The Florida Attorney General recently stated that mortgage fraud in Florida has reached a state of emergency level. For the last few years real estate mortgage fraud, and now credit-repair and debt-relief fraud in Florida have been some of the worst in the country, according to Florida Attorney General Bill McCollum.
Be wary of any entity promising you that they can save your from foreclosure and take care of your upside down mortgage and repair your credit, especially when they demand substantial fees up front.
http://www.southptc.com/foreclosure-attorney-miami-florida.html
http://www.southptc.com/short-sale-miami-florida-attorney.html
Filed under Miami Florida Foreclosure, Miami Real Estate News by 
As detailed by the Florida Association of Realtors, beginning Jan. 1, 2009, Florida real estate condo sellers (who are not developers) must provide potential buyers the Florida Department of Business and Professional Regulation (DBPR) disclosure form, detailing the rights and responsibilities of condominium boards and unit owners, voting rights, meeting notices and other governance matters. This Condominium Governance Form is now available in PDF form from the Florida Department of Business and Professional Regulation web site.
http://www.southptc.com/florida-real-estate-contract.html
Filed under Miami Real Estate News, Real Estate Law Tips by
Great news for Florida condo buyers! According to the Florida Association of Realtor’s recent reports, the price of a condo dropped 37 percent from February 2008 to February 2009. The statewide existing condo median sales price last month was $109,300 while in February 2008 it was $173,900. NAR reported the national median existing condo price was $174,400 in January 2009. Although these numbers are depressing for sellers, and are greatly impacted by REO sales, it means there great deals out there for buyers, especially those with cash.
http://www.southptc.com/florida-home-refinance-mortgage.html
Filed under Miami Beach Short Sales, Miami Real Estate News by
Florida real estate contract law. In the following recent case, Mailloux v. Briella Townhomes, LLC, 4D08-430 34 Fla. L. Weekly D 269 (Fla. 4th DCA 2009), purchasers signed a contract to buy a Florida condominium unit and later sought to terminate the contract, claiming the developer failed to comply with the Interstate Land Sales Full Disclosure Act (“ILSA”) in that the contract did not unconditionally obligate the developer to complete construction within two years. The contract allowed delays due to acts of God, among other things. The Court held that acts of God are recognized defenses to non-performance of a Florida real estate contract and did not render the developer’s obligation to complete construction within two years illusory.
http://www.southptc.com/florida-real-estate-contract.html
http://www.southptc.com/real-estate-attorney-miami.html
Filed under Miami Real Estate News, Real Estate Law Tips by
Reverse mortgages are becoming more and more popular and the public and also attorneys and mortgage brokers are learning more about the general reverse mortgage process, here in Florida and the rest of the country. A Florida reverse mortgage is typically part of the program called Home Equity Conversion Mortgage, or “HECM.” The below letter clarifies some of the issues with Florida Reverse Mortgage Counseling sessions, which are a required element in the Florida reverse mortgage process:
Florida Reverse Mortgage Letter
Florida Reverse Mortgage Letter
Florida Reverse Mortgage Letter
Filed under Miami Real Estate News, Real Estate Law Tips by
Real Estate Transaction Power of Attorney Tips
A power of attorney (“POA”) is a legal document which allows an individual to authorize a second individual to act on his or her behalf in order to carry out his or her will. This often occurs when the purchaser or seller of a property is not available to execute the necessary purchase and sale documents, or loan documents, and a spouse or other trusted individual is given the authority to execute the documents for the absent party. A Florida Real Estate Power of Attorney used to transfer or encumber real estate title has particular requirements. The following are five tips to remember when using a Power of Attorney for a Florida real estate transaction:
1. A Florida Real Estate Power of Attorney must include the term(s) “to sell and convey” or “to purchase and acquire” or “to execute any and all mortgage or other documents encumbering the property” or other language specifically directing authority to transfer or encumber real estate. although a POA without these terms may also be valid, correct terminology will usually eliminate title insurance underwriter closing delays.
2. A Florida Real Estate Power of Attorney must be clearly executed by the party granting authority, and must include two witnesses.
3. A Florida Real Estate Power of Attorney must be properly notarized. The Notary Public can also be one of the witnesses.
4. A Florida Real Estate Power of Attorney must include the address or legal description of the specific subject property.
5. A Florida Real Estate Power of Attorney must be in recordable form if it will be used to execute a recordable document because it must be recorded along with the other closing documents.
Contact Christian N. Folland, Esq., a Florida Bar Certified real estate attorney at 786.276.9900 or cfolland@southptc.com for all your Miami Florida real estate law and Miami Florida title insurance needs.
