Although it is recommended that everyone own their home, there is still a very high demand for rental housing. This can be due to financial restrictions or personal preference. With the demand so high, it is surprising that so many people on either side of the rental process do not really understand the laws that apply to rental agreements.

To test this, renters and landlords were given a survey that asked questions about their respective rights and responsibilities throughout the rental process. The results were shocking. On average, renters and landlords both answered incorrectly on about half of the questions.

The Results

Across the board, there seemed to be a huge misunderstanding when it came to most of the topics in the survey. Renters and landlords both had little knowledge about privacy and access rights, security deposits, credit/background checks, and laws on early termination. They showed a greater understanding of laws that involved discriminatory advertising and who should be responsible for repairs and maintenance.

Since rental laws vary by state, Zillow’s director of rentals suggested every landlord and renter take the time to research and understand their rights. The easiest way to go about this is to seek the help of a residential real estate lawyer in your area. They can help you get a better understanding of some of the common misconceptions regarding rental laws.

Common Misconceptions

1. Security Deposit Laws

It turns out, most people don’t know the truth about the window of time surrounding the refund of a security deposit once a tenant moves out. Approximately 80 percent of both renters and landlords thought the landlord had 60 days to return a deposit. The truth is, in most states the maximum allotted time is 30 days.

2. Early Lease Termination

There is an idea that the landlord has the right to end a lease to free space and allow a family member to rent a home. 62 percent of renters and half of the landlords surveyed believed this was true. Again, that is wrong. It is illegal for a landlord to evict a current tenant during the terms of their lease just because they want to rent the unit to friends or family. Even if someone is offering to pay higher rent, this still cannot be done. The landlord must wait until the lease has expired.

3. Credit and Background Checks

Drug use is also an area where the laws are misunderstood. Most tenants and landlords believe that a landlord is allowed to deny a rental application that contains a conviction for illegal drug use in the past. Surprisingly, this is not the truth. The rejection cannot be based on prior drug use. A landlord is only allowed to reject an application if an applicant has been convicted of making or distributing illegal drugs. A person can also be denied if the landlord finds proof of current drug use.

Whether you’re a renter or a landlord, you should have someone on your side who understands how rental agreements work. With over 30 years of experience, the residential real estate lawyers at Marc Simon can handle virtually any real estate legal matter. For more information about this Las Vegas lawyer contact 702.451.7077 or info@marcsimonlaw.com.

The American economy is generally considered healthy when the housing market is stable. The news that the United States housing market is back on its feet thanks to rising home prices and steady job growth should be a cause for celebration.

For almost four years, each month has boasted a drop in foreclosure activity from the previous year’s levels. For example, foreclosure activity in March of this year was 23 percent lower than the foreclosure filings reported from March of 2013. According to a report from RealtyTrac, this brought first quarter foreclosures to the lowest point the US real estate market has seen since 2007.

Current Trends

The steady decrease in foreclosures means more US homeowners are keeping up with their mortgage payments. The number of properties repossessed by lenders in March decreased 5 percent since February and 34 percent since the year prior. Unfortunately, the issue is not completely remedied.

RealtyTrac stated that there were about 117,500 properties in the United States with default notices, scheduled actions and bank repossessions in March. That number increased the monthly foreclosure activity trend from February by 4 percent. This may be attributed to the shorter month, compounded with a rise in foreclosure starts. A foreclosure start is the initial public notice informing homeowners of the beginning of the property seizure process.

On an individual basis, Florida was recorded as having the highest foreclosure rate of all 50 states. This state was closely followed by Maryland and Nevada.

What does this mean?

The RealtyTrac report stated that banks are now focusing their attention on homes that have been in what is being called “foreclosure limbo.” They are expected to direct more resources to roughly half a million homes already in foreclosure that need to be sold. Right now, approximately 10 percent of bank-owned properties are listed for sale and the banks want to increase this number.

The banks took immediate action by scheduling almost 30,000 foreclosure auctions in judicial states this March. This is an increase of about 10 percent from the previous month and five percent from the previous year. In non-judicial states, the increase was slightly less. 23,511 scheduled foreclosure auctions created a three percent increase from the previous year.

All of these numbers can translate to a positive message for home buyers. Whether you are a first time home buyer or you are an experienced investor, now is a great time to research buying a foreclosed property. These statistics could mean the inventory is on your side, creating a buyers market.

