Can lawyers assist renters to become buyers when homes become affordable in Orlando?
Florida – January 2, 2023
So many people jumped at the chance to purchase houses, but at high costs and many with homes they must pay for upgrades on. Individuals who could not afford such high prices or those that believed the market was outpricing the value of many Orlando homes are waiting to see when they can buy. Florida continues to be a very hot national housing market continuing to cause hardship for people who want to buy and renters as they wait to buy. Real estate agents predict that the upcoming home buying season will not be a red-hot as the past two, but low inventory will probably aid in keeping prices elevated in the Orlando area. Interest rates are a consideration for new buyers as well causing them to hesitate.
Assisting renters as they become buyers.
A real estate attorney may be helpful in assisting renters to request or work with landlords to decrease monthly rental charges as the market cools and they are preparing to buy. A landlord should identify reasons for raising rent such as:
- The inability to turn a business profit because of current increases in Florida insurance premiums and property taxes which may be the reason a property owner has to increase rent.
- Competing rental prices of comparable properties in Orlando are higher, although it is a gamble for a property owner to risk losing a good tenant for a slight increase in monthly rental fees, because a vacant property may reduce the benefit of any increase in monthly rent.
Renters should be advised that it is illegal for property owners to increase the rental fees as a retaliatory tactic against a renter of an Orlando property who they know is positioning to buy a home. Based on most landlord retaliatory regulations, a landlord is not allowed to raise the rent, intimidate, or evict a tenant who is exercising their rights. Contact a Florida real estate lawyer right away to help avoid increases to rent or communicate with landlords to stabilize rental amounts before signing a new lease agreement. A real estate attorney can also guide those that are dragging their feet to purchasing a new home on the ways to protect themselves in a market that is charging high prices for homes that may need work.
Hire a lawyer.
A real estate attorney can review loan documents, purchase and sale agreements and contractor agreements related to the purchase of real estate in Orlando. They can guide actions with banks, sellers and those who will be working to upgrade a home. Experienced Florida real estate attorneys can review purchase or lease agreements and identify the language that will support a renter or new buyer against unethical or illegal practices that result in financial loss, or breach of contracts.
Legal Counsel, P.A.
189 S. Orange Ave., Ste. 1800
Orlando, Florida 32801
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