Gibson Kohl, P.L. Gibson Kohl, P.L. 2026-06-19T21:26:54Z https://www.sarasotaclosings.com/feed/atom/ WordPress /wp-content/uploads/sites/1403824/2023/01/cropped-site-io-32x32.png On Behalf of Gibson Kohl, P.L. <![CDATA[Buyer Brokerage Agreements and Compensation Agreements]]> https://www.sarasotaclosings.com/?p=49620 2024-08-21T17:07:41Z 2024-08-21T17:06:42Z Who pays the commission due a broker in light of the recent National Association of Realtors Settlement?

FAQs

Q: What are some of the most significant practice changes required by the National Association of Realtors (NAR) Settlement? A:
  • MLS participants working with buyers must enter into written agreements with those buyers;
  • the settlement eliminates and prohibits any offers of compensation on MLS, including any fields that allow agent remarks.
Q: When will the practice changes take effect? A: August 17, 2024. Q: Can seller concessions be included on the MLS? A: The NAR settlement prohibits both direct and indirect offers of compensation from being included on MLS. Furthermore, neither compensation agreements nor the content of compensation agreements should be added to MLS as a vehicle to offer compensation. With that being said, seller concessions may be included on a listing, but the concession language should be carefully chosen so as not to violate the terms of the settlement. Concessions are a great way to incentivize potential buyers, however, the concessions may not be conditioned on a buyer using the concession to compensate their own broker. Q: Does the NAR settlement dictate the commission a seller must pay to their broker? A: No. Despite the significant amount of misinformation circulating since the time the settlement was reached, there has never been a set or guided commission of 6%. One of the main purposes of the settlement is to encourage consumers to continue negotiating the compensation paid on any given transaction. All Listing and Buyer Broker Agreements must contain a conspicuous statement that broker fees and commission are not set by law and are fully negotiable. Q: Will compensation paid by a seller or listing broker to a buyer’s broker be considered an interested party contribution? A: In short, no. Fannie Mae, Freddie Mac and the FHA specify limits on the amount a seller or broker may contribute to the buyer to cover the cost of services typically paid by the buyer. These payments are referred to as interested party contributions. Cooperative compensation is considered a fee customarily paid by a seller and is excluded from the interested party contributions calculation. Q: When is a Buyer Broker Agreement necessary? A: The NAR Settlement requires MLS participants working with buyers to enter into a written agreement with the buyer prior to touring the property. Q: This naturally begs the question – what does it mean to “work with” a buyer? A: An MLS participant is considered to be working with a buyer when broker services, such as identifying potential properties, arranging property tours, or presenting offers, are rendered. An MLS participant who casually interacts with or simply markets their services to a prospective buyer would not require a Buyer Broker Agreement. Q: What does it mean to “tour” a home? A: When the buyer and/or agent, at the direction of the agent working with the buyer, enter the house. This includes not only live tours, but also virtual tours for a buyer who is not physically present. Q: If an agent hosts an open house on behalf of the seller, will they be required to enter into a written agreement with unrepresented buyers touring the home? A: Open houses are hosted for the seller’s benefit. Although an agent hosting an open house may communicate information regarding the property to potential buyers, so long as the agent is not providing broker services to potential buyers touring the property, a written agreement would not be required. Q: Does a Buyer Broker Agreement require an agent to work in Buyer’s best interest? A: It depends. Absent an agreement to the contrary, in Florida, a broker is presumed to be working as a Transaction Broker with limited duties to both parties. If an agent is acting as a transaction broker, he or she does not represent either party to a transaction in a fiduciary capacity and only owes the following duties: dealing honestly and fairly; accounting for all funds; skill, care and diligence in the transaction; disclosing all known facts that materially affect the value of the residential property which are not readily observable; presenting all offers and counteroffers in a timely manner (unless directed otherwise in writing) and limited confidentiality with buyer. Notwithstanding the foregoing, a buyer may insist that their broker and their associates work as a single agent, which means, in addition to the duties outlined above, they are also owed the following duties: loyalty, confidentiality, obedience and full disclosure. Q: How many variations of the Buyer Brokerage Agreement exist? A: The Florida Association of Realtors provides four variations of the Agreement:
  • Single Agent;
  • Transaction Broker;
  • Single Agent with Consent to Transition to Transaction Broker; and
  • Non-Representative
