Author: Benjamin Boyhan
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What are some examples of a seller default in a Florida real estate contract?
Each contract is different and likely has a provision that defines what constitutes a default. The contract may provide for a time for seller to cure a default, usually a specified number of days. The contract for your specific transaction should be carefully reviewed to determine what constitutes a default. Some general examples of a…
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Is Specific Performance available to sellers in real estate transactions?
Specific performance can be an available remedy to sellers in real estate transactions, but it is rare for a seller to be granted specific performance. Specific performance is only awarded by a court if money damages are an inadequate remedy. Specific performance defined – Specific performance is an equitable remedy that can be ordered by…
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Defenses to a specific performance lawsuit
Specific performance is an equitable remedy that can be ordered by a court when a contract is breached. Specific performance forces the breaching party to perform the contract pursuant to the terms of the contract. Elements of specific performance: To defend against specific performance, the first step is to show that one or more of…
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A warning to real estate sellers: Beware of specific performance
Specific performance is an equitable remedy that can be ordered by a court when a contract is breached. Specific performance forces the breaching party to perform the contract pursuant to the terms of the contract. In the context of real estate, a specific performance lawsuit is commonly the buyer forcing a breaching seller to sell…
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What does a buyer need to prove to sue a seller for specific performance?
Specific performance is a remedy more commonly used by buyers when sellers refuse to close on a real estate transaction. If a seller refuses to sell, the buyer might be able to file a specific performance lawsuit to force the seller to sell the property to the buyer. A buyer seeking specific performance in Florida…
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Why hire an attorney over a title company for your Florida real estate transaction?
In Florida, a title company or law firm can close your real estate transaction. Why go with one over the other? It surprises people to learn that the cost of an attorney closing your real estate transaction is often the same as a title company. The best argument for using an attorney over a title…
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What type of trust should you choose?
There are many different types of trust, which can make it hard to choose a trust. However, there are only two initial choices to make that will really help narrow down your choice. The two initial choices are whether you want a revocable or an irrevocable trust. A revocable trust is one that can be…
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Does your LLC need an Operating Agreement to complete a real estate transaction?
Your LLC is not required to have an Operating Agreement to complete a real estate transaction. If no Operating Agreement exists, then the attorney closing your transaction will need to speak with you about the ownership structure, membership, and management of the LLC. The attorney will need to check the state’s website where your LLC…
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What is a mortgage modification?
You may want to change the terms of your mortgage because you cannot afford your mortgage payments or some other reason. A mortgage modification, also known as a debt rescheduling, can enable you to change the terms of your mortgage. Examples of terms that can be changed with a mortgage modification include: • Payments –…
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How should you sign on behalf of your LLC?
The individual who is authorized to sign on behalf of your LLC will need to sign appropriately to prevent the risk of personal liability. Instructions on how to sign appropriately are as follows: An example of an appropriate signature for an LLC is: ABC, LLC, a Florida limited liability company By: John Doe John Doe,…