Law Office
of
Consuelo C. Fernandez, P.A.
PRACTICE AREAS
Specializing in Real Property Law. Specifically, residential and
commercial real estate closings. In addition, to closings our office can help you with any of the following areas:​
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* Real Estate-representing either Seller or Buyer.
* Refinance
* Short Sales
* Commercial Transactions
* Reverse Mortgages
* Investor Financing
* 1031 Exchange
* FIRPTA Transaction
* Notary Public
* Establishing a Corporation or a Limited Liability Company
Reverse Mortgages
If you are over 62 years of age or older and own a home, you can apply for a Reverse Mortgage. Allows homeowner's to convert their home equity into cash. Whatever funds you receive you will not be charged during your lifetime. After your death then the amount you received will be due with interest. Your heirs will be allowed to purchase the property at the market value of the property. Or, the property can be sold and the reverse mortgage paid off and what remains would go to your heirs. The heir's would be determined by a Judge once the estate is probated.
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Refinance
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Interest rates are low. If your current interest rate is approximately 2% point higher than the current rate, then it's time to refinance. Anything lower wouldn't necessarily make a big difference in payment nor be cost effective as there are closing cost involved..
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Our office is experienced in conducting the closing and can help you reduce some of the cost involved. We can also recommend you to reliable lenders who can help you obtain the refinance. Just give us a call as we are here to help you.
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FIRPTA Transactions
FIRPTA is defined as Foreign Investment in Real Property Act of 1980. The disposition (sale) of a U.S. real property interest by a foreign person (the transferor) is subject to income tax withholding. The transferee (normally the Buyer) is the withholding agent. If you are the transferee, you must find out if the transferor is a foreign person. If the transferor is a foreign person and you fail to withhold, you may be held liable for the tax. There exemptions, too numerous to list.
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When a seller is a foreigner it is very important that you be represented by an attorney.
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Conveyances
Quit Claim Deeds:
Enhanced Life Estate Deed sometimes referred to as "Lady Bird Deed".
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This deed permits the owner to maintain control of the property during their life and if they still own the property at time of their death the property would automatically go to the remainderman listed on the deed. This deed would ultimately avoid probate of your estate.
​Short Sales
This is when the property is sold for less than the amount owed to the Lenders.
If the Seller qualifies they may be able to receive a relocation fee from the Bank.
We are experience in obtaining approvals on short sales.
1031 Exchange
This strategy allows an investor to "defer" paying capital gains taxes on an investment property when it is sold, as long as another "like-kind property" is purchased with the profit gained by the sale of the first property. There are time constraints that must be achieved in order for this to work.
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