These forms, which were recently updated to comply with the terms of the NAR Settlement, have existed for quite some time, but many agents have never used them. Many real estate offices have created their own forms and it is therefore, important for Buyers to carefully review the form being used as each form contains different duties, obligations, and terms. Q: Can a Purchase and Sale Agreement be used to negotiate commission? A: Florida Realtors legal department has been discussing ways in which the contract may be useful, however, at this point in time, it is not recommended to rely on the contract when it comes to broker compensation for numerous reasons, but most importantly, a written agreement with a Buyer is required before touring a property, which occurs well before an offer is made. Q: Does the NAR settlement apply to commercial real estate transactions? A: The settlement focuses on residential transactions. In many markets, commercial properties are not listed on MLSs, but if they are, they may not include an offer of compensation. Q: May a buyer sign a Broker Agreement with more than one broker at a time? A: Yes, so long as the geographic areas and/or type of properties covered within each agreement do not overlap. Q: Is there a standard length of time for a Buyer Broker Agreement? A: No. While many brokers prefer agreements spanning between 3 – 6 months, the Agreement may simply cover a single day or a limited number of properties to be shown. However, most Agreements contain a protection period which essentially states that a buyer will still be obligated to pay the agreed compensation if, within a limited window after the termination of the Agreement, the buyer contracts to purchase a property that was brought to their attention during the term of the Agreement.]]> On Behalf of Gibson Kohl, P.L. <![CDATA[4 Clauses to Understand in Your Real Estate Contract]]> https://www.sarasotaclosings.com/?p=49587 2024-04-05T11:09:57Z 2024-04-05T11:09:57Z INSPECTION CONTINGENCIES Most real estate purchase and sale contracts allow a buyer 10-15 days to conduct various inspections pertaining to the property. But the types of inspections and the post inspection rights of the buyer and seller may vary amongst forms. Some inspection clauses allow the buyer to terminate the contract and receive a return of their deposit if the results of the inspection are unacceptable to the buyer in the buyer’s sole discretion. This clause is sometimes referred to as a “free look”. Other clauses obligate the seller to make certain repairs up to a limit that is agreed upon during contract negotiations. Another potential difference is that some inspection clauses allow the buyer to self-inspect the property while others may require that a licensed inspector conduct the inspections. Although not required in the Sarasota area, some other state contract forms require a seller to pump a septic tank every time a property sells. Someone new to the area should consider hiring an attorney to better understand their contractual rights and obligations before signing a contract. FINANCING CONTINGENCIES Buyers who are obtaining mortgage financing will generally insist that a financing contingency be provided within the contract. Certain mortgages, such as VA and FHA allow the buyer to terminate a contract and receive a return of their deposit if the appraised value obtained by the mortgage company is lower than the contract purchase price and the seller is unwilling to lower the price upon receipt of the appraisal. Other financing contingency clauses might include deadlines for the receipt of the appraisal or a homeowner’s insurance binder. The failure to monitor these deadlines could result in a buyer forfeiting their deposit in favor of the seller, who, in turn, may be obligated to share the deposit with the broker(s). It is important to note that most of the real estate purchase and sale forms used in Florida contain blank spaces wherein time frames should be inserted by the Realtor or attorney completing the form. As an example, the standard forms require a buyer to make formal mortgage application within five (5) days from the day the contract is signed. A buyer who signs a contract while on vacation, may not be able to meet the deadline and should ask that it be changed. REVIEW OF DOCUMENTS GOVERNING A HOMEOWNER OR CONDOMINIUM ASSOCIATION Florida law allows the buyer of a condominium a rescission period in which to review the governing documents and financial statements of the condominium association. If the buyer finds something unacceptable, they may terminate the contract and receive a return of their deposit. The rescission period is fifteen (15) days for the purchase of a new condominium directly from a developer and three business (3) days for a condominium resale from an individual owner. Delivery of the Minutes from the association meetings is not required, and therefore, if a buyer would like to review the association’s Minutes from recent meetings, an additional clause must be prepared to include a review of the Minutes within the rescission period. For new home purchases, builders typically deliver the homeowner’s association documents via electronic delivery and have the buyer acknowledge receipt. There is no requirement that the seller in a resale transaction provide any governing documents or financials to a buyer. If a buyer desires a document review period, one must be added to the contract. EXAMINATION OF TITLE Most contracts require that the seller deliver a clear title to a buyer subject only to certain matters of record such as easements and community restrictions, for example. Typically, a title insurance commitment is delivered to the buyer by the closing agent, which may be a neutral title insurance company, the seller’s attorney, or the buyer’s attorney. The buyer then has a limited amount of time to object to the status of the title. Failure to timely object could result in a buyer being required to close with title defects. In the Sarasota area, the buyer typically selects the closing agent and pays for the title insurance premium. Therefore, a buyer is better served when selecting an attorney closing agent who provides representation rather than a neutral title insurance company. At Gibson, Kohl, we want to help you understand your contract and guide you through the closing process. For more information visit our website or call our office. We look forward to hearing from you. Read More]]> On Behalf of Gibson Kohl, P.L. <![CDATA[WHAT’S IN STORE FOR LOCAL REAL ESTATE IN ’24?]]