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The difference between Short-Term and Long-Term Rentals

The difference between Short-Term and Long-Term Rentals

rental termsIndividuals who are considering purchasing a rental property for investment purposes have a number of decisions that they need to make. They have to decide the size and location of the property and whether they would like to purchase a townhouse, a condominium, or a house. They also need to decide on whether they would like to advertise the property as a short-term or long-term rental. This distinction is key for anyone looking to maximize the intended use of the property while also maximizing any income the individual may receive from it.

Short-term Rentals 

Short-term rentals have a wide variety of benefits over long-term rentals. An owner has the benefit of staying in and enjoying their property while the property is not in use for short-term rental purposes. Meaning an owner who utilizes the property as a short-term rental can elect to rent out the property for as little as a few weeks out of the year to as much as every week of the year. Short-term rentals have the possibility for greater income than long-term rentals. There is also the ability to change prices depending on demand for a particular property or during a particular season or time of year. Perhaps the greatest drawback of a short-term rental is the amount of time that it might be empty. There is always the possibility that a short-term tenant will back out at the last minute and the owner may have to list the property again; however with the help of a real estate attorney Orlando, the short-term rental agreement may be structured to offer some additional protections to the owner in the event that a last minute cancellation takes place.

Long-term Rentals 

Long-term rentals are any rentals that involve a considerable lease of some sort. The main benefit to these rentals is the fact that, with a properly drafted lease agreement, the tenant may be locked in to renting the property for months or even years. With a long-term lease in place, the landlord is almost assured that he or she will receive a certain amount of money every year. Furthermore, the landlord would not have to worry about expending moneys on any marketing or advertising efforts throughout the period of time that the property is being leased. The main downside to this approach is that an owner would not enjoy the benefit of staying and enjoying the property at any time that the property is being leased. Instead, with the exception of the owner visiting the property to fulfill landlord obligations, the owner will have to stay out of the townhouse, condominium or house during the term of the lease. Another downside is that, since the property is being leased for a longer period of time, there may be a relatively low return on investment in comparison to a short-term rental.

How lawyers can help 

A real estate attorney Orlando can help an owner of real property with both types of rentals. Both types of rentals require an understanding of a Orlando real estate law attorney. A real estate lawyer Orlando can help an owner draft a long-term rental lease that protects the landlord yet remains fair for the tenant. He or she can also draft a short-term arrangement that may be used by an owner for any individuals who elect to rent the property for a short period of time such as a week or a weekend. Lastly, Orlando real estate attorneys can also help an owner ensure confirm whether short-term or long-term rentals would be permitted in the subdivision or the jurisdiction where the property is located.

Conclusion 

Setting up the right type of rental agreement, which protect your interests as a landlord can beneficial to both your family and your wallet. Working with an Orlando real estate attorney at Nishad Khan, PL, will ensure that a properly drafted rental is entered into so that the owner is protected and that the owner will have peace of mind as he or she continues to build wealth with their rental property.

asset protectionAsset protection is a major area of concern for owners of any form of property. This is necessary when a property owner would like to keep their assets safe from any possible creditor during the time the property is in their possession. There are a number of ways this can be done, and Central Florida real estate attorneys can walk you through the options that are available to you. While there are many types of protections that can be put in place, there are five options that are the best to choose. Lawyers at Nishad Khan PL specialize in assisting clients with making the best choice based on their asset protection needs. 

5 Best Asset Protection Tools
Central Florida real estate attorneys will explain how each of the following types of protections help preserve your assets in the event that a creditor attempts so attach a lien against any of your assets:

-Homestead Property. When real estate is designated as homestead property, it is eligible for exemptions from creditors’ claims, which means that, in most circumstances, the owner is protected from a forced sale of the property arising from a debt.

-Owning Assets as Tenants by Entirety. This protects married couples who are joint owners of property. In these instances, a creditor generally, will not be successful in attaching a lien against a property that it owned by a married couple as Tenant by Entirety unless both spouses actually consent to the financial obligation.

-Using an Entity to Hold Assets. An entity may be structured so that any assets owned by it cannot be seized by any creditors’ claims arising from any of the owners personal debts and financial obligations.  

-Using an Entity to Protect Yourself from Personal Liability. In a properly managed entity,owners are generally not be personally responsible for any debts of the entity in the event that the entity suffers losses.

