SOUTH FLORIDA REAL ESTATE LAWYER

 

While living in Miami and South Florida is a dream to many,  buying a home and purchasing real estate is a scarry decision, and  often is one of the biggest purchases you will make in your life.  Walking into the unknown, anything could  go wrong.  That is why you should seriously consider hiring a local real estate attorney in Miami. You should also consider a real estate attorney should you wish to sell your home.

Whether you are buying or selling real estate, you will likely be required to sign a contract.  And when signing a contract,  if you don’t have a competent real estate lawyer representing you and watching your back, you could be presented with a series of issues  that you don’t know how to handle.  Only a competent real estate lawyer can sort out contracts and contract law. For example, what goes into the contract for sale? Is it possible for the seller to stay in the house for a given period after the sale date? Who is responsible for any losses due to damage after the buyer has made a cash deposit.

Most people hire a real estate broker or realtor,  without realizing the broker is paid by the seller and has a duty to protect the seller’s interests and not yours.

A real estate attorney in Miami, on the other hand is there to work for you and to protect your interests only.

Most real estate attorneys will assist you in every single aspect of your home purchase. This might include negotiations about the price. The terms to be finally included in the contract for sale, and a host of other details that need to be sorted and concluded, before the closing date.

A real estate attorney in Miami can assist the purchaser, buyer or seller in matters including drafting, reviewing, and inserting clauses to protect the buyer during negotiations and supporting the seller in negotiations if required.   Other services we offer include:

  1. Checking mortgage documents for any hidden terms the buyer will need to know about to make an informed decision.
  2. A real estate lawyer can also help in negotiating the mortgage terms with the lender or bank.
  3. Reviewing the inspection reports required by all mortgage companies, and renegotiating the price based on such inspection reports and its findings.
  4. Checking the title for encumbrances to ensure there are no others who hold an interest in the home and could be in a senior position to the seller. The lawyer will endeavor to ensure the buyer gets full title to the property before any closing documents are signed.
  5. Purchasing title insurance; this will protect the buyer should someone own a senior interest in the property that was not uncovered in the title search.
  6. Help the buyer understand the necessary surveys of the property.
  7. Overseeing the closing documents, and making sure that the closing goes without hitch and on time.
  8. Recording the deeds and the mortgage documents.
  9. A  real estate attorney in Miami will stand by after closure should any issues arise once the buyer has moved into the property. He or she may also advise on matters such as the $50,000 Florida Homestead Exemption.

A seller of real estate would be advised to enlist the services of a real estate attorney to protect their interests, from negotiations through to closing.

Buying a property is a huge investment and it is vital all legal matters are dealt with by professional real estate lawyers, to ensure everything goes as smoothly as possible, and there are no surprises after the sale or purchase has gone through.

“The Law office of Jacqueline A. Salcines, P.A.  offers free legal advice.  In order to have your matter considered, call us.  Or come and interact with us on Facebook, Instagram and Twitter.”

The Law Offices of Jacqueline Salcines offers cost effective services designed to meet your individual needs and requirements. For strong legal representation, call us at (305) 669-5280 today! Attorney Jacqueline Salcines  has been handling all your real estate and business law needs  for over 20 years.

 Main office 305 | 669 | 5280. Or email the attorney directly: J.Salcines@Salcineslaw.com

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL. 305 669 5280

Email:  J.Salcines@Salcineslaw.com

SOUTH FLORIDA SHORT SALE ATTORNEYS

REAL ESTATE LAW

Short Sales, where the mortgage company agrees to accept a “short” payoff of their mortgage (less to pay off the mortgage then what is owed) are experiencing a comeback.  Perhaps it is the fact that second lenders are filing foreclosure actions at higher speeds, or the statute of limitations is running on mortgages, whatever the cause, short sales are slowly increasing.

In a short sale, the homeowner lists the property for sale at a price lower then what is owed to the mortgage company.  The balance to the mortgage company is then negotiated so that the lender accepts the sales price, pays the borrowers closing costs and the borrower’s mortgage debt or balance is forgiven.

A true short sale, done accurately and proficiently will erase the mortgage balance AND the lender will agree to waive or never collect the balance of the mortgage. This is true whether Property values and real estate sales in South Florida and across almost all parts of the country  are thriving.  However, for a select few, short sales still linger.  Many lines of credits with ten-year and 5-year maturity dates are beginning to mature, causing homeowner mortgage payments to rise significantly, wherein the borrower/homeowner can no longer afford their mortgage payments.

