Hotel Guests, Tenants & Transient Occupants, Oh My!

Imagine this scenario, you are a hotel owner with a guest, that for one reason or another, isn’t exactly the ideal customer. Maybe you are finding that this guest habitually has one too many drinks at the lobby bar and proceeds to make other guests uncomfortable Continue reading “Hotel Guests, Tenants & Transient Occupants, Oh My!”

What a Cost Segregation Study Means for Your Hotel or Motel

Property Cost Allocation (aka “Cost Segregation”) is back with a vengeance, according to GMG Savings in a recent article.

A cost segregation study is an essential fiduciary component when building, purchasing, or renovating a hotel or motel. Hotel Continue reading “What a Cost Segregation Study Means for Your Hotel or Motel”

Florida Hotels Must Comply with New Human Trafficking Training Law  

State Inspectors have been visiting properties and issuing warnings to hotels that are not in compliance with Florida’s Human Trafficking Training Law

We want to inform you of Florida’s new human trafficking law that was implemented Jan. 1st, 2021. Hotel Continue reading “Florida Hotels Must Comply with New Human Trafficking Training Law  “

Conforming to an ADA-Compliant Property

2021 has already seen a flurry of serial filers continuing to file lawsuits and send demand letters alleging violations of the Americans with Disabilities Act (hereinafter “ADA”). The ADA prohibits discrimination against people with disabilities in Continue reading “Conforming to an ADA-Compliant Property”

Study: Retailers, Commercial Real Estate Companies Optimistic About Strong Recovery in 2021

Close to 88% of shopping centers are being used to fulfill online orders, and 99% of retail respondents reported their stores fulfilled online orders to some degree.

Nearly 60% of commercial real estate Continue reading “Study: Retailers, Commercial Real Estate Companies Optimistic About Strong Recovery in 2021”

Seven Ways 1031 Exchanges Can Help Strengthen Businesses

1031 Exchange transactions can help business owners leverage valuable cash to finance critical growth strategies.

At least once a week I get asked:   What are the benefits of doing a Section 1031 Exchange?  I normally give the usual answer:  Deferral of Taxes resulting in more funds to spend on possible Continue reading “Seven Ways 1031 Exchanges Can Help Strengthen Businesses”

Florida Hotel Sales are Down, is a Spike in the Horizon?

Florida hotels are changing hands much less frequently lately, thanks to COVID-19’s negative impact on the local economy. Orlando’s 500+ lodging properties are dealing with severely reduced revenue due to sparse tourism, and this is only contributing to the ongoing mass layoffs within the hospitality industry. Continue reading “Florida Hotel Sales are Down, is a Spike in the Horizon?”

ALERT: Fake Check Scam Reminder

Over the past several months, we have sent out a couple of alerts to remind our friends, family, clients, Realtors, investors and colleagues of the Fake Check Scam.

How the Scam Works:
The perpetrator of the scam sends you a large cashier’s check supposedly for the purchase of real property, escrow money, etc. You deposit the check. A few days later, the perpetrator contacts you to request that you send all or some of the money back because either they have changed their mind or need the money back for an emergency. You wire the funds as requested. Several days or weeks later, you find out that the check was fake and now your bank account is short by the amount you wired to the scammer.

The scammers don’t always use cashier’s checks. The scam has involved fake law firm trust account checks, fake corporate checks, and others. Many times, the fake check is mailed from Canada, and the “client” asks you to return the funds via wire to somewhere in Asia.

How to Avoid Being Scammed:
If you receive a large cashier’s check, verify with your bank and the issuing bank that the check is real before depositing it into your trust account. Contact the issuing bank by email or phone, but do not use contact information from the check. Better yet, refuse to accept large checks and insist that funds be wired to your account. Do not disburse any funds until you are positive that the check is real and that you have collected funds in your account.

How to Report the Scam:
If you would like to report the attempted scam to the authorities you are encouraged to make a report to the FBI’s Internet Crime Complaint Center (IC3) at www.ic3.gov. Even if you did not fall for the scam, and have not suffered a loss, the FBI is interested in your facts. They may not be able to investigate every case, but they will compile the information and look for trends and common perpetrators.

Source: The Fund- Attorneys Title; helping protect their agents.

What is the Purpose of a Power of Attorney in Estate Planning?

There are many aspects to consider when planning your estate such as living wills, last will and testaments, trusts, beneficiaries, and so on. While all of these moving parts work together to create a successful estate plan, the power of attorney (“POA”) is one of the most significant of them all. This is because without this document, many of your assets may go unprotected in the event that you cannot manage things on your own.

If a POA is not named, and you are in an unstable condition, you will not have access to your assets unless they go through a guardianship proceeding with the courts. These proceedings can be very costly and time consuming, and you do not have the freedom to choose who that guardian may be. Appointing a power of attorney gives you this protection, and also allows you to take advantage of tax reduction.

A Power of attorney is always necessary, even in the case of joint ownership. These laws have changed dramatically within the last ten years, and documentation must be updated and checked on regularly to make sure they are in alignment with the new legislation. Call us at Gulati Law for a free legal checkup to find out the status of your estate plan and what we can do to ensure a smooth process.

estate planning

Sale Pending: Can I Still Make An Offer?

In the world of online real estate searches, it can be easy to fall in love with a house before realizing that the property reads “pending sale”. Many homebuyers see a listing and assume that the property is unavailable, when in actuality that may not be the case. “Sale pending” can mean a few different things depending on how the market works for your area.

Understanding the basic real estate transaction process helps to understand what exactly a pending sale means. When someone chooses to buy a home, they make an offer “contingent upon” certain factors. This can be the completion of a property inspection, a bank appraisal, or loan approval. If there is an issue with the inspection or the buyer cannot get financial backing, the buyer has a right to exit the contract. After an offer has been made, the buyer typically has about 3 weeks to get the inspection, appraisal, and the loan approval.

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Although the sale is not a “done deal,” the seller is not able to enter any agreements with another buyer while these processes are being completed. Another buyer, however, is able to submit a “backup offer.” A backup offer functions as a backup plan in case the first offer falls though and the transaction never takes place. Some listings classified as “sale pending” may include transactions where all contingencies have been removed. This means the buyer’s loan has been approved and both the inspection and appraisal have taken place. In this case, the only thing left would be to move toward closing. This may take up to a few weeks, and technically the sale is still pending.

Even though all contingencies have been removed, there is still a slight chance that  the buyer may exit the deal. The buyer will not become the owner until the property is closed and the deed is recorded. Until this happens, a buyer may still need to back out in a case of emergency or if they risk losing the earnest money deposit. Falling in love with a pending property may not mean a dead-end for you. Find out about the status of the property and whether or not it is possible to make an offer at this point. You may also want to find out more information such as if they buyer has had any previous inspections and if there have been any real issues thus far.

The best thing to do when a home you are interested in is pending is to put that property on the back burner and keep up your search. If you truly would like to pursue the home, make your interest known and find out the information you need. The only next step is to wait and see what happens with the current sale.

Source: Zillow Blog

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