As a property owner, you should only trust the protection of your assets with an experienced attorney. Contact Nishad Khan PL for a consultation to learn more.

before signing a residential saleAs a future buyer of residential real property, one of the things you will be required to do is sign a residential sale and purchase contract. Remember, the signature you append on the contract means you are agreeable to its terms. Therefore, you need to be aware of certain things that you will need to consider before signing that residential contract. Our firm Nishad Khan PL Orlando FL real estate lawyers have great expertise on contract law, and they are ready to take you through some of the things you need to consider before signing the residential sale and purchase contract. Some of which include:

1. Read and understand your obligations
You need to ask yourself whether you have read the contract thoroughly and whether you understood your obligations. It is important to understand that ignorance is not a defense when performing any obligations under a contract so reading and understanding the contract is among the most important steps towards ensuring you are entering into a residential sale and purchase contract with terms that you understand and are willing to perform. With the help of our Nishad Khan PL Orlando FL real estate lawyers, one assurance you have is that our firm will only allow you to sign the contract after you understand every clause and are willing to perform every obligation that is set forth in the contract.

2. The convenience of the dates and deadlines set
If a contract requires you to make payments or perform specified acts within a specific time or date, it is crucial to ensure the set deadlines are reasonable in time, and that the deadlines do not conflict with any of the other proposed timelines within the contract.

3. Necessary inspections to be carried out
Before signing the contract, it is important to ensure that you will have ample time to complete any inspections you would like performed on the property. Some inspections, like structural inspections, take time and should be conducted during the mutually agreed upon inspections period. Make sure you give yourself enough time to get these inspections completed so that you can make a decision as to whether you are comfortable with moving forward with the purchase of the property. Your attorney from Nishad Khan PL will ensure you are aware of all crucial inspections and the associated timelines to complete those inspections.

4. Discuss financing terms with lender
Getting a good financing contingency in place is key. Also, knowing the timeframe that will be necessary to obtain financing is just as important. It is important to understand that if you do not obtain financing within the mutually agreed upon timeframe, you may be on the hook for coming up with the entire amount due at closing.

5. Comprehensive documentation
Your attorney will help you make sure the contract includes all required disclosures, addendums, riders, and any other required documents the seller may be required to provide before you sign the contract.

Contact your Orlando Florida real estate attorney at Nishad Khan today to discuss your case.

Quit Claim DeedIf you want to transfer interest in your property to someone, a document you might have to prepare is a Quit Claim Deed. A Quit Claim Deed is a document that falls under real property law; therefore, it is suggested that a transferor seek legal advice before conveying the property. The Orlando Florida real estate attorney at the law office of Nishad Khan PL are renowned for their expert services to clients like you. Therefore, before you commence preparation of a Quit Claim Deed, it is important to confer with an attorney so that you have an understanding of any potential risks involved with conveying the property. Here are five things to consider when preparing a Quit Claim Deed.

1. Is there a mortgage on the property?
A mortgage is a property encumbrance that must be addressed either before or at the time you transfer your property via Quit Claim Deed. By consulting with an attorney from Nishad KhanPL you will get advice on how to deal with the mortgage and with any applicable transfer taxesbefore you start preparing a Quit Claim Deed

2. Consider the effect of the transfer in case of death, divorce
Your Orlando Florida real estate attorney will help you understand how events like death and divorce may affect any transfer of real property and what should be done to ensure that there is a proper conveyance before you start preparing a Quit Claim Deed

3. Contact the Association for approval
In the event the real property you are transferring is part of a Homeowners or a Condominium Association, it is important to remember that there may be certain restrictions in place, which would need to be addressed with the applicable Association before you convey the real property. It is recommended that you contact the applicable Association or an Orlando Florida real estate attorney to confirm how any of the applicable Association’s governing documents may affect any transfer before you start preparing a Quit Claim Deed.

4. Proper execution of the deed
The execution and delivery of the Quit Claim Deed is what legally effectuates your willingness to convey your interest in the real property. If you don’t know how to properly proceed with the execution of the Quit Claim Deed, an Orlando Florida real estate attorney will have the knowledge needed to guide you.

5. Make sure you don’t lose any homestead rights
If you intend to convey your homestead property, you will need to be cognizant of the potential risks involved with doing so. Improperly transferring your homestead property may put you at risk of losing your homestead exemption from creditors’ claims and/or your homestead tax benefits. With your attorney’s help from Nishad Khan PL maintaining your homestead rights is among the things that will be thoroughly analyzed and addressed.

property inspectionNishad Khan, PL, is wanting to help guide the community through their real estate questions. There are some important things to remember when Orlando buyers have the property they are interested in purchasing inspected. As a potential buyer, do not forget these items, because they may cost you dearly.