Even if home values remain on the increase, if a homeowner can no longer afford their payment, they may try to short sale or modify their loan to see if they can save the home or exit gracefully.

At the Law Offices of Jacqueline A. Salcines, P.A., our lead attorney brings extensive knowledge and expertise in the field of negotiating short sales and loan modifications.  We have an in-house short sale and loss mitigation department headed by managers with extensive experience. Jacqueline Salcines, Esq.is also an attorney, title agent and accountant, able to handle the full transaction without having to contract any outside services, saving the borrower money.    We are here to help iron out issues and move the transaction from imminent default to resolution.

With prompt intervention to resolve disputes amicably, without the need to litigate,  we are here to get borrowers the results they desire. Call us today to see what we can do for you.

For more than 18 years, Jacqueline Salcines has been practicing law with the need of her clients first.  Upon calling the firm you get the feel of how the client is our first priority.  We are here to help you with your purchase or sale and do so with hands-on legal experience.

Main office 305 | 669 | 5280. Or email the attorney directly: J.Salcines@Salcineslaw.com

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL. 305 669 5280

Nothing quite compares to owning your own home or investing in real estate.  In fact, for many, this is the single most expensive investment made in their lifetime.  And Florida’s residential and commercial real estate markets have certainly experienced an incredible turn around and appreciation from just 4 to 5 years back.  And  yet, with real estate being one of the most ways to obtain a high return on investment, not all potential buyers entering the real estate market have the know how or financial capacity to buy real estate.

When first entering the real estate market, the best advice is to hire a real estate attorney to have in your corner, not only to protect you when entering into the contract, but to assist with your financing, pre-approval and locating a property as well.

If your purchase requires financing, the first thing to do is fix your credit as much as possible. Once your credit is good, you can either go to a local bank or mortgage broker to see what amounts you qualify for.  Knowing this will narrow your search for properties and zip codes.

Once you know how much you are eligible to borrower, it then turns on locating the property that fits your needs.  You can enlist the services of a realtor or a real estate attorney acting as a realtor, as we are, in order to locate properties on the MLX and set up viewings. After you select a property, the remainder gets complicated.  You will have contract offers, and down payments, reviews of sellers disclosures and inspections.

The list goes on and on.  And the best advice is always, hire an attorney to hold your hand and walk you through it.

Hand with a house key.

At the Law Offices of Jacqueline A. Salcines, PA we make purchasing your home easy.  We will guide you through the whole process, from contract preparation to closing. we are there for our clients.

office_outside-med

At the Law Offices of Jacqueline A. Salcines, PA, our real estate lawyers help business owners, individuals, buyers, sellers, tenants, landlords, and investors. We provide sound business advice to people and businesses looking to invest in real estate, real estate development, property management, lending, and property ownership.  Our law firm represents individuals and businesses in South Florida, throughout Miami-Dade, Broward, Monroe and Palm Beach Counties in real estate matters.

Call us today for a free consultation.

We are always a phone call away.  Tel. 305.669.5280

Or email us with your questions.  J.Salcines@Salcineslaw.com

TRUST  |   COMMITMENT  |  RESULTS

Hand with a house key.First time home-buyers you are in luck.  FHA has unleashed a new program called the HOMEOWNERS ARMED WITH KNOWLEDGE or HAWK program last month for homeowners purchasing for the first time.  This program is a way for home buyers to cut their mortgage insurance premium costs by attending counseling classes.  The idea behind it is to make home buyers more responsible purchasers when it comes to their mortgage payments, in the wake of the mortgage crisis. The HAWK program announced by the Federal Housing Administration was created with the idea that the more responsible home buyers are, and understand about home ownership, the less likely they are to default on their payments, and thus reduce the risk for FHA.

And… after two years of no delinquent payments, the homebuyers will get even more program discounts and incentives.

Borrowers who take the classes which include several courses about closing, can save an average of $325.00 per year or $10,000 over the life of the loan.

FHA does not write loans, it merely insures them. Therefore, borrowers can get loans FHA backed with as little as 3.5 percent down and a credit score of 560.00. But this type of loan is a huge risk because of the percentage down required.  Therefore, while PMI is required, this program will offset the amounts that homebuyers pay over the life of their loan.

