Can a Florida Real Estate Attorney help you rescind your Pre-construction or Condo contract?

Can a Florida Real Estate Attorney help me rescind your Pre-construction or Condo contract? Will I be able to recover all or part of my deposit?

The answer is in the contract that you signed with the Real Estate Developer. If you haven't spent the last 10 years reviewing Real Estate contracts, we urge you to contact a Florida Real Estate Attorney.

What is the cost for an initial consultation with a licensed Real Estate Attorney at Deposit Recovery Service?

Absolutely Free - Isn't it worth your time to make a phone call.

Is it difficult to get the ball rolling?

Simple answer - NO, After speaking with one of our Attorneys, He/She will quickly assess if we believe we can help you to recover all or part of your Condominium or PreConstruction Deposit. If so, we will ask you to send us a copy of your signed Real Estate contract.

What's next?

After thoroughly reviewing your contract, Deposit Recovery Services will explain the options that our Attorneys can pursue on your behalf. Sign a simple no-fee retainer and we go to work.

The Attorneys at Deposit Recovery Services have had outstanding success in recovering deposits for our clients. More likely than not, we have already worked with the developer on the other end of your real estate contract (often in the same project which you are involved).

It's no secret that the South Florida Real Estate market is in historic trouble, with the end nowhere in site. You need to assess your current position. You may find that, although unfortunate, losing a portion of your condo deposit may be the proper financial decision in light of the current market conditions. In many situations you will find yourself going to closing tens or hundreds of thousands of dollars above current market value.

Call or Email Deposit Recovery Services today for your Free Consultation with one of our experienced Real Estate Attorneys.
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Below is a recent report from CBS4 Miami - You may have an opportunity to avoid closing.
Please call a Florida Real Estate Attorney today, learn your rights



Can I rescind my condo contract?
Can I be forced to close?
Can I recover any or all of my Preconstruction Condo deposit?

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Housing Prices Continue to Set New Records - All of Them Bad..

Article from seekingalpha.com

As it does every month, Standard & Poor's released the readings for the S&P/Case-Shiller Home Price Indexes. Although the indexes have been around a while, lately they've been getting more attention as housing markets have plummeted. The reading for September did not deviate from the trend—there were no bright spots in the report. The U.S. National Home Price Index, a quarterly index covering the nine U.S. census divisions, suffered its worst decline in its 21-year history when it fell 1.7% from the second quarter. It was also down 4.5% year-over-year, breaking the record low it set in the second quarter. The monthly indexes were equally bleak. In addition to 10-city and 20-city composite indexes, an additional 20 indexes are calculated for select major metropolitan areas. "Most of the metro areas continue to show declining or decelerating returns on both an annual and monthly basis. All 20 areas were in decline in September over August. Even the five metro areas that still have positive annual growth rates—Atlanta, Charlotte, Dallas, Portland and Seattle—show continued deceleration in returns," says Robert Shiller, chief economist at MacroMarkets LLC, and one of the creators of the indexes. Those same five cities have consistently been among the strongest performers in recent months. However, the other end of the spectrum has been less stable. Detroit, consistently one of the worst performers, is down 9.6%, the same as San Diego. Detroit had dominated the lowest ranking until being overtaken by Tampa just last month. This month Miami joins the other Florida metro area: It is down 10% year-over-year, while Tampa is down 11.1%. Not only did all 20 metropolitan areas show declines from the previous month, but eight of those metropolitan areas experienced record-low year-over-year returns: Atlanta (0.4%), Chicago (-2.5%), Las Vegas (-9.0%), Miami (-10.0%), Minneapolis (-4.5%), Phoenix (-8.8%), San Diego (-9.6%), Tampa (-11.1%) and Washington, D.C. (-6.6%).
(under these market conditions is closing on your property the wise financial decision? Contact an attorney experienced in real estate contract rescissions and deposit recovery to learn the options that Florida and Federal law may provide)
The absence of positive signs in the latest home price index returns indicates we haven't seen the bottom of the trend, and raises the uncomfortable question of whether other areas of the economy may soon follow.
Written by Heather Bell

Contact a Florida Real Estate Attorney for a FREE consultation today.

DEPOSIT RECOVERY SERVICES
Law Offices of Eric L. Bronfeld, P.A.
PO Box 22506
Fort Lauderdale, Florida 33335
954-527-1512(South Florida Area)
1-877-527-1512 (Toll Free outside South Florida)
info@depositrecoveryservices.com
http://www.depositrecoveryservices

DISCLAIMER: The Law Offices of Eric L. Bronfeld, P.A. have NOT prepared or reviewed these materials. This blog is for informational purposes only.
They are not legal advice and have not been written by a Florida or New York Real Estate Attorney.
This information is not intended to create, and receipt of it does not constitute, an attorney-client relationship. Online readers should not act upon this information without seeking professional counsel.
Do not send us confidential information until you speak with one of our attorneys and get authorization to send that information to us.

