FLORIDA REAL ESTATE ATTORNEY AND BUSINESS LAW ATTORNEYS
COVID-19 has caused many buyers to want to cancel contracts either dealing with real estate purchases, vessel purchases, materials or equipment. Many contracts in Florida contain a Force Majeure clause that permits closing dates to be extended, or even cancelled if there is an act of God, terrorism, hurricanes, accidents, storms or other events “beyond the Seller’s control” that do not permit the contract to go through or be completed.
Not all Force Majeure clauses are written the same. And not all Force Majeure clauses permit cancellation. Most allow for postponement or time periods to be extended, particularly closing dates, due to the inability to comply with the contract terms.
We are getting many calls daily to review contracts for buyers and sellers to interpret the Force Majeure clause in their particular contracts. If you need a contract reviewed, free of charge, the Law Offices of Jacqueline A. Salcines is here to help.
Call us, email us, Skype or Facetime. We are one phone call away and happy to help our community in this time of need.
A real estate contract is a legally binding document between two parties that binds the parties into certain terms and obligations. Whether you are looking to buy, sell or lease residential or commercial property, you should always seek the services of an experienced real estate lawyer in Miami Dade County, to draft or negotiate a contract that addresses your particular needs.
Despite how important it is to have an attorney review your documents PRIOR to signing, many parties reach out to attorneys after they have already signed the real estate contract. Buyers, sellers, tenants and landlords, whether residential or commercial, fail to contact a real estate attorney in Miami Dade County until the contract is already signed. Now, instead of giving advice as to how best protect the buyer, seller, tenant or landlord, we are usually being asked how can we now get them out of the problem.
At this point, a negotiation or litigation may become necessary in order to protect the buyers, sellers, landlord or tenants rights. This is often a result of poor planning or the misconception that attorneys charge too much and therefore not feasible. This is false.
On the contrary. It is less expensive to hire an attorney to draft a Residential Contract for Sale or Purchase or Residential Lease and represent you in the process, then it costs to hire one to then file or defend a litigation against you for nonperformance under the terms of the Real Estate Contract or Lease.
THE PROCESS OF NEGOTIATING A CONTRACT OR LEASE
By allowing an attorney to assist you to draft the contract, instead of just believing that all real estate contract and terms are standard in Florida, we can protect you every step of the way. The best way to negotiate a contract is by hiring an experienced real estate lawyer in Miami before entering into the transaction. Even if you already hired a real estate attorney here is the basics to always consider when entering into a real estate contract:
Are the proper parties listed in the contract, with correct names
Are all the terms we spoke of addressed in the real estate contract or lease. In Florida, only what is written, not the verbal or oral terms, will control the parties understanding.
Is the deal being financed? If so, are the terms of the financing clear?
Who is going to hold the deposit? Is the escrow agent a real estate lawyer who will not commingle the funds?
Is there a period of due diligence or inspections? Will you have enough time to hire a professional and obtain the report?
Always consult with a real estate attorney prior to entering into any real estate deal for purchase or landlord tenant residential lease. A real estate attorney will analyze all options and bring our experience with prior issues we have encountered, to the table to protect you.
If you or anyone you k now is in need of legal assistance in a real estate contract or lease agreement in Miami Broward, Palm Beach or Monroe County, contact the Law Offices of Jacqueline Salcines today.
Attorney Salcines is:
A title agent
All these title in the real estate arena, for 17 years, allow us to put our experience to work for you.
Call us today for a free consultation. at 305.564.9255 and see how we can help you.
About the Author:
Jacqueline A. Salcines, Esq is the Owner and Managing Partner of the Law Offices of Jacqueline A. Salcines, P.A. Real Estate and Business Law Group. With over 17 years experience including holding a dual degree in Accounting, her broad knowledge of DEBT SETTLEMENT serves to aggressively protect and defend our firm’s clients.
Call us today to set up a free consultation to discuss your specific needs. We are here for you!
Main office 305 | 669 | 5280. Or email the attorney directly: J.Salcines@Salcineslaw.com
SOUTH FLORIDA REAL ESTATE LAWYER AND REAL ESTATE LITIGATION LAW FIRM
Whether you are buying or selling real estate in South Florida, you can not afford to go it alone.
The standard Florida AS IS Residential Contract for Sale and Purchase has very complex, and carries with it many legal terms and obligations, which if you are not familiar with what you are doing and do not have guidance of an attorney, you may find yourself in hot water.
At the Law Offices of Jacqueline Salcines, PA, we have been assisting buyers and sellers with their real estate needs for over 17 years. The first consultation is always free. We can review your contract PRIOR to your signing it, to make sure everything you want, is in there. We can make sure that you are fully apprised of all your rights and obligations before you sign the real estate contract.
Buyers and Sellers often rely on their realtors to advise them of real estate law, when sometimes they are not even familiar with it.
At the Law Offices of Jacqueline A. Salcines, PA, the attorney holds a dual degree in Law and Accounting, is a realtor and has hosted many seminars and lectures on real estate and real estate law. Allow our experience to go to work for you
At the Law Offices of Jacqueline A. Salcines, PA we are here to help. With over 17 years experience handling landlord/tenant disputes, we are knowledgeable of the law, your rights and your remedies.