Under the program, the homebuyers that take the counseling class BEFORE signing a contract, can earn a 50 basis point reduction in upfront mortgage insurance and a 10 basis point reduction in the annual premium costs. Mortgage insurance premiums would also be cut to 1.35 percent.

The long term savings are impressive and can assist with homebuyers that have faced several hurdles in buying properties because of the additional costs and fees lenders are charging post mortgage crisis.

To find out more, contact us. The first consultation with attorney Jacqueline A. Salcines, Esq. is free of charge and can provide valuable information for making that first and ever so important home purchase.

TRUST  |  COMITMENT  |  RESULTS

mini-logo

Jacqueline A. Salcines, PA
706 S. Dixie Highway
2nd Floor
Coral Gables, FL 33146
Tel: 305.669.5280

J.Salcines@salcineslaw.com

Law Offices of Jacqueline A. Salcines, P.A.

Law Offices of Jacqueline A. Salcines, P.A.

2014 is the YEAR OF THE SELLER in Miami-Dade and Broward counties.  There are more buyers then inventory of properties on the market.  A sellers market therefore makes hiring the services of an experienced team of realtor and real estate attorney/title agent more crucial then ever.  Buyers and investors want to get properties at the discounted prices they were used to in the years 2009 through 2013.  However, with a seller market, comes the homework a seller must do to make sure the property is accurately priced to sustain a buyer and get to the closing table.

The first and most important task is finding the right realtor.  This alone can make a huge difference between someone hard at work to list, market and sell your property, so that the number of days on the market are minimized.  Once a realtor is picked and the property is listed, hiring a real estate attorney is also a necessity.  A real estate attorney hard at work for you will review and check the contract provisions, and provide advice as well as negotiate any terms between the seller and buyer.  A real estate attorney will also make sure all contract deadlines are strictly abided by, including deadlines for inspections, financing, as well as hold the deposits in escrow till closing.

Once the contract is signed, many issues can arise between contract and closing.  Many properties are subject to appraisal contingencies and when the buyers lender appraisal comes back lower then the purchase price, the sellers team of realtor and attorney needs to be ready to fight for that price.  This requires solid comparables to dispute value.  Often the mere wording of a contract stating that it is not subject to appraisal can avoid the entire contract falling through if an appraisal falls short by the buyers lender.

Lien searches can also reveal open permits or liens and/or violations that must be closed by the seller prior to closing.  Often times these can be negotiated or closed out for less then required.  However, it requires the savvy work of the real estate attorney to get this done for the seller.

Commercial sellers and sellers that hold title either in a Trust, LLC or corporation, also require additional Corporate Resolutions and or Trust Affidavits at closing to ensure that the closing is authorized by the entity.  A real estate attorney prepares all these forms on behalf of the seller in order to make sure the conveyance is legitimate.

Foreign sellers are also subject to a 10% withholding at the time of sale, unless exempt.  Often, some attorneys may not be clear on diplomatic exemptions or other that exist which do not require the FIRPTA withholding. This is information that either a title company or real estate agent may not know and be familiar with.

At the Law Offices of Jacqueline A. Salcines, PA, our mission is to provide our clients with outstanding legal services that consistently exceed their expectations.  Our law practice is dedicated to all aspects of the real estate transaction including title services, legal services and advice,  lien search services, estoppel services, escrow services.

Attorney Jacqueline A. Salcines, Esq, is also an Accountant and therefore can provide solid advice regarding incorporating, tax repercussions or other considerations  for the seller, specifically foreign sellers, at the time of closing.

We take pride in our ability to address your legal needs and resolve your legal matters, whether selling, buying, investing or merely shopping around.  We strive to fully understand our client’s objectives and are committed to providing outstanding and sound legal and tax advice.

Call us today for a free consultation and let us put our expertise to work for you.   Offices located in Coral Gables.

TRUST  |  COMMITMENT  |  RESULTS

 
LAW OFFICES OF JACQUELINE A. SALCINES, P.A.

