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Residential real estate

What is residential real estate?

Classifying the types properties and laws associated with residential real estate

If you’re managing, buying, or selling residential property, you should understand what types of properties are defined as residential. Residential real estate is subject to different types of laws and regulations than commercial real estate.

Defining residential property

Residential property is real estate that has been developed or zoned for living, such as single family houses, apartments, or mobile home parks.

What types of property are considered residential?

Any property that is available for occupation for a non-business purpose may be a residential property. This can include:

· Condominiums: privately owned units within larger buildings or communities, similar to the structure of apartment buildings.

· Townhomes: units that are usually larger than condos but still share walls with one or two other buildings.

· Cooperatives: units within one building where everyone living in the building owns the building together.

· Single-family houses: usually built on a single lot without having to share space with other dwellings.

· Multi-family houses: usually range in size from two to four units, such as a duplex or a four-plex, but anything larger than four units is considered commercial property.

Note that apartments are only residential property if they have fewer than five units. Additionally, locations like hotels, campgrounds, and other temporary living places are not included in the definition of residential property. These types of property are better categorized as commercial real estate.

What are zoning laws?

Both residential and commercial properties are governed by zoning laws. Residential zoning laws may limit the types and numbers of homes that can be built or placed in certain areas. Residential zoning laws may also regulate things such as noise in the area, types of animals allowed at residences, and whether you can run a business out of your home.

Residential vs commercial property

Commercial real estate is business-focused, meaning that the owner of the property uses the property for a specific business objective. The owner expects to make a certain return on the investment. Residential property is for non-business use, most often to provide a home for individuals and families to live in.

Most people take out a mortgage in order to purchase property. However, residential and commercial mortgages have significant differences. In order to take out a residential mortgage, the mortgage usually cannot exceed 45% of your gross income. However, for commercial loans, the lender may consider the business’s ability to make money in determining how much the borrower can borrow.

Residential loans have negotiable down payments, whereas commercial loans normally require at least a 20% down payment. Terms for residential loans are also usually longer, between 30 to 50 years, whereas commercial loans tend to be around 10 years. Finally, residential loans do not usually charge penalties for paying off the loan early, whereas commercial loans do.

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Charles Edward Muller, II

Bank of America Building 701 Brickell Ave., Suite 1550, Miami, FL 33131

Bar #239356(FL) License for 1977 years Member in Good Standing

Charles Edward Muller, II

Bank of America Building 701 Brickell Ave., Suite 1550, Miami, FL 33131

License for 1999 years Member in Good Standing

Barry Barnett Ansbacher

904-737-4600 x302

8818 Goodbys Executive Drive Suite 100, Jacksonville, FL 32217-4605

Bar #792901(FL) License for 1989 years Member in Good Standing

Chae A duPont

428 Broad Avenue South, Naples, FL 34102

Bar #979041(FL) License for 1993 years Member in Good Standing

Chae A duPont

428 Broad Avenue South, Naples, FL 34102

Bar #979041(FL) License for 1993 years Member in Good Standing

Chae duPont practices real estate law, including real estate transactions, short sales, foreclosure and landlord/tenant issues. She also advises clients regarding credit repair and consumer law issues. Ms. duPont is also the founder of duPont Mortgage, Inc., specializing in helping borrowers with less than perfect credit histories qualify for a new mortgage. Specialties: Loss Mitigation: Loan Modifications, Short Sales, Mediation, Loan Settlement and Loan Forgiveness. Qualifying...

Michael S ('Mike') Hagen

239-275-0808

5290 Summerlin Commons Way Ste 1003, Fort Myers, FL 33907

Bar #454788(FL) License for 1985 years Member in Good Standing

Michael S ('Mike') Hagen

239-275-0808

5290 Summerlin Commons Way Ste 1003, Fort Myers, FL 33907

Bar #454788(FL) License for 1985 years Member in Good Standing

Hagen Law Firm's mission since 1985 is providing PROVEN Real Estate Law and Estate Planning Strategies in SW FL. Our five person team each has their own practice areas of focus. Real estate transactions, wills, trusts and probate are Hagen Law's emphasis. Michael Hagen served as the Lee County Property Appraiser's attorney 1994-2003 and continues to practice property tax consulting and appeals. He owns TaxCuts1, Inc., SW FL's leader in appealing the property tax assessments of commercial...

Andrew Bruce Blasi

561-477-7800

7777 Glades Rd Ste 400, Boca Raton, FL 334344193

Bar #370983(FL) License for 1983 years

Alberto Victor Batista

239-272-9327

9853 Tamiami Trail North Suite 203, Naples, FL 34108

Bar #777780(FL) License for 1988 years Member in Good Standing

Samantha Lynn Dammer

813-288-0303

620 East Twiggs Street Suite 110, Tampa, FL 33602

Bar #36953(FL) License for 2007 years Member in Good Standing

Ron S. Bilu

954-596-0669

2760 W. Atlantic Blvd., Pompano Beach, FL 330695727

Bar #632651(FL) License for 2003 years Member in Good Standing

Stephen Kyle Hachey

15619 Premiere Dr. #104a, Tampa, FL 33624

Bar #15322(FL) License for 2005 years Member in Good Standing

Stephen Kyle Hachey

15619 Premiere Dr. #104a, Tampa, FL 33624

Bar #15322(FL) License for 2005 years Member in Good Standing

Stephen was born and raised in Indianapolis, Indiana. After receiving his Bachelor of Science in Accounting from Indiana University, Stephen worked as a Certified Public Accountant in Chicago, Illinois. Stephen entered the Florida State University College of Law in the Fall of 2002. After receiving his Juris Doctor, Stephen moved to Tampa and eventually started his own law firm in 2007. The Law Offices of Stephen K. Hachey, P.A., is headquartered in Tampa, Florida. Attorney Stephen...

Philip Craig Rosen

954-364-6026

One East Broward Blvd. Suite 1800, Fort Lauderdale, FL 33301

Bar #582271(FL) License for 2002 years Member in Good Standing

Practice Areas: Probate | Real estate | Residential real estate

Philip Craig Rosen

954-364-6026

One East Broward Blvd. Suite 1800, Fort Lauderdale, FL 33301

Bar #582271(FL) License for 2002 years Member in Good Standing

Philip C. Rosen enjoys helping his clients find practical solutions to very real problems. Admitted to the New York Bar in 2000 and the Florida Bar Association in 2002, Mr. Rosen is currently affiliated with the Real Property and Probate and Trust Law Section and Young Lawyers Division of the Florida Bar Association. He is an agent for Old Republic National Title Insurance Company, Fidelity National Title Insurance Company, and the Attorney's Title Fund Services, LLC. In 1996, Mr. Rosen...

Practice Areas: Probate | Real estate | Residential real estate

Douglas Albert Peebles

941-742-6611

1201 6th Avenue West, Suite 505, Bradenton, FL 34205

Bar #50237(FL) License for 1995 years

Practice Areas: Residential real estate