> https://www.sarasotaclosings.com/?p=49568 2024-01-02T20:07:04Z 2024-01-02T20:07:04Z NEW CONSTRUCTION: The demand for new construction in our market will remain strong but will see a reduction compared to the past few years. With lower demand, builders should be able to complete new homes in less than one year and with more attention to detail than was the case in recent years. Builders will continue to offer incentives to purchasers who agree to use their affiliated mortgage and title companies, however, many builders will allow purchasers to select their own attorney to conduct the closing and issue the title insurance policy. A purchaser should request attorney review PRIOR TO SIGNING THE CONTRACT. Last year our firm protected new home buyers by eliminating unnecessary costs at settlement, clearing all contractor liens prior to settlement, and spotting and curing encroachments of the home into subdivision setbacks and county easements. PREVIOUSLY OWNED HOMES: Many of the homes in our most cherished neighborhoods exceed the age of 50 years. Purchasers should request clauses in their contracts that allow sufficient time to conduct the suggested inspections and the right to cancel if the inspection is unsatisfactory to them. In addition to the standard home inspection, prudent purchasers will have a mold inspection, a wood destroying organism inspection, and will have the pipes scoped by a professional to determine whether the plumbing is decayed. The inspection period within the contract should also be used to obtain insurance quotes which have risen sharply in the past year. Proactive sellers who can afford to do so, should consider hiring a home inspector before listing their home for sale. This will allow them to perform repairs in advance of listing, thereby reducing the possibility of a buyer cancelling. CONDOMINIUMS: Recent changes in Florida law require condominium associations to perform structural inspections and to reserve funds for future repairs more fully than was previously required. As a result, reoccurring condominium assessments have increased for most condominiums year over year. This has created an affordability problem for some owners who will be forced to sell. This could drive the prices of older condominiums down, thereby presenting buying opportunities for buyers who were previously priced put of the market. A thorough review of the governing condominium documents, financial statements, official minutes of the meetings, and inspection reports should be undertaken. Florida law requires that sellers of condominiums provide some of these documents to a Buyer and allow a buyer to rescind their offer within three business days from the receipt of the required documents. An attorney may provide language requiring the delivery of additional documents, thereby better protecting a buyer. ASSUMABLE MORTGAGES: Some homes have mortgages that are assumable by buyers who qualify for the outstanding mortgage balance and have a down payment sufficient to cover the seller’s equity. Buyers who are lucky enough to find a home with an assumable mortgage save tens of thousands of dollars in interest. Homes with assumable mortgages bring higher sales prices for sellers due to the value provided to buyers. The assumption process typically takes 90 days. Our firm can assist in these matters and can insure that the seller is released from liability. We have yet to see what 2024 will bring, but there will certainly be a shift away from what was a seller’s market to a more balanced market. Happy New Year! Lauren P. Kohl, attorney at law, Gibson, Kohl, P.L.]]> On Behalf of Gibson Kohl, P.L. <![CDATA[Strategies for Home Buyers and Sellers in the Wake of Hurricane Ian]]> https://www.sarasotaclosings.com/?p=48103 2023-01-17T17:59:30Z 2022-11-01T21:05:56Z For Home Buyers If you plan to purchase a home in the Sarasota area within the coming year it is probable that some of the homes you view will have suffered some storm damage, even though no damage may be readily observable. In light of this, it is our recommendation that our clients take the following steps to better protect themselves.
  1. Mold Inspection Rider.
All Buyers should request that the Mold Inspection Rider be attached to their contract and Realtors should start incorporating this Rider into every contract they prepare. Furthermore, Buyers should consider ordering an air quality test in addition to the standard home inspection to ensure that mold levels are within the normal range. We recommend this for new construction homes as well.
  1. Shop for Insurance Early and Add Contingencies.
We also recommend that our clients shop for their homeowner’s, wind, and flood insurance during the Inspection Period set forth within the contract. It is no secret that the Florida insurance industry is in somewhat of a crisis and many companies are no longer writing new policies in the state. It is more common than ever for properties in high-risk areas, such as those prone to floods, and those in need of significant repair to be deemed uninsurable. It is best to discover this information while you are still able to terminate the contract without risk of losing your earnest deposit. For added protection, a contingency may be added allowing for the termination of the contract if affordable insurance cannot be obtained.
  1. Ask the Right Questions.
Buying a home in an area that is subject to hurricanes requires a greater amount of due diligence than buying in other areas of the country. Be sure that you are asking questions such as –
  • Was the home flooded or otherwise subject to water intrusion? What volume of water came in? Was there water in the street that prevented driving? How long was the water in the home and/or street?