Nature of the Inspection
When setting up your property inspection, it is very crucial that you specifically inform the inspector what will need to be inspected. The building structure might be on the agenda; however, you may be forgetting to have them inspect the septic, the pool and for any wood destroying organisms. Make sure that you communicate clearly with your inspection team about what you expect them to inspect

Inspection Report
The inspection report will provide you with a detailed report of the inspection team’s findings. It is a good way to get an idea of any issues or defects that may exist on the property before you decide to buy. You want to know whether any issues or defects, which may exist on the property are too costly to repair; therefore, a potential buyer is encouraged to thoroughly review the inspection report before buying

Time Period
Ensure you give yourself enough time to inspect the property so that you feel comfortable with moving forward in your purchase of the property. The agreed upon inspection period should be long enough to give you time to hire an inspection team to make a trip out to the property for inspection and to give you time to thoroughly review the inspection report. Have any inspection deadlines calendared so that you do not pass the time period allotted for the inspection. Once the inspection period expires, you will lose any negotiating power you may have with the seller in requesting any repairs to the property. Also, it is important to keep in mind that, once the inspection period expires, any earnest money deposit tendered in the transaction would likely be forfeited to the seller in the event that you opt not to purchase the property due to the condition of the property. Watch your calendar carefully.

Licensing of Inspector
Before getting an inspector, make sure that they are properly licensed and insured. You do not want an amateur handling your valuable property check. Insist on seeing their licensing and the insurance policy they have in place before hiring them to inspect the property you are interested in purchasing

Nishad Khan PL wants to be number one among Orlando real estate attorneys. Contact our office today.

business divorceAre you considering a business divorce from your present business partners? You may be planning to leave a business or shut one down that you own. Whatever the circumstance may be, if there is commercial real estate involved, things can get tricky, especially when dealing with business partners. This is why you need to hire the real estate attorneys Orlando business owners rely on.

 

Don’t Let Your Rights Be Trampled On

As a business owner, you have certain rights, such as the right to vote on whether to sell any assets of the business, such as commercial real estate, and the right to share in the distribution of those commercial real estate assets.

If you find yourself unable to come to an agreement with your partners, the legal firm of Nishad Khan PL will work with you in representing your best interests when negotiation an agreement with your partners.

 

Contact the Law Office of Nishad Khan PL for More Information

Nishad Khan PL is one of the top real estate attorneys Orlando business owners rely on in their time of greatest need. Get in touch with us today to learn more about what we can do on behalf of you and your business.

florida legal elite

Nishad Khan, P.L. Recognized as Florida Legal Elite

ST. PETERSBURG, FL. (June 22, 2020) The Orlando Law Firm of Nishad Khan, P.L. was recently recognized in the 2020 edition of Florida Trend’s Florida Legal Elite™. The list of 1,071 honorees represents just over 1% of the active Florida Bar members, including attorneys in private practice as well as top government and non-profit attorneys who practice in Florida. Nishad Khan, P.L. is fullservice law firm with a special concentration in: Real Estate Law and Closings, Distressed Property & Default, Commercial Real Estate, Business Law and Estate Planning.

Florida Trend invited all actively practicing Florida lawyers to name the attorneys that they hold in highest regard – lawyers with whom they have personally worked and would recommend to others. The Law Office of Nishad Khan P.L. has been a staple of Orlando since 2007 and provide services for clients across Central Florida.

“The Florida Bar is committed to connecting both our members and the public with the legal resources needed to enhance their practices, businesses and daily lives, while also supporting each lawyer’s health and wellness. With so many talented lawyers in our state, Florida Trend’s Legal Elite continues to provide a valuable, credible resource of attorneys evaluated by their peers and representing many types and sizes of practices, notes The Florida Bar President Dori Foster-Morales. Nishad Khan is a Florida Board Certified Specialist in Real Estate Law and a member of The Florida Bar Association.

“Now in its 17th year, the Florida Legal Elite, published in Florida Trend’s July issue, provides its 270,000 readers with a peer-reviewed resource listing of the best lawyers in the state,” says Publisher David Denor

View the entire Legal Elite roster, including Hall of Fame inductees and top Up and Comers, at www.FloridaTrend.com/Legal-Elite

Those questioning or struggling with a real estate case should contact Nishad Khan today.

real estate and divorceWhen couples divorce, many assets need to be divided up. Of all the different assets involved in divorce cases, the division of real estate can be the most complex and contentious. Since real estate may generally be considered the most high-valued asset owned by a couple, many issues may emerge during negotiations of the division of marital assets. Should you be in the midst of a divorce and need to learn more about your options regarding real estate, turn to real estate attorneys Orlando trusts such as Nishad Khan PL.

Buying Out Your Spouse

In some divorce negotiations, one spouse may agree to buy out the other spouse’s interest in any real property so that the buying spouse can own the property outright. However, this may be expensive and could become quite complex if the property is the homestead of the couple. Additionally, there may be certain liens or encumbrances on the property, which may need to be resolved if one spouse opts to buy out the other spouse’s interest. Given this, it is important to understand what options may be available to you, so that you can carefully think through your options before making your final decision.

