Real estate law is a highly complex field of law, and one that requires specialized knowledge. Pedro Martin specialized in this field before starting a real estate development company with his father, David Martin. For Pedro Martin Terra Group, which is the name of the company, provided the perfect opportunity to combine his passions for real estate law and development, but also for building communities across South Florida. His expertise in property law has come in very handy on many occasions, and he believes this is the key reason why all property investors should build an understanding of this area of law.
It is very important that investors understand real estate law and the legal procedures they have become involved in. This will ensure that transferring the title deeds will go by smoothly. Furthermore, they will be more aware of the various procedures and documents involved in selling or acquiring land or properties. Real estate law is closely linked to real estate finances, after all.
Specific Areas of Law of Importance
One of the key areas that Pedro Martin believes investors need to build their understanding of, is that of classification of properties. Different classifications have different laws, and these apply to investors significantly. For instance, there are big differences between residential and commercial properties and it is vital that this is properly understood. One of the reasons for this is because it impacts a variety of tax laws. Property and taxes are also very closely related, not in the lease because they also impact the different loans that are available.
Next, there is the element of tenancy as well. Many property investors do so because they wish to become landlords. They may purchase multifamily properties or retail centers, for instance, which in turn means that they have to find tenants. This usually means working together with property brokers and property managers, who have an in-depth understanding of the relevant laws. However, investors should also have some understanding of them, because they will be the end-responsible person if they do become a landlord.
Last but not least, Pedro Martin recommends that investors and developers alike build their understanding of the legal jargon and terminology used within property laws and property transactions. Doing so will enhance an investor or developer’s understanding of the field of real estate as a whole. At the same time, it ensures that they are in a better negotiating position with agents and attorneys, because they won’t find themselves bamboozled by the various terms. Each state has its own laws, but most follow the same basic laws, mainly because they relate to the federal rules on property taxes. That said, property taxes do change regularly, details of which are usually published in various newspapers and on the IRS and other websites. Again, it is important to stay up to date with those, and knowing some of the jargon will make them easier to read. Pedro Martin is happy to help investors with all of this.