There has been some very heavy Hurricane Irma cleanup and repair costs for many Southwest Florida condominiums and neighborhoods. Of course none of these unexpected costs were in the association’s budget for this year. So, how are associations going to pay the Irma damage and repair bills coming due?There are basically three ways to pay these bills: Borrow […]
Category Archives: Legal
The Mortgage Professor: Does it make sense to take a reverse mortgage on a $1M home?
If you own a home worth $1 million, would it ever make sense to take out a reverse mortgage?The question arises because the maximum amounts that can be drawn on a home equity conversion mortgage – the type of reverse mortgage program available through the federal government – are based on the lower of appraised […]
The beauty of trusts for real estate investing clients
A starting point with high-net-worth clients — especially those exploring real estate investments — is to emphasize that irrevocable trusts are an essential part of estate planning. This is not affected by the recent discussion of the possible elimination of all federal estate taxes. Even if irrevocable trusts are no longer created for tax reasons, […]
Estoppel letter is binding on association, even when incorrect
Question: I have a question regarding estoppel letters. Recently, a prospective buyer of a unit in our condominium requested a letter from the association certifying whether there were any delinquent assessments owed by the owner. The owner had recently given us a check for all unpaid amounts, and so we prepared an estoppel letter certifying […]
Fla. Jury Awards $44M To Investors In Failed Condo Project
A Florida jury on Thursday awarded $43.9 million to an investment group that includes billionaire Wayne Huizenga and former Miami Dolphins quarterback Dan Marino for a condominium project that failed financially after a Wachovia employee sent out confidential contact information to more than 100 condominium buyers. The jurors in Fort Lauderdale hit Wachovia Mortgage Corp. […]
Foreclosure crisis over, Polk courts are breathing easier now
A decade ago, a collapsing housing market triggered an avalanche of foreclosures that nearly brought the civil court system in Polk County and across the country to its knees. Judges and court clerks grappled with an unprecedented flood of foreclosure lawsuits that no one had seen coming, and for which they were unprepared. In 2013, […]