img_2262By:  Alejandro E. Jordan, Esq.

According to reporting by Morningstar Credit Ratings LLC, commercial real estate mortgage borrowers with maturing loans paid them off at a slower rate as of May 2017.  Peter Grant of the Wall Street Journal suggests this slower payoff rate, and the ensuing swell in delinquent/unpaid loans, can be at least partly attributed to 10-year mortgage loans taken out by borrowers in 2007, which got repackaged into commercial mortgage backed securities (CMBS).  This mass of maturing debt, which many are referring to as the “Wall of Maturities,” is coming due and many people are concerned about the effect it may have on the real estate market, as well as the economy as a whole.

We all remember the mess that was created, and exacerbated, by the high risk lending that was prevalent across the country ten years ago.  Continue Reading

In Florida, as in many other states, properties that fall into arrears on delinquent taxes may eventually be sold at public auction by the county in which they are located.  The process by which this occurs, called a Tax Deed Sale, is detailed in Chapter 197 of the Florida Statutes and can be a little daunting to read through.  We here at Jordan + Pascale, P.L. have years of experience representing clients in Tax Deed Sales; the following is a short overview to help you get acquainted with the reasons for and processes of these unique real estate transactions.

First, as the name suggests, a Tax Deed Sale is performed to recoup unpaid taxes on real estate properties.  Properties cannot be sold until a number of prior requirements are met and deadlines passed at which time the holder of the Tax Lien Certificate against the property may file to force a public auction of that property.  This is what is referred to as a Tax Deed Sale.

A Tax Deed Sale extinguishes most liens against a property and prioritizes those held by municipalities and counties, which again stands to reason when you consider that the main motivation for a Tax Deed Sale is to pay delinquent taxes.  However, there is still some issue regarding which liens and debts against a property are still applicable after the sale.  As such it is of paramount importance that proper notice be given to the legal titleholder of record and all lienholders, including mortgage companies, and failure to comply with these notice requirements can result in the sale being voided.  Because there is often some questions as to the chain of ownership for Tax Deed Sale properties, purchasers commonly file Quiet Title Actions to permanently “quiet” – or eliminate – all claims to a property’s title.

Most people never hear of a Quiet Title action until they’re in the midst of one.  Here at Jordan + Pascale, P.L. one of our main focuses is Quiet Title actions.  Because we believe that an ounce of prevention is worth a pound of effort, the following is an overview of Quiet Title actions in the State of Florida.

What is a Quiet Title Action?

A Quiet Title action is a civil lawsuit brought in the circuit court to “quiet” any and all claims on a piece of real estate.  Essentially, Quiet Title actions are intended to establish an individual’s right to ownership of real property against one or more adverse claimants.  In other words, Quiet Title establishes who the true owner of a property is and resolves all issues, or “clouds” from the title.  These cases are filed in Circuit Civil court.

JordanPascaleLogoJordan + Pascale, P.L. is pleased to announce the expansion of their practice to Palm Beach County. The firm is opening an additional office located at 2701 NW 2nd Ave., Suite 206, Boca Raton, FL 33431. We look forward to continuing to serve your legal needs and providing the highest level of service to clients in Palm Beach County and all over South Florida.

Jordan + Pascale is a business and real estate law firm founded by attorneys Alejandro E. Jordan and Daniel T. Pascale to provide quick, tenacious, and cost-effective solutions for their clients. With extensive local knowledge and know-how, our attorneys are well positioned to advocate for their clients, help resolve their disputes, achieve their objectives, and gain them a competitive advantage.

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img_2262By:  Alejandro E. Jordan, Esq.

The Miami Downtown Development Authority’s Annual Residential Market Study Update for the Greater Downtown Miami area, prepared by Integra Realty Resources (IRR), came out in early February, and is full of interesting/useful information. In this post we will discuss a few of the attention-grabbing tidbits from the Miami Downtown Development Authority (MDDA) report, and begin to address how some of these developments are going to affect you as buyers/sellers here in the Miami area.

According to the Senior Managing Director for IRR, Anthony M. Graziano, and Market Research Analyst, Dan Bowen, a big picture view on the state of the market should recognize that while inventory is up, there is no distress in the market. New pre-construction deliveries closed out successfully in 2016, demonstrating buyer confidence.

