Tips for successful transactions in 2015!

With the economic outlook for South Florida generally positive, according to local economic observers Miami Herald Article on Economic Outlook for 2015, the real estate industry should plan for a robust 2015. To keep transactions smoothly on the road to close, we recommend a few good habits to keep up or start implementing for 2015 in relation to the transaction side of your deals:

Don’t blank out on your contracts As per a recent blog post , fill in every nook and cranny, or rather check every box and fill in every blank line (even if with”n/a”) on your contracts. This avoids ambiguity or what is referred to legally as “contract silence” on important matters as “Who pays for the special assessments?” or “What is the parking space number we are getting?”
Watch those deadlines Avoiding missed deadlines will not only get your contract to close, but will protect your buyer’s earnest money deposit..Read a recent case study where buyer lost $335,000 from missing the inspection deadline. Calendar the file (or let us calendar it for you!). Sample deadline calendar
All lien searches are not created equal Make sure your title company is ordering an open permit search as well as code violation search along with their municipal search. Many lien search vendors skimp on this search and the effect can cost buyers thousands if not resolved in advance of closing. Read All lien searches are not created equal.
Inspection periods and code violation /open permit searches collide Be aware that on the FAR/BAR AS IS RESIDENTIAL AS-IS-2 rev. 8/13 property inspections and code/permit searches are often one and the same, making time of the essence on getting the file to escrow and the title company ASAP. If this is not possible, get a longer inspection period or write into the contract the following lovely sentence: “Seller must close out all open permits and code violations prior to closing”.