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What is a Commercial Lease?

Modern business center

If you have ever rented an apartment, you are probably familiar with the standard lease process for residential units, but what about commercial leases? If you are interested in leasing a commercial building for your company, there are many different nuances in these types of contracts.

A commercial lease legally binds a landlord and business tenant. A commercial lease should include the following:

  • The names of the parties that are signing
  • A legal description of the property
  • The property type
  • The square footage of the rented area
  • The terms of the tenancy
  • Tenant renewal options
  • The base rent and how often it is paid
  • The security deposit, collection date, and amount
  • Activities that can and cannot occur on the premises
  • Conditions of who makes any improvements
  • The fixtures included in the lease

When you need assistance with your commercial real estate in Ponte Vedra, look to the experts at Baron Bartlett, P.A. We will help you with all of your commercial real estate needs so you can ensure you are making the best decision for your business’s future. Reach out to us today at (904) 285-9993 to schedule a consultation with one of our highly experienced lawyers. You can also send us an email through our contact page.

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How a Trust Can Strengthen Your Estate Plan

Young couple consulting with a real estate agent

Putting together an estate plan can be intimidating. However, to navigate these concepts, a basic understanding can help guide you through it. A trust can strengthen your estate plan, and it is not only for the wealthy. People of all incomes can utilize trusts as part of their estate planning in Ponte Vedra.

The Benefits of Using a Trust

Probate avoidance: By using trusts, you can avoid the lengthy and costly probate portion of a court proceeding.

Tax reduction: A trust can help the person who wrote the will reduce the estate and gift taxes that are applied to their estate.

Disbursement control: One of the biggest benefits of a trust is that it allows you more control over asset disbursement than standard wills. Trusts also prevent the beneficiary from eroding their inheritance due to poor financial decisions. You can also schedule when the funds are dispersed to your beneficiaries, such as after graduation or when they reach a certain age.

If you need assistance with your estate planning in Ponte Vedra, look to the experts at Baron Bartlett, P.A. Our team will help you plan accordingly so you can have peace of mind knowing your estate is in order. Reach out to us today by calling (904) 285-9993 to schedule a consultation.

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What to Expect When Closing on a Home

Couple shaking hands with a real estate agent

Closing on a home can be an exciting time for you and your family. However, the keys are not yours just yet. When you want to ensure the process goes as smoothly as possible, contact our closing company in Ponte Vedra for help.

What to Expect When Closing on a Home

Closing is the final step to the home buying process. The date of your closing is when you legally become the owner of the property. Though your closing date is set, your agents will still be working tirelessly with your lender and title agency to ensure everything is in line.

While your agents and lender work together, you also have work to do before the final closing date. You want to ensure you have a quality team of people who can help you at a moment’s notice. This includes your agent, an attorney, a home inspector, and more. You also want to make a checklist to ensure everything is completed leading up to your closing. This list should include:

  • Home inspection
  • Appraisal
  • Loan documents
  • Homeowners insurance
  • Final walkthrough

It takes an average of 41 days to close on a house. Many of the delays are due to financial issues, but can also be related to the appraisal, the loan, or the inspection. Be patient and work diligently to ensure everything is in line for when the closing day finally arrives.

When the day is here, you will pay any remaining closing costs, and the property will be signed over to you. If you need assistance with the closing process on your prospective home, contact Baron Bartlett, P.A. today at (904) 285-9993.

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What is the Fractional Investment in Real Estate?

Investors shaking hands

Not everyone has unlimited investment resources. That is where fractional investment can come into play. This form of investing is where a large number of investors contribute smaller investments. These investors will purchase a percentage of the ownership of a commercial property or vacation home. Dividing the cost makes sense financially, especially if the investors are all intending to utilize the property in some way.

Not only is the cost divided amongst these investors, but maintenance and other fees are divided as well. This makes the financial commitment much more manageable for all who are interested in the property. There are two options for investors seeking this type of investment: a Tenancy-in-Common and a Delaware Statutory Trust.

What is a TIC?

A TIC, or Tenancy-in-Common, is where all of the investors can own the property, but the IRS limits the number of investors. Each owner shares the responsibility for the upkeep and various expenses associated with the home or business.

What is a DST?

A DST, or Delaware Statutory Trust, is where the investor owns a beneficial interest in the trust and not the real estate. There is no limit of owners with a DST. The DST then acts as a single entity, making it easier to obtain financing for.

If you are interested in learning more about fractional investment, contact our real estate attorney in Ponte Vedra today! Our attorneys will help you find the best course of action for the property you want.

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What Loan-Related Fees Should You Expect at Closing?

Female real estate agent offering home ownership to a young couple

When you purchase a home, you will have to pay the associated closing costs. These costs can be incredibly confusing and are related to a variety of different things. Property taxes, appraisal fees, and more can be incorporated into the closing costs you are expected to pay. Below are all of the loan-related fees that will potentially be included at the time of closing.

The application fee: This is the cost of the application for the loan, which includes credit checks and various administrative expenses. This fee will vary based on the lender you choose and the work involved with processing the application.

The assumption fee: If you are taking over the remaining balance of the seller’s mortgage, you may be charged an additional fee based on that amount.

The attorney fees: If you have a real estate attorney in St. Johns County working with you, the fees may be included in the closing costs.

The prepaid interest fee: Many lenders will require the buyer to pay the interest on the mortgage that accrues during the date of settlement and the first monthly payment. This fee will vary based on the size of your loan.

The loan origination fee: Also known as an underwriting fee, administrative fee, or processing fee, this amount is charged by the lender for evaluating and preparing the loan.

The mortgage broker fee: If you are working with a mortgage broker, their fee will be incorporated into the closing costs. This tends to be 1-2% of the home’s price.