Florida Preconstuction and Condominium Contract Rescission and Deposit Recovery
Miami, Tampa, West Palm Beach, Fort Lauderdale, New York - Full Service Real Estate Attorney
Real Estate Developer, contract lawsuit. Don't want to close on my condo. Run on Florida investment pool. withdrawals suspended. Real Estate bubble burst and Florida Real Estate depression.

Members of the press - Do you need a source?
A licensed, practicing Real Estate Attorney in South Florida. With deep insight into Deposit Recovery and the current Florida Condominium and Pre-Construction market.
Please feel free to contact us.

A partial deposit loss may be a better solution than closing well above current market value on Condo investments.

Did you utilize the services of a Florida Real Estate Attorney prior to signing a contract with a Florida Real Estate Developer? Did your Realtor or Mortgage Broker say "In South Florida you don't need to hire an Attorney". Chances are you heard those exact words.
As we enter what many economists and real estate experts are calling a Real Estate depression throughout Florida, we are urging people to learn the rights which the law provides in protecting individual and corporate pre-construction condominium buyers prior to closing on a property. The Real Estate Lawyers working at Deposit Recovery Services are focused on educating consumers as to the rights they have regarding Real Estate contract rescissions and deposit recovery. We are experienced in negotiating contract rescissions with the majority of condominium developers in the Florida market. You may have the opportunity to rescind your contract prior to closing, often resulting in recovering all or some of your deposit. In most cases even a partial deposit recovery, although uncomfortable, is a more sound decision than closing on a property which may be worth tens of thousands of dollars less in the current market than the price you are paying at closing on your property. We are not accountants, but it is our understanding that some of your deposit loss may be tax deductible, lessening the financial blow (Be sure to check with your tax accountant or CPA). Please contact us if you are currently in a dispute with a real estate developer in Florida and New York. We offer a free consultation with a licensed real estate attorney. In the vast majority of cases a settlement or rescission can be completed without the need of bringing a lawsuit against the developer.
Please call or email Deposit Recovery Services today. The more time we have to work on your behalf prior to your scheduled closing date, the more the likely we can reach an amicable agreement between condo buyer and real estate developer.
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Florida Developers scale back as the real estate recession takes a turn for the worse.
Does a full blown Real Estate depression loom? (CBS4 link to article)

MIAMI (CBS4) ― A new study shows developers in South Florida's real estate market are slowing down with projects in what economists are calling a housing depression.

New-home construction is at a ten-year low.

In all of this, however, there could be promising news for some sellers, but not very good news for people who work in the construction industry.

To explain what's happening, for example, picture a glass filled with water representing the current real estate market. It's filled to the maximum, in our case, filled with properties. Filling it up with more water, or projects will only cause an overflow.

But if developers pull back, slow down, then there might be some impetus by consumers to start buying those empty units that have come down in price, absorbing - like a towel - some of the overflow. In other words, the inventory on the market could start to be bought.

Just beyond the 55th Street Station in Miami, off Biscayne Boulevard, there is a building site for a project called Kubik, 315 ultra-hip condos overlooking Biscayne Bay. It was a project so attractive, the developer sold half the building.

That was three and a half years ago. Now, on the empty lot is a building crane, beginning to show signs of rust.

A neighborhood lawsuit brought the project to a halt.

"Oddly enough we were thinking of not moving forward with Kubik anyway because of the market," said developer Paul Murphy. "You know, sales came to a dead halt."

Murphy pulled the plug on his project and handed back deposits to investors.

This move is not unlike other developers who have slowed or even stopped building.

Banks have been taking on record loses from foreclosures, and have begun putting the squeeze on developers.

"The financing is tough to get," said Murphy. "You have to have qualified buyers and the banks are requiring people to put significantly more money down on their units."

According to Metrostudy, a group that tracks the housing industry, the financing crunch has had an effect on the South Florida market.

In Miami-Dade, more people are moving into new homes than developers are building.

In Broward, things appear more stable though the numbers are the lowest in 10 years.

According to Murphy, it could last two to three years. Until then, less construction hopefully would balance out the market, and developers would learn if another building cycle is possible.