  • How was the damage remedied? Did licensed mold remediators undergo any work or treatment?
  • Was the wiring inspected for corrosion?
  • Were any insurance claims filed? If so, were they granted or denied?
For Home Sellers Whether you were already under contract to sell your home when Hurricane Ian hit or are considering selling in the near future, it is important to properly address any damage that your home may have suffered, regardless of how minor it may seem.
  1. Disclose, Disclose, Disclose.
Florida law requires that the seller of residential property disclose material defects affecting the property that are not readily observable. Therefore, a seller must disclose wind or water damage even after repairs are made. It may be beneficial to take before and after photos and retain receipts for all repair work done on the property. When in doubt, disclose! It can be very costly to deal with litigation resulting from non-disclosure of a material fact.
  1. Mold Assessment/ Air Quality Test.
If your home suffered water intrusion during the storm, we recommend that you contact a licensed mold inspector to conduct an air quality test. If the test concludes that mold is present in your home, we suggest contacting a separate mold remediation specialist to address the issue as soon as possible. Just because mold is not visible, does not mean it is not present in your home at unsafe levels, and if left untreated, the cost of remediation will only increase over time.
  1. Beware of Corrosion.
Hurricane flood water is especially problematic due to the corrosive nature of salt water. If you experienced any water intrusion during the storm, we suggest that you contact a licensed electrician to assess the extent of any damage or corrosion to the wiring within your home. Corroded wires pose a major safety risk and could lead to a house fire if they are not properly addressed.
  1. Hire Qualified Professionals.
Homeowners should always seek the advice and services of qualified professionals when dealing with post-hurricane damage. Licensed contractors, inspectors, and restoration companies will ensure that all repair work is done in accordance with the applicable building code and will obtain any permits that may be necessary. Buying or selling a home after a natural disaster may seem daunting, but there are steps that you can take to ensure the transaction goes as smooth as possible. Please contact our office if you have any questions or concerns when it comes to buying or selling a home post-hurricane. *This post is intended to be informational in nature and should not be construed as legal advice. Please contact our office if you have questions regarding a specific legal concern.*]]> On Behalf of Gibson Kohl, P.L. <![CDATA[Anticipated Changes to Condominium Inspection Laws in the Wake of the Surfside Collapse: What Florida Condominium Owners, Board Members, and Prospective Buyers Should Know.]]> https://www.sarasotaclosings.com/?p=47956 2024-04-08T05:45:56Z 2022-01-19T14:35:41Z
  • Roof;
  • Structure;
  • Fireproofing and fire protection systems;
  • Elevators;
  • Heating and cooling systems;
  • Plumbing;
  • Electrical systems;
  • Swimming pool or spa and equipment;
  • Seawalls;
  • Pavement and parking areas;
  • Drainage systems;
  • Painting; and
  • Irrigation systems
    • Miami Dade and Broward counties are currently the only counties in the State of Florida that have implemented a law that is slightly more stringent than the Condo Act. In these counties, a condominium building must be reinspected once the building reaches 40 years old and every 10 years thereafter. As previously noted, the Champlain Towers South Condominium Association did comply with the Broward County reinspection law and underwent a mandatory reinspection in 2018. So, if the association complied, how is it possible that the building collapsed? The answer to this question may lie in the fact that the Condo Act does not include any express maintenance, repair or replacement standards for boards of directors to follow. Instead, the Act provides that maintenance of the common elements is the responsibility of the association. In other words, boards of directors may maintain, repair, and replace the common elements in accordance with its reasonable business judgment. Therefore, determination of what acts or omissions constitute a breach of fiduciary duty is left to the courts on a case-by-case basis. In the case of the Champlain Towers South Condominium Association, it is true that the inspection report noted numerous problems. However, addressing these problems and making the necessary repairs would cost millions of dollars and result in unit owners paying assessments ranging from around $80,000 to over $300,000. Because nothing in the report indicated that there were major safety concerns or that the building was in danger of collapsing, the assessment collection process was unfortunately slow to start. After the Surfside collapse, The Florida Bar created a task force to review the Condo Act and to make recommendations to reform the Act in ways that address the issues related to structural reinspection and reserve funds in order to prevent future tragedies. The task force finalized a 170-page report that was sent to the Legislature in October. Some of the most relevant recommendations are as follows:
    • Requiring periodic structural and safety inspections of all condominium and cooperatives 3 stories or higher. Specifically, the task force has recommended that by December 31, 2024, any residential condominium 3 stories or higher, be inspected and the association obtain a report from a licensed architect or engineer attesting to the current and deferred maintenance standards, useful life, and replacement costs of the common elements. Furthermore, an updated report is recommended every 5 years thereafter.
     
