paying taxes and expenses. Then they must make distributions to the heirs according to the wishes of the trustor.  During the time a trustee manages assets, he or she must deal with taxes. He or she also must communicate clearly with other involved parties, like beneficiaries. It can be a good idea to consider hiring a professional as a trustee. An attorney understands the fiduciary duties required of a trustee. A lawyer may also be able to provide advice about effective estate planning in general.

Your loved one’s will in Florida doesn’t have to be the last word on their estate. You can’t contest the will because you don’t like the outcome, but you could contest the will if you suspect that it’s not legally binding. A judge might use an earlier version of the will or distribute your loved one’s assets according to state law instead.  When Can You Challenge a Will? During probate, you could contest a will if you believe that it’s not legally binding. Even a relatively minor issue like not having enough witnesses could invalidate their will. In Florida, your loved one needs to find two objective witnesses who can watch them officially sign the will. Your loved one also has to follow specific procedures to show that they’re acting of their own free will. You could also contest the will if you suspect that you’re dealing with a fraudulent will. For example, a third party could have written a fake will that gives them most of your loved one’s assets. They might tell your loved one to sign the document, claiming that it’s something completely different. Your loved one signs the will without realizing that they just gave away most of their estate. A probate attorney could help you prove that your relative signed a fraudulent will. Is Contesting a Will Worth the Effort? Even with an attorney’s help, contesting a will is a long process that can delay probate for weeks or months. Some people contest wills because they’re not satisfied with the inheritance that they received. For a successful will contest, you’ll have to prove that your loved one was tricked or misled somehow. Otherwise, the judge might rule that the current will is valid even if the heirs aren’t happy with the outcome.

Commercial real estate also referred to as CRE, has recently become a more popular choice among real estate investors thanks to its growth potential and ability to provide passive income. If you are considering investing in CRE in Boca Raton, Florida, there are certain things you should know before you begin your career as a real estate investor.  Different Types of Commercial Real Estate While residential real estate is a pretty cut and dried proposition, commercial real estate has many more possibilities. Multifamily, special purpose, industrial and office spaces are all types of commercial real estate . Each carries with it its own list of pros and cons, so you should do your homework on all your options. Study Your Market If you live in an area with very few families looking to rent an apartment, you probably shouldn’t invest in a multifamily apartment building. Knowing what type of properties are profitable in your target market can be the difference between success and failure as a real estate investor. Study Your Property Once you select the property in which you want to invest, you should take advantage of what investors call a “period of due diligence.” During this part of the process, you will need to carefully review financial statements pertaining to the subject property, conduct a feasibility survey and perform any other research needed to protect your investment. All real estate transactions constitute both business and legal proceedings. If you are going to dive into the world of commercial real estate investing, you should also invest in an attorney who knows the laws that govern real estate in your state. A lawyer can help you gather information about a subject property and ensure that you are operating within the framework of the law as an investor.

People in Florida who are wondering whether they should simply write their own will or estate plan without seeking legal assistance should keep in mind that not everything that is permissible is necessarily a good idea. Preparing a do-it-yourself estate plan might be one of those things. The Basics of Estate Planning Some people might assume that they do not need an estate plan because they have few possessions of value and they think of an estate plan as synonymous with a will. In fact, there is a lot more to estate planning. At a minimum, you might want to consider who you want to make health care decisions for you if you are unable to do so. You might also want to think about whether you wish to appoint a loved one to manage your finances if you are incapacitated. For example, if you share a home with someone else and you become incapacitated, the other party might be unable to access your bank account to pay rent and other bills without a financial power of attorney. Other Complications Not knowing what may be necessary based on your situation is one danger of creating an estate plan on your own. Another is preparing the documents improperly. You might use the wrong legal language or make other errors, such as not realizing that any beneficiary designations you have completed may override your instructions in a last will and testament. Getting Legal Help Preparing an estate plan is a complex process. Most people are not aware of the types of documents they need or what strategies could be effective based on their particular circumstances. An attorney may be able to help in preparing a simple estate plan or with a more complex one that involves a trust and other documents.