In the meantime, it may be good news for some sellers, it's not so great if you are in the construction industry. Less new starts means less work, and less work means less jobs.
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Protect your money in escrow

The sudden closures of escrow businesses, which cut off buyers and Realtors from millions of dollars in deposits, have home buyers wondering just how they can keep their deposits in escrow safe

By CHARLES J. KOVALESKI, Special to the Daily News

Saturday, November 24, 2007

When most of us buy homes, we don’t usually question whether our funds are safe in escrow, the intermediary step in which home buyers place a good faith deposit with a third-party agent who will deliver this money to a seller when all terms of a real estate contract have been fulfilled. After all, the very idea of escrow is to keep our funds safe—buyers show their intentions to purchase a property, but don’t have to give up funds until a real estate deal closes to all parties’ satisfaction. But the sudden, recent closures of escrow businesses, which cut off buyers and Realtors from collective deposits estimated to total millions of dollars, have home buyers wondering just how they can keep their deposits in escrow safe.

As it currently stands, anyone in Florida can open an escrow service company, and, unfortunately, there are no formal regulations in place to provide oversight and help reduce these types of situations from happening again in the future. Investigations into these type of situations may ultimately prompt legislators to close the regulatory loophole that allows escrow companies to operate unchecked, but until then, buyers should beware — and be educated. Here are some steps that you can take now to keep your money safe in escrow.

Connect your deposit to your title insurance. Then get a letter of protection. When you buy a home, either the buyer or the seller will provide the purchased title insurance to insure the property’s title against any existing defects, such as liens that may have been placed against the property by contractors, banks or others. This form of title insurance typically comes from one of two sources: a real estate attorney or a title company.

You should place your escrow money into the trust account of either the attorney who is writing your title insurance policy, or the title company that is issuing this insurance policy, regardless whether the buyer or the seller is paying for the title insurance. Why? For two main reasons. First of all, regulatory bodies make these safer places to put your money; the Florida Bar Association strictly regulates how attorneys manage their trust accounts and the Florida Department of Banking and Financing oversees how title companies handle their accounts. On the other hand, escrow companies have no overarching authority that regulates how they handle their funds.

Second, Florida statute requires that title insurance underwriters repay your deposit if the unthinkable happens, such as an employee of a title company or a law firm steals or commits fraud. When you place your money into one of these trust accounts, ask your title insurance agent to get a “letter of protection” from your title insurance underwriter. This shows in writing that the title insurance company is responsible for returning your deposit in full in the event that fraud or other matters threaten to sever you from your money.

Place funds in your own real estate attorney’s trust account. Depositing your money into your real estate attorney’s trust account is a safe option. If attorneys mismanage trust accounts, they will be disbarred and prohibited from practicing law — an often powerful incentive for attorneys to keep your money safe. Plus, there are remedies for you to get missing money back through the bar association.

Ask about theft protection. Even though attorneys’ trust accounts are safe places to put money, they too can be subject to occasional human error. Ask your attorney about whether they have insurance that will protect your money in the event of an accounting mistake or even employee theft. He or she will be able to show you a certificate of insurance coverage so you know that your deposit is protected.

Be cautious when considering an escrow service. With little regulation in this business segment, consumers should think about putting their deposits in safer places. If you’re not sure whether a company is an escrow service, ask a staff member what guarantee they can offer that your deposit is safe and what regulatory body governs how they handle escrow funds. If they don’t offer clear answers, don’t bank on them. If you’re not sure about whether a company is an escrow service, contact your real estate attorney for assistance.

Do your homework. There are several online resources available to assist you with conducting a background check. One place to start is calling the Better Business Bureau or going online at www.us.bbb.org to find information on a company. Another helpful search engine is the Florida Department of Financial Services, www.fldfs.com, which can help you obtain specific details about a title company. For additional information on an attorney, visit the Florida Bar Association at www.floridabar.org.

While it’s not always easy to guard against fraud, there are some general tenets for protecting your money: Get proof that governing bodies oversee the institutions that hold your money and when in doubt, ask your real estate attorney for additional guidance.

Condominium and Preconstruction Real Estate lawsuits against developers are the last resort,
contact us to learn your rights and the options you may have.

Law Offices of Eric L. Bronfeld, P.A.
PO Box 22506
Fort Lauderdale, Florida 33335
954-527-1512(South Florida Area)
1-877-527-1512 (Toll Free outside South Florida)
info@depositrecoveryservices.com
http://www.depositrecoveryservices

DISCLAIMER: The Law Offices of Eric L. Bronfeld, P.A. have NOT prepared or reviewed these materials. This blog is for informational purposes only.
They are not legal advice and have not been written by a Florida or New York Real Estate Attorney.
This information is not intended to create, and receipt of it does not constitute, an attorney-client relationship. Online readers should not act upon this information without seeking professional counsel.
Do not send us confidential information until you speak with one of our attorneys and get authorization to send that information to us.