PURCHASE & SALE AGREEMENTS
FORECLOSURES
SHORT SALES
LAND TRUSTS
LANDLORD/TENANT LEASES & EVICTIONS
CONDOMINIUM/HOMEOWNERS ASSOCIATION DOCUMENTS
| PURCHASE AND SALE AGREEMENTS |
Contracts are the manifestation of the intent of two or more parties to enter into an agreement for the purpose of providing goods, services, money, or other things of value, known as consideration in exchange for things or services of similar value or of value to the parties. Our firm provides the proper guidance for our clients who wish to enter into contractual agreements and obtain the protection necessary to achieve their goals and results with no more risk than what was contemplated.
Foreclosures are a common type of lawsuit in Florida and have become even more prevalent with the changes in the real estate market. Foreclosures arise based on a lender’s security interest in a property. This interest is called a mortgage and is recorded in the public records of the county in which the property located. When a property owner fails to make payments on the home loan, the lender institutes a FORECLOSURE action to re-take possession of the property and can involve auctioning off the property and using the proceeds to recover their investment. If your property is not sold or the purchase is not enough to cover the lender’s loan, a deficiency judgment could be pursued against a property owner. This can seriously impact a person’s credit and impair their ability to purchase another home.
A “Short Sale� or “negotiated settlement� or “short pay� occurs when a Lender agrees to accept less than the amount owed to payoff a loan as an alternative to foreclosure. If the property is worth less than the amount owed on the loan, then even if the Lender forecloses and takes back the property, they know they are going to take a loss. We can often convince a Lender that they will “do better� if they take less than what is owed now rather than taking the property back by foreclosure and trying to sell it later. The Short Sale negotiation process is a lengthy one. It may take several weeks or more likely several months to get an approval. Many Lenders have several layers of bureaucracy, insures, and investors that we will have to maneuver through in order to get a Short Sale approved. So it is important to be patient during this long process.
A Land Trust an agreement whereby one party (the trustee) agrees to hold ownership of a piece of real property for the benefit of another party (the beneficiary). Land trusts are used by nonprofit organizations to hold conservation easements, by corporations and investment groups to compile large tracts of land, and by individuals to keep their real estate ownership private, avoid probate and provide several other benefits. Corporations sometimes set up land trusts when they want to compile large tracts of land without arousing suspicion or alerting people to their plans (which would cause the asking price to rise). For example, the land for Walt Disney World near Orlando Florida was put together by using many land trusts to buy smaller tracts of land. Individuals use land trusts mainly for privacy and to avoid probate. No one knows what one's bank balance or stock investments are, yet anyone with an internet connection can look up a person's real estate holdings. A person who has an auto accident or a doctor who accidentally injures a patient is a much better target for a lawsuit if he or she owns real estate investments. So some investors buy their properties in land trusts so their name does not appear in the public records. The land trust also allows the property to immediately pass to their heirs at the moment of death, rather than go through a long probate process.
| LANDLORD/TENANT LEASES & EVICTIONS |
Not everyone owns their home. In the ever prevalent market of real estate investment, many new defacto landlords have arisen, as have tenants who are either new to our area or who have not had the fortune of yet owning their own home. Our firm helps both landlords and tenants by guiding our clients through properly formatted lease agreements and if necessary, provide eviction or eviction defense.
| CONDOMINIUM & HOMEOWNERS ASSOCIATION DOCUMENTS |
Our firm offers services to the owners and management companies governing pre-construction and existing condominium projects and homeowner associations. These documents include, but are not limited to incorporation, by-laws, rules & regulations, and other required documentation needed to satisfy state and local requirements. We will work with our clients’ accountants, architect and construction management teams in order to provide our clients with full package ready for immediate state submission as required, implementation and dissemination to end unit/homeowners.
Commercial & Residential Closings & Escrow
Reverse Mortgage Closings
Title Insurance
Lender Mortgage Packages
Title Restoration Services
Notary Public
| COMMERCIAL & RESIDENTIAL CLOSINGS & ESCROW SERVICES |
Our firm has successfully conducted hundreds of real estate closings for both commercial and residential property throughout the State of Florida and for numerous clients and lenders. These include FHA approved Reverse Mortgage Closings for our elderly borrowers. A closing, also known as a settlement, is the finalizing of a real estate in which all matters are settled and funds or other consideration exchanged for the property or business being sought. It takes place after exhaustive research of the history and status of the property, including research of the chain of title, city and municipal liens, codes, and permits, physical site evaluation and appraisal, and the resolution of any other matters arising from the closing process. One important aspect of balancing the equities in a transaction is the escrow requirement. Our office accepts and holds escrow funds, free of charge, pursuant to real estate closings conducted through our firm. There is typically no limit to the escrow amounts accepted for transactions.
| REVERSE MORTGAGE CLOSINGS |
A reverse mortgage is available to homeowners age 62 or older who have either paid off their homes or who have only a small mortgage balance remaining which allows them access to their home equity without having the need to repay the loan. Benefits of a reverse mortgage include: no monthly payments; no income qualifications; no credit requirements; and the borrower’s choice of receiving their funds either as a lump sum payment, line of credit, or through monthly payments. By both removing a monthly payment requirement and obtaining tax-free money, our elderly friends and family members can truly enjoy their retirement years with the financial freedom they so deserve! Our firm can explain the details and procedure of a reverse mortgage in a short, but effective consultation session.
Simply stated, title insurance is the protection against claims or financial loss based on problems connected to the ownership rights to your property. By the time of our clients’ purchase, most properties will have gone through several ownership changes. It is through this “chain of title� that there may be a weak link in the form of improper conveyances, unpaid real estate taxes, construction liens, creditor judgments, or other liens. Title insurance covers the insured party for any claims that arise out of such issues prior to the purchase of the policy at closing. The amount of title insurance is based upon the purchase or loan value depending upon whether the transaction is a purchase or refinance and is paid for by the buyer or seller depending upon the location of the transaction. Title insurance is paid for at the time of closing and no further payments thereafter are required. Although there is not always an obligation to obtain title insurance, many lenders, in an effort to protect their interests, will require it in order to fund a mortgage loan. There are two forms of title insurance being an Owners Title Policy, which is obtained in the value of the purchase amount and protects the owner as long as the owners or their heirs own or have interest in the property. The other type is Mortgagee Title Insurance, which is used to cover the lender’s loss in the event of a claim. When you refinance, you do not need a new Owner’s Policy, but the lender will require a new mortgagee policy, even if you refinance with the same lender. This is because the Mortgagee Policy terminates when the current loan is paid off. Furthermore, the lender will require protection against any matters affecting title which would have arisen during the current ownership of the property.
Our firm offers the individual lender the opportunity to invest their money in the real estate market by issuing loans secured by a mortgage, which provides for their protection. These mortgage packages contain promissory note per the agreement to lend, truth in lending statements or waivers, affidavits, and other professionally drafted documents found in most institutional lender packages.
| TITLE RESTORATION SERVICES |
During the course of events, and despite the best efforts of title examiners, it is possible that some title defect has arisen or “fallen through the cracks� and which affects the title to a property. This could be in the form of an improperly executed deed, a past creditor judgment, tax lien, foreclosure, unpaid mortgage, or other matter dating back significantly enough to cause a defect of title. Unfortunately, in a market which has been as fast paced as the Florida real estate market, mistakes do happen. Our firm will assist our clients with ascertaining the problem and implementing the action required to correct the matter and restore the property or "clear title."
Our firm carries notary public officials in-house for the certification of real estate and other documents as required for recording or other such purposes.