Jacqueline A. Salcines

Jacqueline A. Salcines

706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL.  305.669.5280
EMAIL US DIRECTLY:  J.SALCINES@SALCINESLAW.COM

 

Hand with a house key.IN THIS DAY AND AGE, AFTER THE MORTGAGE CRISIS, IT IS A CRAZY THOUGHT TO ENTER INTO A PURCHASE SALES CONTRACT TO BUY A PROPERTY WIHTOUT ENLISTING THE ASSISTANCE AND ADVICE OF A REAL ESTATE ATTORNEY.  ALMOST 50 PERCENT OF ALL HOMES HAVE BEEN AFFECTED BY THIS MORTGAGE CRISIS, EQUATING TO ISSUES ON TITLE, MORTGAGE ASSIGNMENTS NOT BEING RECORDED, LOST OR UNASSIGNED MORTGAGES WHEREIN THE LENDER IS IMPOSSIBLE TO REACH, OR TITLE ISSUES ARISING WITH THE DEED.

AN ATTORNEY TO ASSIST AT CLOSING IS MORE AFFORDABLE THAN YOU THINK. AND OFFERS THE MUCH NEEDED THOROUGH LOOK THROUGH AND EXAMINATION OF TITLE AS WELL AS CODE VIOLATIONS, LIENS AND OTHER ITEMS THAT COME UP DURING CLOSING.  IF YOU SIMPLY RELY ON A TITLE COMPANY THAT REPRESENTS THE SELLER OR A TITLE COMPANY THAT DOES NOT HAVE AN ATTORNEY BACKING IT, YOU ARE RUNNING THE RISK THAT ISSUES MAY ARISE RIGHT BEFORE CLOSING, WHEREIN YOUR DEPOSIT MAY BE AT RISK OR WORSE, AFTER CLOSING, WHEN YOU HAVE ALREADY SIGNED AND THE PROPERTY AND PROBLEMS ARE NOW YOURS.

AT MY FIRM, WE ASSIST BUYERS AND SELLERS ALIKE, WITH ALL THEIR REAL ESTATE AND TITLE NEEDS.  AS A TITLE AGENT ATTORNEY, JACQUELINE A. SALCINES, ESQ. EXAMINES TITLE AND REVIEWS ALL ISSUES TO FIND THEIR SOLUTION PRIOR TO CLOSING.  WE CAN NOT CLOSE IF AN ISSUE ARISES ON TITLE THAT IS NOT RESOLVED. IT IS UP TO THE SELLER TO CURE ALL TITLE ISSUES PRIOR TO CLOSING.

Jacqueline A. Salcines

Jacqueline A. Salcines

WE ALSO EXAMINE OPEN LIENS, OPEN PERMITS, AND ALL LIENS AND JUDGMENTS THAT COULD AFFECT THE BUYER, TO RESOLVE THEM PRIOR TO CLOSING.

FOR A NOMINAL FEE, WE ARE THERE WITH YOU EVERY STEP OF THE WAY.  WE ALSO PREPARE THE HUD SETTLEMENT STATEMENTS MAKING SURE YOU PAY ONLY WHAT IS REQUIRED OF YOU AT CLOSING.

TAXES ARE ANOTHER ISSUES THAT MUST BE DEALT WITH.  MANY TAXES IN FORECLOSURES WENT UNPAID FOR YEARS, RESULTING IN TAX DEED SALES AND UNPAID OR LATE PROPERTY TAXES. THIS MUST ALSO BE REVIEWED PRIOR TO CLOSING TO SEE WHAT AMOUNTS THE SELLER IS RESPONSIBLE FOR AND TO MAKE SURE THAT AS THE BUYER, YOU START OFF WITH A ZERO BALANCE AND NO UNPAID TAXES LINGERING OVER YOU.

CALL US TODAY FOR A FREE APPOINTMENT. WE CAN REVIEW YOUR CONTRACT AND PROVIDE SOUND LEGAL AND TAX ADVICE.

THE FIRST CONSULTATION IS ALWAYS AT NO COST AND CAN PROVIDE SOLID PEACE OFMIND IN TODAYS ERA OF UNKNOWNS.

 

TRUST   |    COMMITMENT   |    RESULTS

 

JACQUELINE A. SALCNES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL.  305.669.5280
EMAIL:  J.SALCINES@SALCINESLAW.COM
Jacqueline A. Salcines

Jacqueline A. Salcines

WHETHER YOU ARE BUYING OR SELLING REAL ESTATE… THE MARKET IS HOT!!  WE ARE BACK TO THE DAYS OF THE BIDDING CASH WARS, WITH BUYERS PLACING OFFERS AT OVER LISTING PRICE, AND SELLERS CHOOSING THEIR BUYER FROM MANY A POOL OF EAGER TAKERS.

