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Articles Posted in Residential Real Estate

AJ-Headshot-2020-226x300By:  Alejandro E. Jordan, Esq.

With regard to capital appreciation, real estate has traditionally been considered to be one of the more popular investment options. Remember, it is a limited resource whose value is intrinsically related to its status as a scarce resource. What happens, though, when real estate begins to lose its sense of reality?

Please allow me to introduce you to the world of virtual real estate. A booming real-world housing market can be found in this area of the country. The entire spectrum of options is available, from real estate agents and leasing agreements to land owners. Except for the fact that it’s all taking place in virtual space, which was a far-fetched notion just a few decades ago but is now becoming a reality.

AJ-Headshot-2020-226x300By:  Alejandro E. Jordan, Esq.

This article provides a sample framework for the trade of real-estate ownership rights via the “encapsulation” of those rights in a Non-Fungible Token (NFT), as well as NFT participation in the DeFi sector and the potential of providing crypto title insurance, for added confidence and security.  Moreover, this Crypto-talk article will address some of the methods for transacting real estate using blockchain-enabled technologies, including NFTs, as well as the long-term strategy of “blockchainizing” or “NFT-ing” real estate in the United States.

The idea is to keep an electronic version of NFT ownership proprietary papers “on-chain,” where the NFT smart contract can modify the legal entity owner’s identity when the NFT is transferred from a seller to a bidder on an NFT Marketplace, for example. The key is to provide the legal framework that allows the NFT smart contract to make changes to legal documents, as well as the legal framework in the Terms of Use agreements that regulate the creation and listing of the NFT.

After digital collectible NFTs, why are real estate NFTs the next logical step?

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AJ-Headshot-2020-226x300By:  Alejandro E. Jordan, Esq.

The advent of blockchain technology is projected to have a big impact on real estate, the largest asset class by value, which is predicted to expand from $2687.35 billion in 2020 to $3717.03 billion in 2025. Blockchain is the core technology that enables the whole cryptocurrency ecosystem’s value proposition. It’s the technology behind Bitcoin’s security and the reason Ethereum smart contracts have a value. Smart contract developers can use on-chain logic to manage different real estate transactions, goods, and markets utilizing external data inputs and traditional settlement outputs, allowing real estate assets to become computerized as tokens on blockchain ledgers.

Holders can use their tokenized real estate assets on blockchains in interesting ways, such as trading them against reliable benchmarks or providing them as security for a loan, thanks to hybrid smart contracts, which combine the protection of blockchain networks with the richness of real-world data inputs. Furthermore, utilizing an external data source, exotic derivatives products may be produced and paid for on-chain, allowing stakeholders to protect against diverse real estate sector patterns.

AJ-Headshot-2020-226x300By:  Alejandro E. Jordan, ESQ.

In the rapidly changing world of real estate, it is critical to keep up with all of the latest innovations and technologies. With that in mind, I wanted to reach out with some information about one of the newest innovations in real estate called NFTs.

NFTs, or non-fungible tokens, are tokens that are issued on a blockchain, comparable to cryptocurrencies like Bitcoin. What differentiates the two is that NFTs are non-fungible meaning each token is unique, unlike tokens in cryptocurrencies which are identical. Meaning that they identify a unique item, digital or physical. The token can be sold to transfer ownership of this item while ensuring its authenticity.

AJ-Headshot-2020-226x300By:  Alejandro E. Jordan, ESQ.

For this article, we’ve decided to reach out to Miami real estate agents and narrowed down the Top 5 tips for REALTORS® when using the Florida Realtor/Florida Bar “AS IS” Residential Contract for Sale and Purchase (“AS IS Contract”).  This article is not limited to buyer’s agents. Simply because the buyer’s agent prepares the offer in accordance with the buyer’s instructions, the listing agent should take the time to ensure the offer is completed appropriately in accordance with the seller’s instructions. After all, everyone should share the same objective: to close the deal.

  1. Just because something is listed in the MLS doesn’t mean it’s included in the contract. Because the contract is the document that governs the parties, it must clearly state what is going to happen and what is not going to happen.
  2. Whether you’re in a hurry to make an offer on a hot property or Continue Reading ›

JordanLawyers-ICON-Dark-241x300By:  ESQ.title | 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 ›

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.

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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 ›

JordanPascale_BlogImage-300x215If you are reading this, NOW is the PERFECT time to get ahead and make sure you are most prepared to deal with the before and after effects of the Storm.  Locate your Auto, Boat, and Homeowners Insurance policies and make sure they are in effect and in good standing.  If you have any questions about your policies, reach out to your insurance agent immediately. 

Remember to take pictures or video with your smart phone before the StormTake pictures or even video tape the outside to show every corner of your home, the inside of your ceiling to show there were no leaks.  Take pictures and video around your windows from the inside to show there were no water stains before the storm.  Take pictures or video of all your furniture, TV’s and all electronics so you can show that you did own them prior to the storm.  It is most common for insurance companies to claim that damages were there prior and will likely not approve your claims unless you have some evidence (THE MORE EVIDENCE THE BETTER!)

If you have any questions, do not hesitate to contact us anytime at 305-501-2836.  We are here to help and assist you in any way we can. 

Below is a comprehensive list of “things to do” we received and would like to share with everyone to help in your preparation: 

1.       Charge any device that provides light. Laptops, tablets, cameras, video cameras, and old phones. Old cell phones can still used for dialing 911. Charge external battery back ups.  Continue Reading ›

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