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 | RESULTSLAW OFFICES OF JACQUELINE A. SALCINES, P.A. 706 S. DIXIE HIGHWAY SECOND FLOOR CORAL GABLES, FL 33146 TEL. 305.669.5280 EMAIL US DIRECTLY: J.SALCINES@SALCINESLAW.COM