HOWEVER, IN THE TAIL END OF THE FINANCIAL FORECLOSURE CRISIS, WITH SO MANY PROPERTIES PURCHASED AT AUCTION, WITH MORTGAGE AND ASSIGNMENT ISSUES, FRAUDULENT DOCUMENTS SIGNED, LAW FIRMS THAT FORGED INSTRUMENTS, AND SO MANY TITLE ISSUES, IT MAKES SENSE TO NOT GO IT ALONE.HAVING A REAL ESTATE ATTORNEY IN YOUR CORNER IS THE SINGLE MOST IMPORTANT DECISION YOU CAN MAKE. A REAL ESTATE ATTORNEY THAT IS BOTH A TITLE AGENT AND ACCOUNTANT WILL LOOK OUT FOR YOUR INTERESTS, WILL EXAMINE TITLE, MAKE SURE THAT THE CHAIN OF TITLE IS CLEAN FOR YOUR SALE OR PURCHASE, SO THAT PROBLEMS DO NOT ARISE AFTER CLOSING THAT MAY COME BACK AFTER TO HAUNT YOU.

AT THE LAW OFFICES OF JACQUELINE A. SALCINES, THE ATTORNEY HAS OVER 18 YEARS EXPERIENCE AS A REAL ESTATE LAWYER AND ACOCUNTANT.  WE ARE ALSO TITLE AGENTS WRITING FOR ATTORNEYS TITLE AND OLD REPUBLIC NATIONAL TITLE, THE LARGEST UNDERWRITER IN FLORIDA.

WE ARE A FULL SERVICE REAL ESTATE LAW FIRM PROVIDING:

  • CONTRACT AND DOCUMENT REVIEW
  • TITLE SERVICES
  • SELLER DOC PREP
  • MORTGAGE AND NOTE PREPARATION FOR SELLER FINANCING OR PRIVATE LENDERS

WE MARK AND WATCH ALL INSPECTION AND FINANCING DEADLINES AND GUIDE Y OU EVERY STEP OF THE WAY

WE ARE HERE TO SERVE  YOU.

CALL US TO SEE HOW WE CAN HELP YOU IN YOUR PURCHASE OR SALE.

THE FIRST CONSULTATION IS ALWAYS FREE.

DONT GO IT ALONE.  WE WELCOME THE OPPORTUNITY TO ASSIST YOU WITH ALL YOUR REAL ESTATE NEEDS.

 

TRUST  |   COMMITMENT  |  RESULTS

 
LAW OFFICES OF JACQUELINE A. SALCINES, P.A.backdrop2
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FLORIDA 33146
TEL.  305.669.5280
EMAIL: J.SALCINES@SALCINESLAW.COM

 

The Miami Association of Realtors ranked Brazilians as the “top foreign consumer searching Miami properties in May 2013”.   Source:  Miami Association of Realtors, The Miami Herald  Sunday, July 7, 2013. Next in line were Canada, Colombia and Venezuela.  What this equates to is a large number of foreigners investing in Miami Real Estate and depleting inventory of homes in South Florida.

While the majority of foreigners are smart enough to hire real estate lawyers to assist them with their purchases, far too many fail to do so and this failure to plan can result in costly mistakes.  So how do foreigners avoid the pitfalls of foreign investing in the United States?  First, it is important to understand who is considered a foreigner.  A foreigner is any person that is neither a citizen nor a green card holder in the United States.

For a foreign buyer, there are no special rules or regulations that must be carried out to purchase property.  They simply put in a contract, produce the funds and close.   If rent is collected, they must file income tax returns, a 1040NR, to declare the income and expenses as well a pay any applicable income tax.

The implications arrive at the time the foreigner is ready to sell!  Foreign nationals that sell real estate in the United States face heavy tax implications and are subject to FIRPTA.  If there was no legal guidance prior to buying, then there is little that a lawyer or tax professional can do to safeguard the foreigner.  The damage is done.

However, with the assistance of a real estate lawyer and accountant, and a little planning, many of the taxes can be avoided entirely.  As a real estate and business lawyer, as well as an accountant, I see it far too often. The closing takes place and a year later, when its time to sell, the damage is done.  At this point, shock takes over when these foreign sellers are told what they will have to pay the Internal Revenue Service.”  -Jacqueline A. Salcines, Esq., Attorney at Law, Accountant.  Therefore, the smart and savvy investor will hire an attorney to lay the foundation to structure the investment so as to avoid taxes and penalties.

