Real Estate

Once the tenancy period as stated in your rental agreement comes to a close, you’ll be left with two options, to vacate the premises or renew your tenancy. If you decide to renew your tenancy, a number of events follow. Here are the highlights.

1. A Rolling Tenancy Is Automatically Renewed

Under rolling tenancy, the clauses under the previous contract of your tenancy immediately become valid under the new one. This kind of tenancy is highly profitable for you as a tenant, as you get to continue staying in the same house without going through the hassle of renewing the contract. Another advantage is that the landlord doesn’t get a chance to increase the rent.

Note, however, that if you’re subletting the apartment from the original tenant, the rolling tenancy clause will not be applicable.

2. Tenancy Renewal Must Be Discussed With The Landlord Beforehand

More often than not, your landlord will intimate you about the impending cessation of the contract before the actual expiration date. If you wish to continue occupying the property, you’ll have to intimate the landlord of your intentions. Remember, just as you find relocating difficult, your landlord also dislikes the process of screening a new tenant every now and then. It’s therefore very likely that your landlord will gladly extend your lease.

In case your landlord is disagreeing to renew the tenancy on the grounds of self-occupancy and redevelopment, you have the right to ask him for a statutory compensation.

3. Tenancy Renewal Typically Brings About An Increase In Rent Price

Renewing your tenancy will, in most cases, bring about an increase in the rent. The landlord will provide you with a rent increase notice, which will include things like the new proposed rent, the new lease period, and the amount of time within which you have to communicate your decision to the landlord. About whether you find the demands of the notice agreeable or not, you need to address a letter to the landlord informing him or her of your decision.

You can decide on whether the rent increase is reasonable or not by considering factors like energy charges, property tax increments, rise in insurance values, and major maintenance and repair charges.

4. Renewing A Tenancy Agreement Comes At A Fee

In case you decide to renew your tenancy, your landlord might ask for a renewal fee. This can be avoided by negotiating reasonably. If the landlord is insistent upon collecting a fee, try to negotiate with him to at least lower the amount. It will be much cheaper for him to settle for an existing tenant than to put the property on the rental market again. So chances are that the landlord will agree.

Real Estate

‘Fraud’ is that one word you’d rather do without when it comes to making mighty transactions. And if we’re talking mighty, we’re talking real estate. Getting trapped in a real estate fraud is among the worst ways to lose large sums of money, and you end up not getting what you had paid all that money for. Here’s what you need to do to keep yourself out of such trickery.

Identify Whose House It Is, Really

‘Title Fraud’, also known as identity theft, is a property owner’s worst nightmare. Tricksters forge documents by changing the property owner’s personal details to match theirs. Once the property and all the documents are transferred to their name, they procure a new mortgage against this property and seal the deal. Taking back your house after that is quite a hassle. In fact, what if they sell your property?

In addition to thoroughly verifying who the property belongs to, you can opt for a ‘title insurance’, which protects your property title against fraud. This also guards a new owner against existing claims, such as unpaid property taxes, unpaid utilities, and unpaid mortgages.

Don’t Opt For Loans Offered In Disguise

a) Foreclosure Fraud

Cash-strapped property owners that can’t afford to meet mortgage payments sometimes get taken for a ride. Deceitful people make an offer to pay the loan on the owner’s behalf, as if to help them out of the situation, but then leave without fulfilling the promises. The trickery usually requires immediate payment for the trickster’s services and an agreement to transfer the property title to him or her. Once this is done, the trickster flees, while you are left behind with piling amounts of debt and no property. This type of fraud is called foreclosure fraud.

b) Home-Equity Fraud

Watch out for those people who are eyeing your house equity. If you rely on your house equity to borrow money, you have to constantly be on the lookout for unscrupulous lenders so you can stay away from them.

When it comes to leveraging properties, there are huge risks involved. The risks must be carefully explained by your lender. Those who want to make extra bucks will embellish their application such that the income, down payment, and property assessment values are exaggerated, ultimately helping themselves to a huge loan amount.

