#MiamiRealEstateLawyer

Is a New Owner Responsible for Condo or HOA Liens After Buying a Foreclosure in Miami or Broward County?

Published on: September 1, 2013 | by ESQ.title

By: Daniel T. Pascale, Esq.

Offices located in Delray Beach and Coral Gables, FL

Given that there are literally tens of thousands of homeowners and condominium associations in South Florida, it is no wonder that purchasers of foreclosure properties in Miami-Dade and Broward County frequently have questions about whether they are liable for past due homeowners or condominium assessments after purchasing property at a foreclosure sale. Once the initial excitement of the new purchase wears off, foreclosure purchasers frequently find themselves the target of associations seeking to collect past due assessments owed by the previous homeowner.

When confronted with this scenario, new property owners often recoil at the notion that they are responsible for the past due assessments: “What do you mean I owe the association $10,000 in back assessments, I just bought the property at a foreclosure sale free and clear last week? Those fees are the responsibility of the prior owner, not me!” Although this reaction is understandable, it is only partially correct.

Florida “As Is” Real Estate Contracts

Published on: August 12, 2013 | by ESQ.title

By: Daniel T. Pascale, Esq.

Offices located in Delray Beach and Coral Gables, FL

As the real estate market in South Florida continues to heat up, more homeowners will undoubtedly list their homes for sale in Miami-Dade and Broward County. An important issue that all prospective homebuyers should investigate is what, if any, encumbrances are on the property being sold. Encumbrances are loosely defined as any claims, liabilities, violations, or problems that lessen a property’s value or restrict its marketability. For instance, perhaps the property is located in an uninsurable flood zone, violates height restrictions, or has an illegal mother in law suite that violates the city or county code. Unfortunately, the prospective purchaser may not notice any of these problems at the initial or even subsequent visits to the property, and so they may not be able to include those problems as desired repairs in the initial offer.

Fortunately, the standard Florida Realtors/Florida Bar approved contract provides the prospective purchaser with the right to inspect the property for a limited amount of time and back out if he or she finds too much to be wrong with the property. The default inspection period of time is 15 calendar days unless the parties agree otherwise. The property inspection clause provides the purchaser with the opportunity to retain a real estate lawyer in order to perform the necessary due diligence on the property to evaluate the situation. If the prospective purchaser finds problems, the property inspection clause gives the prospective buyer the right to terminate the contract without losing their deposit. Of course, the buyer also has the right to demand that the seller reduce the sales price to allow the prospective buyer to repair the property themselves. If the seller refuses to amend the contract, the purchaser can then choose to exercise his or her right to back out of the contract.

Miami Dade Judges Expediting Residential Foreclosure Cases

Published on: August 4, 2013 | by ESQ.title

By: Daniel T. Pascale, Esq.

Offices located in Delray Beach and Coral Gables, FL

According to just released statistics, judges in Miami-Dade County have been processing residential foreclosure cases twice as fast as judges in Broward County. While Miami-Dade has South Florida’s largest number of foreclosures, the latest plan in place in Miami-Dade calls for all residential foreclosure cases to be cleared by 2016. Paving the way for the fast foreclosure processing times are a set of newly hired magistrate judges and increased funding from the state in the tune of $25 million dollars.

Broward County is also stepping up its efforts to clear the foreclosure backlog. With the newly freed up money from the Florida Legislature, Broward County is in the process of funding the equivalent of three senior judges, two additional general magistrates, 18 case managers and six secretaries, all of whom will be devoted to processing foreclosure cases for the next year and half.

According to the forecasts, Florida will face 680,000 new foreclosure cases between now and 2016. The majority of these foreclosure cases will be filed in Miami-Dade, Broward County, and Palm Beach County. Obviously, the number of foreclosure cases in these counties is already staggering. For instance, in Broward County alone, there are over 40,000 cases being prosecuted by lenders. Whereas in Miami-Dade, there is a current estimated backlog of 48,000 cases. With numbers like these, Palm Beach County’s estimated 9,000 residential foreclosure cases looks miniscule, however, those cases definitely take a toll on a county that was previously unaccustomed to massive case loads.