    • Clarifying and expanding the Act to require timely maintenance, repair and replacement of structural and life safety systems in vertical construction consistent with and keyed to Section 718.301(4)(p).
     
    • Requiring inspection reports to be available for unit owners to review.
     
    • Amendments to the Act to require periodic reserve studies. The task force has noted that as the law currently stands, the Act does not require reserve studies and allows a reduction or waiver of reserved funding by a simple majority vote. Furthermore, the Act does not limit the number of years an association may waive reserve contributions. Therefore, an association who opts to forego reserve funding may face severe financial hardship when inspection reports indicate that costly repairs become necessary.
    It is unclear what, if any, amendments will be made to the Condo Act in the next legislative session or if individual counties will start implementing reinspection requirements that mirror those in Miami Dade and Broward counties. Regardless, with there being more than 1.5 million condominium units in the state of Florida, owners, boards, and prospective buyers must be aware of the potential issues associated with an aging building and take appropriate action to avoid safety concerns.]]>         On Behalf of Gibson Kohl, P.L. <![CDATA[Online notarization helps streamline Florida homebuying tasks]]> https://www.sarasotaclosings.com/?p=47868 2023-01-17T17:59:53Z 2021-10-14T14:50:28Z About online notarization The “Electronic Legal Documents” law became effective in Florida on January 1, 2020. This new law provides authorization for notaries to offer online notarizations. Applicants must already be notaries. They must complete an application and receive training before they may provide online services. Notaries must also contract with a third-party provider of technological support so they can affix their signature and seal to an online document. They must also learn how to store video and audio notarization sessions.