As a first time home buyer, foreclosed homes are a great place to start. They are inexpensive and can be a fun project for young people to invest time and energy into. As an investor, foreclosure properties can be beneficial for the same reason.

Navigating the world of foreclosure properties and auctions can be overwhelming so consult a real estate attorney that can help you understand current market trends. With over 30 years of experience, Marc Simon can handle virtually any real estate legal matter. For more information about this Las Vegas lawyer contact 702.451.7077 or info@marcsimonlaw.com.

The decision of whether to buy or lease an office or warehouse space is one that requires serious deliberation. The wrong choice could be detrimental to the long-term success of your business. Before you jump into a commitment of any kind, here are some factors about buying and leasing commercial real estate that should be considered.

Reasons to own

If your business has enough liquid assets to justify the purchase of a commercial office or warehouse space, there are many reasons why this may be a good idea:

• Owning a building or space helps your business avoid exposure to rental increases. This will help you save money and reduce stress in the long run.
• Any real estate a business owns may be used as a long-term investment to build equity as the value appreciates.
• When it comes to occupancy expenses, owning a space allows the business owner to control a portion of the operating costs. This creates an opportunity to save more money.
• Owning a property may also offer a business a tax deferral if the asset depreciates in value.

Reasons to lease

Buying a commercial office or warehouse may not always be a feasible option for a business. In that case, there are plenty of reasons why leasing can be beneficial:

• If you are in the beginning stages of building your business, leasing frees up capital to focus on short and mid-term expenses. Staying focused in the beginning will make it possible for your business to consider big ticket purchases in the future.
• Leasing allows room for expansion. A rapidly growing business will want the flexibility of a lease when it comes time to seek out either additional space or a wholly new location.
• In the event the real estate market takes a negative turn, the repercussions of this instability are absorbed by the landlord, rather than your business.

Helpful tips

In addition to these suggestions, always remember to consider current market trends. The state of the real estate market should be a significant factor in your consideration to buy or lease a space.

In Nevada, real estate prices are rising due to a lack of inventory and an increase of businesses with available cash budgets. If your business is one with funds to buy, purchasing a commercial space versus leasing could be a wise investment.

Another trend to consider is the amount of interest you will have to pay if you purchase. Right now, interest rates are at an all-time low, but this will not last forever. As prices continue to increase, so will interest rates. Consider purchasing real estate now to lock your interest rate in at these low levels. Leases contracted while interest rates are low may be subject to a hike should rates be higher when the lease expires.

Even with extensive research, it may be difficult to fully understand the ins and outs of this complicated market. It’s always a good idea to consult a Las Vegas real estate lawyer with experience in commercial property who can guide you toward the right choice for your business. With over 30 years of experience, Marc Simon can handle virtually any real estate legal matter. For more information about this Las Vegas real estate lawyer contact 702.451.7077 or info@marcsimonlaw.com.

It is a delicate process to prepare your life for financial evaluation in order to get approved for a mortgage. It’s wise to exercise caution until the home closing process is complete to avoid negative ramifications that may result in you losing your home.

If you refrain from making these mistakes, the loan process should go relatively smoothly from application to your first set of keys. Remember to stay in steady contact with your mortgage lender, and check in with him or her before you make any significant financial decisions.

Avoid unnecessary spending

Gas for your car, groceries and personal hygiene products are considered necessary spending that shouldn’t be avoided. For everything else, implement a self-imposed spending freeze. You want to maintain the most stable financial image possible, so buckle down and try to eradicate excessive spending on things like entertainment and clothing. The closing process for a home is often much more expensive than anticipated. You want to make sure you’re prepared.

Avoid big ticket items

This may seem like an obvious suggestion, but it is surprising how often big purchases change the nature of the closing process. Lenders usually require a certain cash reserve, as a form of security to cover any surprises during the drafting of the loan. Because a major reduction in assets could reduce the likelihood of final approval, avoid making big purchases such as a car or large appliances.

Alternatively, you should also avoid any large bank deposits as it may then be necessary to explain the source of such funds to your lender. Sudden large deposits alert lenders and underwriters to potentially shady money practices, or may hint at an unstable financial foundation that cannot be maintained to afford the home long term.