If you are a Florida resident when you die and own any property in your own name without naming a beneficiary, your estate will be subject to administration, also known as probate. This is generally true whether you die with or without a valid will. A probate proceeding may also need to be initiated if you own real estate with another person. However, probate may be avoided by owning property in a revocable living trust.  What Happens During a Probate Proceeding? The overall goal of probate is to transfer assets from your estate to beneficiaries as directed in your will or in accordance with state intestacy laws. State intestacy laws will also likely determine who gets your property if your will is found to be invalid. What Happens if A Beneficiary Dies Before You Do? In most cases, you must name your spouse as the beneficiary of a 401(k). If they were to die before you do, the asset would go back into your estate, assuming that there were no alternate beneficiaries with a claim to it. Ownership Rights to A Home Can Be Passed Through a Will or Trust If a home is titled as a tenancy in common, your ownership interest in that property isn’t necessarily acquired by the other owner or owners. Instead, you have the option of passing it to an adult child or anyone else who is legally allowed to receive and own property. In the event that the ownership interest is placed in a trust, there would be no need for probate as it is not being held in your estate. A probate administration attorney may help you learn more about what the process entails. This attorney might review your will or other estate plan documents to determine if they adhere to state law. He or she may also answer any questions that your estate representative has about how to settle your affairs in a timely manner.

Planning your will in Florida allows you the opportunity to make sure things go smoothly for your family members after you pass. An improperly or incorrectly executed will could end up failing to achieve your goal of having your wishes followed. What Is DIY Estate Planning? Do-it-yourself or DIY estate planning has become more popular in recent years due to its lower cost. A DIY will is created entirely online by the person who is creating his or her last will and testament. While it might be tempting to go this route, there are several potential dangers of DIY estate planning to be aware of. The biggest issue with a DIY will is that simple mistakes in wording can lead to major hassles for your family down the road. For example, if you name your children as beneficiaries in your DIY will, you might automatically assume that they’ll outlive you. If you use a DIY planning document and fail to ask yourself several “what if” scenarios such as what if your child or spouse passes before you do, it could lead to much confusion for surviving family members. Another risk of DIY estate planning is a lack of thorough understanding of how the legal process works upon one’s death or incapacity. The entire purpose of estate planning is to prevent conflict with your family in the future. DIY planning can fail to achieve this purpose and even make matters much worse and more costly for your loved ones. A worst-case scenario is that major mistakes won’t be discovered until it’s too late, and your family will be left to deal with the aftermath.  When Should You Think About Estate Planning? You’ve worked hard for your possessions, and now is the right time to think about estate planning. For assistance with basic estate planning , consider consulting with an attorney.

There are many moving parts within the commercial aspect of Florida real estate. Some aspects can be used to improve a home’s value while others allow the owner to utilize the property for the pursuit of a business venture. Of these includes the disposition of real estate. This is when you liquidate property to obtain additional cash. The following includes further information on this term as well as tips on how to properly navigate it to ensure the best results possible.  What Is a Disposition in Real Estate ? Disposition in real estate is the process of liquidating assets in order to obtain cash quickly. People will use these funds to expand their business or simply have additional cash on hand. Disposition is often thought of as the last step in investing in real estate. You’ve probably heard the process before as it is often mentioned in popular television shows as a “fix and flip.” Investors purchase a property, fix it and then flip it to obtain a profit. Tips to Keep in Mind Timing is an incredibly important part of when you should sell a property. This is why it is important to hire a commercial broker to educate you on your location’s market. A broker may also teach you about playing hard to get. Although you don’t want to take the first offer that is presented to you, it is important to keep buyers up to date about the deal. Another important tip is to have all your documents ready to go. This is imperative because you want to be transparent with your real estate agent and any buyers that place an offer. It may also keep you safe from potential lawsuits regarding your property’s condition or occupants. As you can see, there are many aspects of this process. Having legal assistance from an attorney may place you in a better position to see a positive end result.