A client agreed to sell his home for $700,000.00, but the buyer has only $100,000.00 to put down and wants to close quickly. The buyer has another home outside of Florida, up for sale, with a lot of equity. We discussed seller financing wherein the mortgage will be...
Parents who share their parental rights and responsibilities in Florida have many obligations to one another and their children. They have to commit to a time-sharing schedule. They also usually share legal custody or the authority to make decisions about their...
Most residential mortgage loans are not assumable, with the exception of certain federally backed FHA, VA, and USDA loans. If the Buyer does want to assume the loan, there can be cost savings and potentially a below market interest rate. However, the seller must be...
If you have a lump sum of money (typically, $10,000.00 or more) and would like to apply it toward the mortgage, consider asking the lender for a "recast." if the lender agrees, your reduced principal balance will be recast (re-amortized) over the remaining life of...
If you purchase non-homestead real estate, should title be in your individual name(s), or a business entity such as a corporation, limited partnership, or limited liability company? There are important tax, liability and title issues that should be reviewed and...
A client recently priced out insurance on a commercial warehouse worth $800,000.00. With windstorm coverage the premium was $15,000.00, without windstorm the premium was $2,500.00. The lender reduced the loan amount, waived the windstorm coverage requirement, and...
Clients sometimes want to sell property and finance the purchase with a contract for deed. In essence, the buyer makes payments to the seller but only receives legal title to the property after all payments under the contract are made. Not a good plan for the buyer,...
The commercial tenant needs to be mindful of: (a) tenant improvement allowance/free rent period; (b) what is included in a "triple net lease"; (c) exclusive parking or business restrictions on competing businesses in the same center; (d) options to renew or extend the...
The commercial landlord needs to be mindful of: (a) mechanic's liens for work done to benefit the tenant; (b) tenant's option to purchase; (c) annual or periodic rent increases; (d) exculpatory language; (e) remedies for default. Commercial leases are unique and the...
If your tenant is in default of the lease, and you want to evict, Florida law requires either a three (3) day notice for non-payment of the rent, or a seven (7) day notice for violations other than non-payment. A different notice is required to terminate a...