Jacqueline A. Salcines, PA is a South Florida based law firm experienced in handling escrow deposit disputes. Its business attorneys and real estate lawyers have provided guidance and legal advice to clients in the Miami Dade, Broward, Palm Beach and Monroe County areas that have been essential to the resolution of numerous escrow disputes.
An escrow dispute arises when a buyer, who has placed a deposit on a real estate contract, demands the return of their deposit after either the seller breaches, or they do. Anytime a real estate sales contract fails to close, a dispute as to who is the rightful owner of the deposit can arise. While often the buyer cancels on time and entitled to the return of the deposit, often the seller is not agreeable. The title company must then hold the escrow funds in “Trust” until the parties resolve their disputes. Often time, a resolution out of court can not be obtained, and the parties must litigate in court for the Judge to determine who is the rightful owner of the escrow deposit.
For individuals and business entities in the South Florida area, Jacqueline A. Salcines, PA is the firm for you. With the necessary skill and knowledge of the law and a personalized approach to every client, we are here to help. We listen, understand, and take action based on our client’s needs.
What Florida Law Says About Escrow Deposit Disputes
The Florida Statues and Administrative Rules provide procedures on how disputes should be handled. Meanwhile, the Florida Real Estate Commission (FREC) dictates the action of brokers with regards to escrow disputes.
Florida Statute requires the broker to return the escrow at the time dictated by the law. But if he or she doubts if the recipient is entitled to it, the broker should immediately notify the FREC. He or she is then given thirty business days to begin settlement procedures that will determine who the escrow deposit shall be released to.
Doing this without legal counsel is not only daunting; it puts a dent on an individual or company’s
Contact the Law Offices of Jacqueline A. Salcines, PA if you are facing any type of escrow dispute. We are a phone call away.
As a Real Estate Attorney in Miami Florida, and especially in the last few years I’ve seen some people struggle with the concept of a “short sale”.
They are unhappy with their financial situation sure, but in addition to that many question whether a short sale is the right thing to do from a moral stand point.
After all they bought a home which they are now barely able to keep payments and are upside down on the debt.
Not in my clients’ experience, but in some cases Banks have gone as far as to threaten people by taking a moral stance on the issue. Guilt is a powerful incentive when you have a conscience, and they know many people feel bad about that aspect of the situation.
It’s easy to feel trapped when you think there are no options. The good news is that every problem has a solution!
It’s all Business my Friend!
For most hard working people this wasn’t part of their plan. They are in a low point in their personal and even professional aspects of their lives and need a fresh start and a clean slate.
The last thing they need is to feel guilty about a business decision they need to make.
And that’s exactly what it is:
A business decision!
As an Attorney I provide legal advice and find the best possible legal solution to my client’s predicament. My role is both supportive and educational, then I aid in the transactional aspect which is problem solving in its very nature.
In order to ease these feelings of remorse when they are obvious, my approach is as I mentioned, educational.
It’s a Contract
I focus their attention on the fact that a Home/House/Property is an investment held together by a contract between them and the bank.
This contract explains the terms and options for both Bank and home owner. You as the home owner have the right to stop making payments at any time if you choose to, and the bank has the right to take the property back.
It’s a business decision no different than any other where the circumstances were unexpected, have changed, or where it no longer makes sense to hold to a bad investment.
Sometimes defaults and short sales are done in a strategic manner, to protect the client from further economic loss and stop the bleeding. If the circumstances are unfavorable to you, something has to be done about it. If they are unfavorable to the bank, they will do something about it.
Insurance companies change their rates on us yearly, especially if the wind blows too hard down here in South Florida. When they change their rates, they change their contract and they did so because their circumstances apparently changed… like weather patterns!
Win-Win Outcomes For All Parties!
So there are options for everyone. You can stop making payments at which point the bank will take the property back. Yet there is one more option for both which is to renegotiate the contract,
…which is precisely what a short sale is!
You as the seller go to the bank and say I’d like to renegotiate the terms of our contract based on your current situation.
The Bank will weigh your offer against the other alternative which is to foreclose on the property, and then make a decision one way or another.
I then negotiate on your behalf with the bank to find the best possible solution for both parties.
But as “your attorney” remember I always represent your interests first.
In many cases, we are able to negotiate the lender providing the seller with additional incentives:
Ultimately, the losses are not only stopped, but the client can be paid up to $35,000 from the lender at closing, with
all closing costs paid by their lender as well the balance of the mortgage (referred to as the deficiency balance) waived and forever forgiven.
As such, the short sale results in a well thought out exit strategy with the client winning at the end. This may ease the immorality of it all.
So you see there is no morality clause in any contract. If there was it wouldn’t be a contract, it would be a promise… and it would carry a lot less weight and certainly no exchange of money!
A short sale is a business decision based on the need to renegotiate a real estate contract, and we should be glad that it exists as an option to find an alternative to what comes as close to a win-win scenario for everyone.
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