The following are just a few of the items we can provide advice on that foreigners should consider prior to investing:

  1. How to take title –   As a foreign investor without either U.S. Citizenship status or residency status, foreign property buyers face quite a hefty tax upon the sale of their property. This can be avoided by either purchasing in the name of an LLC or structuring the purchase in a different manner.  While the capital gain is may only be taxed at 15%, if the foreigner dies while owning the real estate, the entire value in excess of $60,000 may be taxed at rates as high as  45%.
  2. FIRPTA Considerations.  The Foreign Investment Real Property Tax Act also requires settlement and closing agents to withhold 10% of the gross sale proceeds of foreigner, held at the time of closing,  and send to the Internal Revenue Service.  This insures that the IRS collects an amount if the foreign property owner fails to file an income tax return.  Properties under $300,000 may be exempt altogether if certain conditions are met
  3. EB-5 Visa.  The EB-5 category was created by Congress in the Immigration Act of 1990 to encourage the flow of foreign capitalStacks of One Hundred Dollar Bills with Small House. into the United States in order to create jobs for U.S. workers.  Under this Visa, the foreigner that invests a minimum of $500,000.00 can immediately obtain green cards for himself and his immediate qualifying family members.  This is also a consideration that foreigners can consider.

Although there are many rules and regulations to consider when purchasing and disposing of real property by foreigners in the United States, they do not have to be confusing.  Whether you are buying or selling, consult with a real estate lawyer and tax professional to ensure that you do not make any mistakes, and your investment is a sound one.

At the Law Offices of Jacqueline A. Salcines, PA, attorney Jacqueline A. Salcines is both a real estate lawyer, investment consultant, as well as an Accountant.  We stand able to assist foreigners to navigate the maze of foreign investing.  Call us today for a free consultation, or email us with any questions you may have. J.Salcines@salcineslaw.com

Jacqueline A. Salcines, Esq.

305  |   669    |   5280

TRUST    |    COMMITMENT    |  RESULTS

 

Hand with a house key.This is the first of an informational series to provide Seller and Buyers alike with the necessary tools and know-how to make their sale or purchase of real estate a smooth transaction.  I hear it often from clients.  This real estate business is so stressful. Should you sell now with property values rising?  Should the Contract for Sale and Purchase be reviewed by a real estate attorney before or after it is signed?  What if you sign and then something needs to be changed? Are you bound by the terms?  Is there a three day recission period?  All valid questions.

And while we know that selling and buying real estate can be a daunting task, we at The Law Offices of Jacqueline A. Salcines dedicate our practice to REAL ESTATE LAW.  We are here to take the stress out of the transaction for you so that you can rest, relax, close and get on with your life.

Sellers for the most part have it easy.  You name your price.  Sign up with a realtor.  Sign a contract. Wait for closing.  Show up.  Sign. Get paid!.

Well…NOT SO FAST!  Many sellers don’t know that they can obtain the services of their own real estate attorney to represent them in the sale.  Although the buyer usually says Oh… don’t worry. My attorney or my title company will prepare your documents,  SELLER BEWARE!  When the buyers title company represents the buyer, it is doing just that, only guarding the buyers interests.  The buyers title company will prepare and examine title for the buyer and though the seller will be charged regardless for their services, they  DO NOT REPRESENT THE SELLER.  Yes. You heard correctly. You will get charged a fee but the DO NOT REPRESENT YOU.  Their interests and loyalty lies with the buyer.  Therefore, I don’t know about you, but when you are selling what may be the largest investment of your life, this is a big deal, I want someone in my corner looking out for and protecting my interests.

Sellers are not aware that while the title company should order a lien search to see whether there are any open code violations, or liens, if the title company does not order one, or orders one but does not review it properly, the transaction may close but the seller is on the hook… even 10 years later.  If the buyers title company does a shoddy job, then the seller may buy itself a lawsuit.  And good luck finding that title company ten years later.

Secondly, many sellers don’t know that under the contract, there are certain costs that the buyer is required to pick up. Many a time, I have seen HUD-1 Settlement Statements on transactions that have closed wherein the seller was charged with a title search or other costs, that the buyer should have paid.  Remember, the title company is looking out for the buyer. And quite frankly, with nobody in the seller’s corner, how do they know the difference.