Be Wary Of Money Laundering

Money laundering is another common method of deceit. Illegal money is made to seem like a clean asset. Stay wary of people who purchase a property with illegal proceedings and sell them to other people. On the face of it, the property might look legitimate to you, but only careful inspection and assessment can spell out the dirty secrets.

There’s only one way to prepare and protect yourself against fraud: constant vigilance! Do your homework, and stay cautious and smart about every investment decision you make.

Real Estate

Brokers and sales agents are distinctly different in the real estate business. Many home buyers and sellers do not know the difference between an agent and a broker. Both brokers and sales agents help their clients with the buying, selling, leasing, and renting of properties, but brokers are licensed to manage their own businesses, whereas the sales agents must work with a broker.

In California, a sales agent must be at least 18 years old, with proof of legal presence in the U.S. They must then have successfully completed three college-level courses: Real Estate Principles, Practice and one of twelve classes, such as Property Management or Economics. These classes must be three semester units of four quarter units each. The classes must also be completed at an institution accredited by the Western Association of Schools and Colleges, by a regional accrediting agency recognized by the U.S. Department of Education or by a private school that has been approved by the California Commissioner. Then the agent must pass a proctored written examination. Those passing the exam, have one year to submit an application to the Department of Real Estate for a California Real Estate License. A salesperson must obtain a license in order to conduct any activities. They must also work under the supervision of a licensed broker. The agent can’t contract in his own name, only in the name of his employing broker. Also, a sales agent can only receive compensation for his jobs from his employing broker.

The California Department of Real Estate has recently intensified the requirements of a broker’s license. Before applying for the broker’s examination, the agent must have worked a minimum of two years full-time, in the last five years. Applicants for a broker’s license must have passed all of these statutorily required college level courses: Real Estate Practice, Legal Aspects of Real Estate, Finance, Appraisal, Economics or Accounting. They must also complete three classes of eleven offered, such as: Advanced Legal Aspects of Real Estate and Mortgage Loan Brokering and Lending. The applicant must then pass a proctored written examination. This means that in order to become a broker one must have experience as an agent as well as more college level courses in this field.

While an experienced salesperson can handle your needs as a client, a broker is supposed to have a greater understanding of the intellectual aspects of real estate.

Real Estate

The many parcels of land being converted into beautiful residential zones make it a bit difficult for home buyers to choose their next communities. Beyond the main reasons like price tags and location, what makes up a community has also become a deciding factor in home buying. If you are looking for your next home in Coconut Creek, one of your best choices might be within The Township. Here are popular reasons why you should try your house hunting luck there.

It is a diverse community with a sure fit of a house to match your needs and finances.

When buying a house, personal and family needs are greatly considered along with the finances to back the purchase. In this well-planned community comprised of about 5,300 homes, you have the highest probability of finding the house you really want. Home choices range from exquisite villas and lavish condos to the more economical townhomes and single family homes. These residences also offer varied styles and sizes assuring home buyers of any family size to have a find.

Fantastic community amenities are available for use.

A great community has great amenities to offer to its residents to make their lives in that said community more comfortable. The Township is an exact exemplification of this. With amenities mainly geared to bring fun and recreation, residents are sure to create many picture-perfect moments. There is an Olympic-sized swimming pool for the water-loving aqua buds and aqua belles to gracefully wade their stroke in its entire length. Various sports facilities like tennis courts and racquetball area are also up for use. There is also a billiards hall for those who want to showcase their amazing trick shots as there is a sports park for other sports enthusiasts.

Easy access to external places offered by Broward County.

The community of The Township is part of Broward County. While it is being developed, providing easy access to would-be-residents on the establishments and structures outside it was carefully considered. The result – convenient access to the Florida Turnpike and I-95. These are important channels in and out of the county. Thus, they residents are also given greater access to fantastic options when it comes to fine-dining, shopping, entertainment, and education.

If you are looking for your next community, The Township is a dynamic and vibrant community that offers a relevant small town feel in the middle of an amazing city. Home options in this community are beyond what you could ever expect.