Folland & Associates, LC, a full service real estate law firm in Miami Beach, FL 33139, and South Pointe Title Company, are owned and operated by Christian N. Folland, Esq.
http://www.southptc.com/real-estate-closing-attorney-miami.html
http://www.southptc.com/florida-real-estate-contract.html
Filed under Miami Title Insurance, Real Estate Law Tips by
Many of the most problematic mortgage loans made in Florida were on Miami condos and condos in general. As a result, Fannie Mae has altered its guidelines for high risk Florida condo mortgage loans, as of January 15, 2009. Two of the most important requirements in the new guidelines for Florida condo mortgage loans for Fannie Mae are the following:
1. New and newly converted condominium projects must have at least seventy percent (70%) of the total number of units in the project sold and closed, or be in contract to be used as a principle residence or second home. Formerly, the requirement was fifty-one percent (51%) of total units.
2. No more than fifteen percent (15%) of the total number of units can be thirty (30) days or more past due on their condo association fees.
Although these restrictions are troublesome for buyers, they are an important step towards creating less risky mortgage loans and a more stable real estate market in both the near and long term.
http://www.southptc.com/florida-home-refinance-mortgage.html
Filed under Miami Real Estate News, Real Estate Law Tips by
Top Five Reasons Why Buyers Need Real Estate Title Insurance
1.The buyer’s lender requires it to protect their interests in the property.
2.The seller may be selling the property in a fraudulent manner.
3.The seller may have obtained the property in a fraudulent manner.
4.A prior seller may have acted in bad faith or committed mortgage fraud.
5.The seller or a prior seller may have a personal judgment recorded against them which may attach to the property.
Explanation: Real estate title insurance, unlike most insurance, insures the property going backward from a point in time rather than forward. This means that when a buyer purchases a piece of Florida real estate or a Florida condo, the title insurance insures or otherwise guarantees that the buyer is covered if a defect in the property title is discovered. Property defect examples may include the following:
The seller has fraudulently sold the property to another recent buyer.
A prior seller has fraudulently sold the property to more than one buyer.
The seller purchased the property while committing mortgage fraud.
The boundaries may be incorrect and part of the property may actually be owned by an adjacent neighboring property owner.
There may be an easement which decreases the value of the property.
Structures on the property may encroach onto valid easements or an adjacent property.
There may be an older unrecorded deed transferring the property which is now recorded.
The seller or prior seller may have outstanding personal judgments which could attach to the property.
A prior owner may have unknowingly sold the property without satisfying family members’ homestead rights
Contact Christian N. Folland, Esq., a Florida Bar Certified real estate attorney and Lic. real estate broker at 786.276.9900 or cfolland@southptc.com for all your confidential real estate legal, Realty and title needs. Folland & Associates, LC is a full service real estate law firm in Miami Beach, FL 33139. South Pointe Title Company and Real Estate Miami,Inc. are owned and operated by Christian N. Folland, Esq.
http://www.southptc.com/florida-real-estate-contract.html
http://www.southptc.com/florida-title-insurance-rate.html
Filed under Miami Title Insurance, Real Estate Law Tips by
Rates on 30-year mortgages dropped slightly and remain just above record lows.
Mortgage finance giant Freddie Mac said this past week that average rates on 30-year fixed-rate mortgages fell to 4.82 percent this week, down from an average of 4.87 percent last week. According the the Florida Association of Realtors, the all-time low of 4.78 percent was recorded on the week of April 2. Freddie Mac’s survey dates back to 1971.
Filed under Miami Beach Short Sales, Miami Real Estate News by
Florida Department of Revenue Form DR-430 is now a requirement when transferring ownership or control of the entity, such as a corporation or partnership, (rather than the usual title deed) holding fee title to the non-homestead Florida real estate property, whether in Miami-Dade County or other Florida County. The time frame for filing the DR-430 is not defined, but the best course of action would be to file the DR-430 at the time of the transfer of control of the entity. Failure to properly file the Form DR-430 can result in penalties. Do not assume that you can avoid paying transfer tax, or avoid County tax assessment updates, by selling your shares or other interest!
Here is a copy of the Florida Department of Revenue Form DR-430, including the instruction:
Florida Department of Revenue DR-430 now required Page 1
Florida Department of Revenue DR-430 now required Page 2
http://www.southptc.com/florida-closing-cost-calculator.html
http://www.southptc.com/title-company-miami.html
Filed under Miami Real Estate News, Real Estate Law Tips by