Resale pricing retreated modestly (6% – 7%), reflecting both a correction after five consecutive years of growth, as well as a stronger US Dollar, resulting in nominal price increases for most foreign buyers, according to the MDDA report.

With regard to condo delivery, the report notes that the greater downtown Miami area saw the largest volume of delivery (2,202 units delivered in 2016) since 2008, although it was also noted that this figure is mostly in line with the expected 11-year and 15-year cycle of absorption.

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img_2262By:  Alejandro E. Jordan, Esq.

“Our Real Estate Consulting Model will Revolutionize the entire Real Estate Industry,” says Alejandro E. Jordan, JD.

As you know, in today’s real estate market, everything that is listed on the multiple listing services is available to be seen on hundreds of duplicated websites at no cost to you.  Independent surveys state that over 95% of buyers search the Internet to find a home.  Virtually no one surveyed said their agent found them a home that they had not seen on the Internet or by driving around.  If you are one of the over 95% of the buyers out there doing their own homework, we figure why not pay you for your efforts so that you save money on your transaction closing costs.

Serving the Next Generation of First-Time Home Buyers

Today, Millennials (even Gen X and Gen Y) prefer to research information online or through their friends.  Our clients are savvy home buyers.  They’re involved in their search and know what they want.  They don’t need an agent to look on the Internet for new listings.  There are plenty of online tools they can use for that.  They don’t need an agent to drive them all over town every weekend.  And, they certainly don’t want to pay a full commission just to close the deal.  Buyers want someone who is on their side and who is hired to represent their interests.

How does the Real Estate Consulting Model Work?

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DanPascale-214x300By: Daniel T. Pascale, Esq.

Within the State of Florida especially, it is common to encounter real properties encumbered to more than one party– be it by inheritance, speculative investment, marriage, or some other such instance of shared ownership or tenancy in real estate. When these relationships are legally severed, such assets must be fairly and equitably divided between all invested parties, and in the State of Florida this is referred to as Partition of Real Estate or, more colloquially, Partition Law. Codified under Chapter 64 of the State Statutes, partition matters are a unique area of real estate law and subject to defining rules and regulations that set them apart from other, more familiar forms of litigation. The following is a brief synopsis to help illustrate the process of partitioning real estate in Florida.

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img_2262By: Alejandro E. Jordan, Esq.

Due Diligence Checklist for Commercial Real Estate Transactions in South Florida

Commercial real estate investments in south Florida can provide lucrative returns when they are selected and managed properly. Rather than just rushing into a transaction, an investor will be more likely to realize those returns if he follows a due diligence checklist on commercial real estate transactions in Miami and anywhere else in the State of Florida. The key items on that checklist are as follows:

  • ACQUISITION DOCUMENTS

Both Purchaser and Seller must confirm that they are satisfied with the purchase contract and all ancillary documents, including corporate authorizations and approvals, escrow agreements, and disbursement instructions.

  • TITLE AND ZONING

The transaction should not close until the Purchaser has reviewed the title policy and any applicable surveys, and has concluded that no exceptions will preclude him from acquiring a clean title to the commercial real estate.

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Daniel PascaleBy: Daniel T. Pascale, Esq.

Offices Located in Delray Beach, FL and Coral Gables, FL.

As Hurricane Matthew bears down on the east coast of Florida, homeowners who happen to be in the path of possible damage are scrambling to make necessary preparations. Staying safe during this storm event is top priority, of course; however, after the worst is past, and the effects of the tropical system are being evaluated, here are some pertinent factors to consider for those who may need to file a property insurance claim for damage caused by Hurricane Matthew.

Don’t Delay!

It is imperative that you contact an experienced professional that is working for you (the property owner) and not the insurance company. Our law firm’s clients benefit from our strategic partnerships with seasoned public adjusters that analyze and document damages for your claim. An important point to note at this stage is that you are working with aggressive insurance claims lawyers and public adjusters, as opposed to an adjuster from the insurance company. Working with us is in your best interests, as we are your advocates — and most importantly, not working for your insurance company.

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