Selling and Dividing the Proceeds

Many times, when divorces take place, a couple will mutually agree to sell their home to a third-party and divide the proceeds of the sale. If you elect to proceed with this option, the upside will be that you will likely have money in your hand, but of course, the downside may be that you will also need to find a new place to live. Also, the sale of your property could take several months, so it is important to be aware of this as well.

Owning Property Together after Divorce

If your divorce is amicable, you may agree to continue owning real estate with your ex-spouse after your divorce is finalized. Should you elect to do so, always work with real estate attorneys Orlando clients rely on such as Nishad Khan PL to have all details of this arrangement in writing and clearly spelled out in easy-to-understand terms.

Court-Ordered Sale

Finally, if the two of you cannot reach an agreement, a partition action may be filed by one of the parties and the court may order your real estate to be sold, which will take the decision-making process out of your control. Given this, if a partition is filed, it is important to turn to real estate attorneys Orlando trusts such as Nishad Khan PL.

Should you need additional guidance about this subject, schedule a consultation with real estate attorneys Orlando residents trust such as Nishad Khan PL.

vacation rental houseMany homeowners who own a second property or don’t spend much time at their main residence may be interested in listing the home as a vacation rental. As many say, it is a fairly easy way to make extra money that doesn’t involve much work. Before you get ready to list that home on vacation rental sites, there are a few aspects about this process that should be discussed with Orlando Real Estate Lawyers, Nishad Khan PL. It is important to note that there are certain laws and regulations that must be followed in order to be able to legally operate in the business of vacation rentals. Nishad Khan PL specializes in helping property owners ensure they have taken all the necessary steps to be able to begin advertising their home as a vacation rental.

Key Steps to Prepare for Vacation Rentals

Though it seems that a person can just take a few pictures and list the details of their home on a rental site, there are pertinent steps, which need to be taken for proper registration and licensing. Some of the main areas concerning vacation rentals that Orlando Real Estate Lawyers give legal advice on are:

Housing Standards

The property listed as a rental must be up to code with no structural issues and should be regularly maintained. It should also pose no threat to potential renters’ health, safety and welfare.

Licensing

If you wish to list your home as a vacation rental, there are certain licenses that are required to do so. An attorney can advise the type of license you may need based on your property type and what you are seeking to accomplish.

Taxes and Fees

There are rules on taxes and fees related to vacation rentals and the responsibility associated with same can be on either the owner or the renter. Orlando Real Estate Lawyers can help you determine who bares the responsibility for which taxes and fees based on your specific property and what you are seeking to accomplish.

Limitations

There made be ordinances in place with your municipality, which govern or even prohibit short term rentals. Further, if the property is located within an association, short terms rentals may be heavily regulated or outright banned within the community. An attorney can conduct the research necessary to advise you on whether there are any limitations concerning short term rentals in your area.

Before you visit a home rental advertising site to list your vacation rental, contact Nishad Khan, Esq. of Nishad Khan PL to get the legal advice you need for this process.

attorney for real estate transactionWhen you enter into a real estate transaction in Orlando FL, you should consider using an attorney to represent you. In order to help you best navigate the process, you will want to hire an experienced attorney who specializes in real estate. Using one of the best real estate lawyers in Orlando makes all the difference and will give you peace of mind.

Nishad Khan PL is a prominent firm of real estate lawyers in Orlando. The firm represents clients in transactions pertaining to residential and commercial real estate and offers the expertise in any and all real estate transactions relating to the transfer of title for any purpose, including purchases, sales and estate planning.

Attorneys play a vital role in achieving a successful real estate transaction. Many types of matters that you will likely encounter may be extremely complex in nature, and you should not attempt to handle it without legal counsel. A thorough lawyer will review and provide advice and recommendation on any legal documents relating to the real estate transaction and will also help to ensure you are protected from any potential fraud, misrepresentations or errors. Today’s technology, such as video conference calling, electronic closings, and more, offers fast, accurate and more effective communications with you and your attorney.

Nishad Khan Esq. and his team of attorneys will guide you every step of the way to ensure that your interests are best served. If you are purchasing a property, there are many unforeseen issues that can arise. Without the expert guidance of an attorney, you will find yourself having to deal with the sellers, lenders and their attorneys on your own. It is well worth the investment of retaining an attorney to oversee the transaction for you because they are on your side.

Nishad Khan PL has earned the trust of many clients and is renowned as one of the top real estate lawyers in Orlando. Contact our office today.

The Orlando Real Estate Attorneys at the Law Offices of Nishad Khan P.L. serve clients with Residential, Commercial, and Investment Real Estate Transactions. Let our expertise in Central Florida Real Estate help you.