Usual seller costs as closing consist of the following:

  • Documentary stamp taxes on the deed (.60 cents for every $100.00 sale price in Dade and .70 cents in Broward)
  • Lien Search/Lien Letters
  • Wire Fee
  • Title Search (a discount is usually provided when the prior policy is provided. Again, something that is not told).
  • Estoppel fees for any Homeowner or Condo Assn.
  • Prorated taxes from January 1st to date of closing
  • Past due HOA or Condo Dues

While many Sellers don’t know how to read a HUD, the title company may overcharge or charge items to the seller that do not pertain to the seller.  Or, they may undercharge for taxes. How do you know if the right number was used for the proration.  Any error may result in less money paid to the Seller at the time of closing.

Sellers are also required to provide a payoff statement of their mortgage.  This is something that again, the title company for the buyer may request but WILL NOT review.  So if your lender is overcharging you or not providing adequate credit for payments made, they will not alert you. You are on your own.

For these reasons, and many more, it makes sense to hire the services of a professional real estate lawyer.

A real estate lawyer will protect your interests, make sure that once you close,  you are really done with the transaction. Not leave anything open that may result in the file being reopened or a lawsuit against you.  And will make sure that the figures on the HUD are correct and you get monies that are rightfully yours.

For a small fee, usually less than the title company is charging you to prepare your seller documents, you can have the expertise and experience of a real estate attorney in your corner.  For what is usually the larges purchase or sale one ever makes in their life, it makes no sense to go it alone.

Trust the Law Offices of Jacqueline A. Salcines, PA to protect you and your largest asset.

Visit us on the web:   WWW.SalcinesLAw.com

Offices in Coral Gables.

706 S. Dixie Highway

Second Floor

Coral Gables, FL  33146

Telephone:  (305) 669.5280

TRUST    |    COMMITMENT    |   RESULTS

 

Stacks of One Hundred Dollar Bills with Small House.Many things need to be considered when buying a property, regardless of whether your plans are to live in it or whether it is an investment. 2013 marked a year of many changes in the tax code by the Internal Revenue Service, including changes as to how mortgage interest income can be deducted and reported on tax returns, as well as Capital Gains taxes and limits, and numerous others are planned and will take effect upon property purchased in 2013.

If  the property you are considering purchasing is distressed, you will have a wide array  of considerations.  For instance, if the seller purchased in a foreclosure auction or as an REO, was the foreclosure accurately handled and/or dismissed.  As a buyer, you will need to make sure that the title is clean and that no other interest holders have rights, that may haunt you after you have signed on the dotted line.  This is the important, often overlooked role of the real estate attorney/title agent who will make sure that all this is reviewed prior to closing.  Moreover, whether the property and the loans associated with it are being audited by the Department of Justice is also a huge impacting consideration, as it may force titles that were issued to property owners and bona fide purchasers to be reversed, causing siginificant economic damages.

Real estate taxes also have a huge impact on whether a property should be considered or not.  In the advent of another real estate bubble, and with home values increasing by dramatic amounts, October may cause us to witness increased assessed values by the Property Appraiser causing once lower valued property taxes to double.

Return on Investment is also a big consideration.  If the property you are purchasing will be improved for rental,  the rental values permitted in the particular market need to be assessed.  What amounts will you be paying yearly in maintenance, insurance, taxes versus what the market will allow you to charge in rent.  Attorney Jacqueline A. Salcines states:  “At my firm, we use state of the art realty programs and tools that allow us to calculate up to the minute rental values for the most accurate assessment of what our client can rent the properties they are considering purchasing for.  This allows our investors to calculate their return on investment and make a sound decision as to whether to embark on the investment or walk away.”  There are countless other considerations that must be evaluated before you sign on the dotted line.

For many, buying a home is the single most costliest investment ever made.  It makes sense to have the right professionals by your side to guide you every step of the way.

At The Law Offices of Jacqueline A. Salcines, P.A., attorney Jacqueline A. Salcines is not only a real estate attorney and title agent with Attorney’s Title Insurance Fund, Inc. and Old Republic National Title Insurance,  but also an Accountant and Realtor.  Of equal importance, our firm has partnered up with  Tax Accountants and real estate professionals to provide the best guidance and advice to make sure your decision is a sound one.

Dont got it alone.  Hire the services of a professional to assist in making that one decision that may affect the rest of your life.

We are located in Coral Gables and the first consultation is always at no charge.

TRUST   |     COMMITTMENT  |    RESULTS