Avoid opening new credit

Under no circumstances should you open new credit lines until after you have closed on your new house. Conventional credit cards, lines of credit at your favorite home improvement store and car loans are guaranteed to change your debt-to-income ratio. If this critical number is changed too much, it can cause problems with your final approval and may even result in you losing the ability to purchase the property.

Avoid changing jobs

Although this is not technically considered spending, changing jobs will certainly make your lender uneasy. It gives the impression that your financial situation is not as healthy as you claim. Thus, avoid a job switch unless it is absolutely necessary. If your income decreases, your debt-to-income ratio will be negatively impacted as well. In the event an underwriter decides to recheck all your numbers just before closing day, this unpleasant surprise could cause you to lose your home.

If you are buying a new or resale home, consult with a real estate attorney before closing the deal. There are countless laws and regulations that must be observed and considered in such process. A Las Vegas real estate attorney can also guide you through the process of obtaining your home loan. With over 30 years of experience, Marc Simon can handle any complex real estate law matter. For more information about this Las Vegas lawyer contact 702.451.7077 or info@marcsimonlaw.com.

As the economy around the world improves, residential real estate is becoming more popular. In 2013, foreign buyers made up 35 percent of US residential real estate purchasers.

Most Prevalent Foreign Buyers

Chinese buyers topped all other countries, spendingnearly $22 billion on US homes in a 12-month period. According to a study by the National Association of Realtors, Chinese buyers made up 24 percent of total foreign sales. This is nearly double the amount from the previous year of $12.8 billion spent.

According to the NAR, international purchases of American homes jumped an outstanding $92.2 billion. This is nearly triple the amount from the previous year. Of all US real estate deals, foreign clients were involved in 7 percent of the transactions.

As the economy continues to improve, China has been rivaling the US as the world’s economic superpower. The sudden influx of Chinese buyers has been positive for US real estate,especially after the financial crisis in 2008, which causedthe housing market to struggle for several years.

Chinese buyers also paid an average of $523,148 for American homes. According to NAR statistics, homes purchased by Americans only averaged $199,575.

Growing Quickly

The NAR believes that Chinese buyers are the fastest growing sector in real estate next to Canada. Mexican buyers ranked third, making up 9 percent of sales. India and the UK are tied at fourth with 5 percent.

Chinese buyers have been purchasing homes mainly in California, the most popular cities being Los Angeles, San Francisco and Irvine. According to a survey by the California Association of Realtors, Chinese buyers made up 32 percent of foreign buyers in the state.

The Chinese aren’t the only foreign buyers to prefer sunny California residences. Buyers from Canada, India, England, Australia, Ireland and Russia have all invested in California real estate. The US housing market is expected to increase even further, as foreigners continue to buy American homes.

Problems Overseas

The Chinese housing market has been overheating. William Yu, an economist at UCLA, explained that Chinese buyers “want to diversify because the housing market over there is just way too hot.” Political instability in the country also factors into their decision to move overseas.

Yu stated, “There’s no trust in the rule of law. If they’re making money, smart people are going to try to keep the money here in case something happens in China.”

Perhaps the economy in China isn’t as much of a threat as the US originally thought. Last month, new home prices fell in China. Meanwhile, US house prices have been on the rise, increasing 26 percent since March 2012.

If you are buying a new home, consult with a real estate attorney before closing the deal. There are countless laws and regulations that must be observed and considered when buying a home. A real estate attorney can guide you through the process. With over 30 years of experience, Marc Simon can handle any complex real estate law. For more information about this Las Vegas lawyer contact 702.451.7077 or info@marcsimonlaw.com.

Real estate attorneys may be extremely beneficial during the home buying process. Many people don’t realize the necessity of having an attorney present during real estate transactions. In buying a home a lot of money is at stake. This is why you need to be one hundred percent certain that all the documents are in order to avoid later repercussions.

What does a real estate attorney do?

A real estate attorney will order a search of the title, oversee your deposit into the escrow account, review the title report, evaluate the type of insurance coverage, ensure that the stipulations of your purchase contract are followed, coordinate the closing date and may even deposit the lender’s loan proceeds into the escrow account. These are only a few of the things that a qualified attorney will do. All of this is done to protect you and your investment.

Why can’t the real estate agent handle the details?

