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JordanLawyers-ICON-Dark-241x300By:  Jordan + Lawyers | ESQ.title

Despite the crippling and ongoing coronavirus pandemic, millions out of work, a recession, a national reckoning over systemic racism, and a highly contentious presidential election just around the corner, the residential real estate market is staging an astonishing rebound.

Median home prices shot up 6.2% year over year in the week ending June 27. Homes are selling faster than they did in 2019, when no one had heard of COVID-19. And bidding wars are back as first-time and trade-up buyers who have lost out on other homes slug it out.

It’s a far cry from the Great Recession of more than a decade ago, when home prices plummeted, mortgages were plunged under water, and foreclosures seemed to appear on just about every block. But of course, the overbuilt housing market and subprime mortgages helped cause that crisis. Back then there were a glut of homes for sale and not many eager buyers. This time it’s reversed.

To be sure, there are plenty of danger signs ahead in this economy, including continuing historic levels of unemployment and rising coronavirus infection rates in many parts of the country. But, for now, real estate is bouncing back much quicker than other bellwether industries.

So what’s driving this surprisingly hot market? There’s a slew of culprits. Continue Reading ›

LE2020_BADGE--257x300ST. PETERSBURG, FL. (June 22, 2020) – Alejandro E. Jordan, ESQ. of Jordan + Lawyers, Coral Gables was recently recognized in the 2020 edition of Florida Trend’s Florida Legal Elite™.

The list of 1,071 honorees represents just over 1% of the active Florida Bar members, including attorneys in private practice as well as top government and non-profit attorneys who practice in Florida.

Florida Trend invited all actively practicing Florida lawyers to name the attorneys that they hold in highest regard – lawyers with whom they have personally worked and would recommend to others.

img_2262By:  Alejandro E. Jordan, Esq.

If you are experiencing difficulty making on-time mortgage payments due to the national coronavirus emergency, forbearance may be an option for you.  Forbearance can help consumers get back on their feet during short-term financial difficulty, but there  are a few things you need to know and some important decisions you’ll need to make.  Forbearance is when your mortgage servicer, that’s the company that sends your mortgage statement and manages your loan, or lender allows you to pause or reduce your payments for a limited period of time.

Forbearance does not erase what you owe.

You’ll have to repay any missed or reduced payments in the future. So, if you’re able to keep up with your payments, keep making them. The types of forbearance available vary by loan type. If your mortgage is backed by the federal government—this includes FHA, VA, USDA, Fannie Mae and Freddie Mac loans—provisions of the recently enacted CARES Act allow you to temporarily suspend payments if you are experiencing financial difficulty due to the impact of the coronavirus on your finances.  Loan servicers may also have forbearance or deferment options for non-government backed or private loans, but the exact options available to you may differ.

Here’s how this works for federally-backed mortgages under the CARES Act.

If you are experiencing financial hardship due to the coronavirus pandemic, you have a right to request forbearance for up to one hundred eighty days.

You also have the right to request an extension for up to an additional one hundred eighty days.  But, you must contact your loan servicer to request this forbearance. There won’t be any additional fees, penalties or interest added to your account. But, your regular interest will still accrue.  Other than telling your servicer that you have a pandemic-related financial hardship, you won’t need to  submit additional documentation to qualify for this forbearance.

It’s important to find out what options are available to you.

Continue Reading ›

By:  Alejandro E. Jordan, Esq.img_2262

This Article discusses the issues a landlord confronts when its commercial tenant files for bankruptcy protection. It also considers pre- and post-bankruptcy options available to a landlord to mitigate the impact of a tenant’s bankruptcy filing.

Section 365 of the Bankruptcy Code allows commercial tenants, as debtors, to take actions on their leases that greatly impact landlords. Subject to court approval and certain limitations, a debtor-tenant can use its reasonable business judgment to reject burdensome and unfavorable leases and assume leases that are beneficial to the debtor-tenant’s bankruptcy estate (11 U.S.C. § 365).

Purpose of Section 365 of the Bankruptcy Code

Section 365 of the Bankruptcy Code governs assuming, assuming and assigning, and rejecting commercial leases. These provisions serve to:

  • Further the federal bankruptcy goal of rehabilitating troubled companies while balancing the interests of all parties.

  • Maximize the value of the debtor-tenant’s estate (which includes the tenant’s interest in unexpired leases).

  • Provide some protection to non-debtor landlords.

In weighing the competing interests of the parties, Congress attempted to strike a balance, but the result is a system that favors the interests of the debtor-tenant (and its creditors) and leaves the landlord at a legal and practical disadvantage.

Continue Reading ›

By:  Alejandro E. Jordan, Esq.img_2262

Q.  IF A TENANT BREACHES THE LEASE: 

  • Are there any implied remedies available to the landlord, such as the acceleration of rent?

