Santiago J. Padilla, P.A.

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Located in the Miami metropolitan area, the Law Offices of Santiago J. Padilla, P.A., offers comprehensive services for business clients with a variety of needs.

Posts tagged "Commercial Real Estate"

Foreign National Seller of Real Estate Must have an ITIN in Order to Sell the Property

Over the last several years, many foreign nationals invested in real estate in South Florida, but never obtained an Individual Taxpayer Identification Number or ITIN. However, that may be a problem when the foreign national wants to sell the property because the Internal Revenue Service ("IRS") requires foreign sellers of real property to obtain an ITIN in order to sell the real property. These rules were implemented several years ago, but we still get foreign nationals seeking to sell their property without an ITIN. This is sometimes further complicated because the IRS will generally not issue an ITIN unless there is a demonstrated need for the ITIN, which creates a "Catch-22" situation.

Real Estate Investors Urged to Consider Climate Change

When investors in Florida consider the potential of a commercial real estate investment, they are used to taking several factors into account that could affect the long-term value of their stake. After all, many people favor investing in real estate because of its potential to retain and increase value over longer periods of time. Experts are cautioning that climate change may introduce other variables that should also be considered when evaluating a potential investment.