Many people put too much trust in their real estate agent. Though the agent may be helpful in finding a home, when it comes to closing a deal, they are solely in it for theircommission. Real estate agents may not even understand the legalities of the documents. An attorney’s effort will always be in your best interest. You can trust that a lawyer will let you know if there is something of concern with the documents.

Real estate agents are not attorneys. They know how to fill out the forms, but most aren’t aware of state regulations. Buying a house involves completingsome seriously complicated documents. There are a variety of clauses and binding agreements for which youmay be held accountable. An attorney will understand everything that you are signing.

Why can’t the lender handle the details?

Your lender could handle many of the details, but there are many questions that could arise during the transaction that they might not be able to address. The lender is also giving you the money to purchase the home and is primarily only concerned with fees charged to make the loan and securing repayment of the loan.

When it comes to large amounts of money switching hands, you don’t want to be taken advantage of. A lender might do a satisfactory job handling all the details, but a real estate lawyer will ensure that there aren’t any disastrous consequences.

Many people tend to be hesitant when consulting a real estate attorney, often believing that the lender and real estate agent have given them all the advice that they’ll need. It may seem overwhelming to have multiple professionals give their opinion about buying a house, but it is truly necessary. This isn’t a small transaction.It is likely the biggest purchase of your life. It should be done right. The advice from a trained attorney is invaluable.

When choosing your real estate attorney, consider Simon Law, LLC. Marc Simon has been in practice for over 30 years. He is able to handle all real estate cases, no matter how complex. For more information about this Las Vegas real estate attorney, contact 702.451.7077 or info@marcsimonlaw.com.

Many years ago, it wasn’t as easy as it is today for home buyers to see new property listings. They had to either go through a real estate agent or just drive through neighborhoods looking for signs. Nowadays, buyers can search for home listings on a variety of websites, including Zillow and Trulia. These websites provide information about homes for sale or for rent, pictures of the home, the price, information about the neighborhood and how long the property has been listed for sale.

Internet Game Changer

The Internet has drastically changed buying and selling real estate. Agents now have to be effective online marketers in order to be able to access online resources. The term “curb appeal” used to mean how the house looked from the street. Today it refers to how the house appears in photos and virtual tours. Social media has thus played a huge role in getting property information to prospective buyers.

Amy Webb of Nest Realty stated: “Most people today start their home search online, and those numbers are growing yearly. It’s the number one place to go for anyone who is even remotely thinking about searching for a home.”

The Internet isn’t only being used to locate a home. Buyers are able to find information about the neighborhood, schools, parks and even job opportunities near their potential homes. Buyers can also compare multiple neighborhoods, and even view at satellite pictures of the area.

Smarter Consumers

Consumers are much more educated about the home buying process. Today’s consumer will have sufficient knowledge of the area in which they are looking and be prepared to ask questions. They will also already have a list of houses they want to see and ones they have ruled out. Unfortunately, not all the information online is completely accurate. It is therefore important for buyers and sellers to get the help of an agent to keep them properly informed. Many statistics online are based upon averages and therefore don’t take minor details into consideration. For example, Sellers may run into problems when they try to research the value of their home, as online figures could omit critical details and result in an inflated price.

Todd McGee of Better Homes and Gardens Real Estate III recommends using realtor.com and caar.com. These sites tend to be the most accurate and up to date. However, not all data will be listed for every transaction. This is where real estate agents are helpful. They have knowledge of an area and can tell you the true condition of a home. They will also know details about the price that an online site may not have listed.

Agents are also using the Internet to provide current information to potential customers. A website needs to be user friendly, with multiple ways to search for properties. Karen Kehoe, with RE/MAX Regency, stated, “I can’t imagine not having a website.”

Years ago, it was common to advertise home listings in printed brochures. Prices were intentionally deleted, forcing potential buyers to call. Nowadays, if the price is not listed online, buyers are likely to call another agent for help.

It is important that an agent have an effective online presence. There have been occasions where buyers have purchased homes solely based upon online resources. Having photos and virtual tours will increase the amount of potential buyers.

If you are buying a new home, it is important that you have a residential real estate attorney assist you during the transaction. This will ensure that the deal you think you are making is actually what the document states. Marc Simon has over 30 years of experience and is dedicated to his clients. For more information about lawyers in Las Vegas, contact 702.451.7077 or info@marcsimonlaw.com.