  • Is there a limitation on the landlord’s ability to exercise self-help?

  • Is there a common form of an eviction proceeding and, if so, what is the typical length of time for the proceeding?

  • Are there specific mechanisms for expedited remedies, such as waiver of jury trial or arbitration?

  • Is the landlord required to mitigate its damages without an express obligation to do so?

Implied Remedies

In commercial leases in Florida, if a tenant fails to pay rent when due, a landlord has a right to obtain possession of the premises (§ 83.05(1), Fla. Stat.). A landlord has the statutory right to demand double the monthly rent when a tenant fails to give up possession of the premises at the end of the tenant’s lease (§ 83.06, Fla. Stat.).

The landlord does not have the right to accelerate rent unless the lease specifically includes an acceleration of rent provision.

Self-Help Continue Reading ›

By:  Alejandro E. Jordan, Esq.img_2262

Q.  ARE THERE ANY LEGAL RESTRICTIONS ON: 

        • How much rent the landlord may charge?

        • Whether certain operating expenses (or other additional rent) may be passed through to the tenant?

Maximum Rent

Under Florida law, there are no restrictions on the rent a landlord may charge on commercial leases.

Operating Expenses

There is no limit to the operating expenses that may be passed through to the tenant, but almost all pass-through amounts are considered additional rent and are subject to Florida sales tax.

Q.  FOR SECURITY DEPOSITS: 

  • Must the landlord maintain security deposits in a separate bank account for each tenant?

  • Must a security deposit be in an interest bearing account?

  • Must the landlord pay all interest earned to the tenant or can the landlord retain a percentage of the interest earned as an administrative fee?

Continue Reading ›

By:  Alejandro E. Jordan, Esq.img_2262

Q.  DESCRIBE ANY LAWS ALLOWING THE TENANT TO ASSIGN ITS LEASE, OR SUBLEASE ITS PREMISES, WITHOUT THE LANDLORD’S CONSENT. IS A REASONABLENESS STANDARD IMPLIED WHEN THE LEASE IS SILENT ON WHETHER THE LANDLORD’S CONSENT TO AN ASSIGNMENT OR SUBLEASE MAY BE REASONABLY OR UNREASONABLY WITHHELD?

Under Florida law, the tenant may assign its lease or sublease its premises without the landlord’s consent if the lease is silent on assignments and subleases (Frissell v. Nichols, 114 So. 431, 434 (Fla. 1927)). If a lease requires the landlord’s consent to an assignment but is silent on the standard for the landlord’s consent, then an implied term is that landlord’s consent will not be unreasonably withheld and is subject to an implied covenant of good faith (Fernandez v. Vazquez, 397 So. 2d 1171, 1174 (Fla. 3d DCA 1981)). As a result, and because of concerns that criteria other than the ability to pay rent may not be considered in determining whether consent is reasonably required, it is expected commercial practice to include criteria for the granting or withholding of consent in a commercial lease. Continue Reading ›

img_2262By:  Alejandro E. Jordan, Esq.

The current COVID-19 Coronavirus crisis is having a critical impact on the Mortgage Industry, which could potentially make the 2008 financial crisis pale in comparison.

This short read will break down for you, in an easy to read format, exactly what the Mortgage Industry is up against and how servicers are being impacted by the current environment.  It will also cover how the Fed, who is trying to help, is only making things worse due to unintended consequences.

Perhaps most importantly, we will cover steps that the Fed should take to help minimize the damage done by this crisis.

Continue Reading ›

JordanLawyers-ICON-Dark-241x300By:  Alejandro E. Jordan, Esq.

Q: Are you now a new law firm?
A: Absolutely not. We have a new logo, messaging and website (launching 4/01/2020) to better reflect the firm we are today – a firm that remains on the forefront of real estate representation and cost-effective solutions.

Q: Why did you rebrand?
A:  The firm has evolved over the years.  We upgraded our imagery to capture our entrepreneurial spirit, our passion, and our unwavering commitment to our clients which we serve.

Q: Did you change your name?
A: We did not. We’ve chosen to identify ourselves by the shortened version Jordan + Lawyers, which relates to our ability to provide tactical and proactive guidance to our client’s needs through our multidisciplinary relationships in both the real estate and legal arenas.  Our legal name, however, remains Jordan Pascale, P.L.  It’s on our website and in much of our correspondence.

Q: Where do I send my emails?
A: Either email addresses are fine.  You can still email ajordan@jordanpascale.com; or to our new email addresses:

For Business/Real Estate Litigation Matters:      ajordan@jordanlawyers.law

For Real Estate Closings, Title + Escrow:             ajordan@esqtitle.law

Continue Reading ›

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