real estate attorney palm beach: COVID 19 - FORCE MAJEURE TO CANCEL CONTRACT - 03/16/20 06:55 PM
Our phone has been active this week with an important question regarding real estate contracts.  Buyers are asking if they can cancel their contract based on COVID 19 being an event of "Force Majeure". 
Force Majeure excuses a Buyer or Seller in a real estate contract from performing any obligation in the contract or to be liable one to the other for damages so long as performance or non-performance of the obligation, of the availability of services, insurance or required approvals essential to the closing, is disrupted, delayed, caused or prevented by Force Majeure. 
Force Majeure is defined in the Standards for Real … (20 comments)

real estate attorney palm beach: COVID 19 - WHERE IS HOUSING GOING? - 03/16/20 05:38 PM
COVID 19 has decimated the stock market and collapse has just occurred before the economics has been felt in the broad economy here in the US.  What is still to come?
So far the service industry is first beginning to feel the disappearance of customers.  Food and drink establishments are hit with closure or devastating cuts in hours of operation and capacity. Last night in Palm Beach we went to a local fine restaurant on the condition of being able to eat outside. The very large patio was half filled and the inside dining was completely empty.  Indeed the waitress thanked us for … (0 comments)

real estate attorney palm beach: ARE ASSOCIATION FORECLOSURES A FRAUD ON THE PUBLIC? - 01/30/19 05:21 AM
After being the winning bidder at an association foreclosure sale, one of my clients recently complained to me that Condominium or Homeowner Association foreclosures of liens are a fraud upon the public.  There is some truth to the statement and understanding his anguish on his own loss of $50,000 by being the "successful" bidder on one of them underscores his reasoning.
The foreclosure process of an association lien for non-payment of association assessments, is a straight forward process.  The property owner becomes delinquent, then the association places a lien on the property, and then the association files a foreclosure lawsuit that eventually … (6 comments)

real estate attorney palm beach: BUYING FORECLOSURES - UNDERSTANDING DUE DILIGENCE !! !! !! - 11/06/18 06:29 AM
Wow! I just bought at a foreclosure sale and got a $400,000 house for $50,000!!!  We actually had TWO calls like this in the past week. Too good to be true? Listen and Learn of the heartache to come....
I have written about issue this twice this summer and every time another buyer comes in moaning that they were "duped" into buying at an inferior foreclosure auction my heart goes out to them.  For explanations of the lien priority see ASSOCIATION LIENS AND MORTGAGE PRIORITY and ASSOCIATION FORECLOSURES - FRAUDULENT NON-DISCLOSURE. 
The most common complaint is that the buyer was misinformed because of non-disclosure.  This all … (11 comments)

real estate attorney palm beach: YOUR LENDER WANTS YOUR INSURANCE PROCEEDS CHECK - 01/23/18 07:18 PM
Lenders are entitled to insurance proceeds under as standard mortgage document clause that says essentially that, …. “Borrower hereby as assigns to Lender … Borrower’s rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note… .   Lender may use the insurance proceeds either to repair or restore the property or to pay amounts unpaid under the Note, … whether or not then due.”  However - this is not always the case!
 
We have had recent experiences with clients being unable to use money from their insurance company because the lender had their name on the check.  … (1 comments)

real estate attorney palm beach: LOAN MODIFICATION LEVERAGE FOR DELINQUENT BORROWERS - 05/10/17 01:28 PM
Lender loan modifications could become serious again – provided the mortgage is owned by Goldman Sachs.  Recently reported in the Wall Street Journal, Goldman has been put in a unique position of profiting by giving loan modifications.  By both complying with the outline of the 2016 government settlement that requires that it provide $1.8 billion in consumer relief, such as loan modifications, and by making those loan modifications, it has planned to profit handsomely.
REQUIRED RELIEF FOR DELINQUENT BORROWERS
Under the government settlement, which required Goldman to pay a fine, the mortgage modifications could be re-valued (as a performing loan) and then a … (9 comments)

real estate attorney palm beach: WHAT IS THE NEW FLORIDA RESIDENTIAL CONTRACT - WHAT YOU NEED TO KNOW - 09/21/15 01:41 PM
CFPB rule making is changing how we do business in all areas of financial real estate when financing is involved.
The latest news is that the Florida Bar / Florida Association of Realtors will be using new residential real estate form contracts for residential financed transactions beginning in late September 2015.  The new forms and rules kick in for any deal that has the borrower making its application for financing on or after October 3rd.
Do you know what the forms are and how they are different?  Do you know why they are different?  Do you know that on deals made after October 3, … (4 comments)

real estate attorney palm beach: FREE REAL ESTATE FRAUD PROTECTION SERVICES BECOME AVAILABLE - 07/24/15 11:33 PM
Property Fraud is a silent assault upon your real estate where the fraudster either mortgages your mortgage free property or sells it to some hapless buyer.  You don't find out about it until days, weeks, months or maybe even years later.  For a prime example, see my most read article from years back, TRUE STORY - Renter forges deed, then conspires to sell house and pocket mortgage proceeds.  Title insurance does not protect you from this type of fraud.
Kudos to several clerks of court around the nation for initiating a free PROPERTY FRAUD ALERT using the public records resources of the clerk of … (3 comments)

real estate attorney palm beach: SOLUTION DESCRIBED - AGENT 100% LIABLE FOR 30% PAYMENT TO IRS BY COLLECTING RENTS FOR A FOREIGN OWNER - 07/04/11 12:23 PM
This is a follow-up article to my post AGENT 100% LIABLE BY COLLECTING RENTS FOR A FOREIGN OWNER TO PAY 30% TO THE IRS here on Activerain. Several readers (and clients) requested information on how to continue to properly represent foreign person owners of USA properties that receive rental income, and NOT be liable for the 30% mandatory withholding requirement of the IRS. Indeed the answer is to obtain and retain a CERTIFICATE OF FOREIGN ORGANIZATION FOR US TAX WITHHOLDING - also known as IRS Form W-8ECI.  
In order to avoid the requirement that 30% of the GROSS income from the rental of a … (7 comments)

 
Richard Zaretsky, Florida Real Estate Attorney (THE ZARETSKY LAW GROUP - Board Certified Real Estate Atty and AUTOMATED LAND TITLE COMPANY)

Richard Zaretsky

Florida Real Estate Attorney

West Palm Beach, FL

More about me…

THE ZARETSKY LAW GROUP - Board Certified Real Estate Atty and AUTOMATED LAND TITLE COMPANY

Address: 1615 Forum Place, Suite 3A, West Palm Beach, Fl, 33401

Office: 5616896660 x 107

Mobile: (561) 329-2279

Legal true life experiences, general observations and commentaries for Realtors, Lawyers and Mortgage Brokers - also see our Palm Beach County Short Sales group blog.
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