    Documents requiring notarization

    Among others, the documents a buyer might expect to sign on or before closing are: - The mortgage agreement, which protects the lending institution in the event the borrower defaults on the loan. - The deed of trust, which transfers all interest in the property from seller to buyer and which must go to the county recorder for filing. - The signature affidavit, which is signature verification. However, a lender can waive this if a passport or driver’s license has already provided verification.

    On to the closing

    Whether it’s Sarasota, Longboat Key, Venice or any of the beautiful surrounding areas, new-to-Florida buyers look forward with great anticipation to the closing on a home or condo. There are many elements involved in closings, but online notarization makes one closing task easier and more convenient.]]>         On Behalf of Gibson Kohl, P.L. <![CDATA[Growing Florida towns for retirees]]> https://www.sarasotaclosings.com/?p=47787 2023-01-17T18:00:09Z 2021-07-27T20:10:13Z Sarasota Many retirees love the rich history and vibrant arts scene of Sarasota. According to Kiplinger, residents ages 65 and older represent more than a quarter of the population of this coastal city. The city offers access to highly rated medical care from Sarasota Memorial Health Care System and upscale shopping in a distinctive island setting at St. Armands Circle, as well as the sun, surf and gleaming white sand you expect from Florida beaches. In fact, U.S. News and World Report named Sarasota as the best place in the nation to retire in 2021.

    Pelican Bay

    This Naples-area resort town offers a walkable, small-town feel that appeals to many retirees. If you imagine strolling to the beach, restaurants, art galleries and farmer's markets, Pelican Bay just might be the right place for you to buy a home in Florida.

    Fort Myers

    Another impressive placement on the U.S. News and World Report rankings, Fort Myers is a short drive from the beach with plenty to do and see within the city limits. This metro area earns renown for green space, retail, museums and a great dining scene. From browsing properties to closing on your Florida home, use this list as inspiration to narrow your search for the perfect retirement enclave.]]>         On Behalf of Gibson Kohl, P.L. <![CDATA[What is title insurance?]]> https://www.sarasotaclosings.com/?p=47783 2023-01-17T18:00:19Z 2021-07-07T16:50:32Z property owners sold 5.64 million homes in the U.S. Title companies looked into public records on these properties to determine their ownership status and the insurability of these property titles.

    What title insurance does

    When you finance a property during a home sale, a record of this transaction gets filed in the official public archives. Other events that can affect property ownership also get filed in these archives, and they include issues like levies and liens. Your title company will research these records to identify any ownership issues and the status of the property. If the title comes back clear, the underwriter can then effectively insure the title and protect your right to the property.

    Why you need this insurance

    Even if you feel confident in the skills of the title professional you choose, you may still not find all the problems associated with the property. Some issues, like filing errors, undisclosed heirs and forgeries can be difficult to find. Title insurance ensures that after your title company does a full search into the property, you still have protection from other issues that could arise later on. If you plan to finance any portion of your purchase, your lender may require that you obtain some form of title insurance to protect their interests and yours.]]>         On Behalf of Gibson Kohl, P.L. <![CDATA[Pros and cons of becoming a snowbird]]> https://www.sarasotaclosings.com/?p=47767 2023-01-17T18:00:30Z 2021-04-09T18:32:13Z While some people purchase a home in Florida so they can retire there permanently, others do so intending to occupy it only a portion of the year. If this is your intention, then you are a snowbird, i.e., you spend the warm months up north then return to Florida when it gets colder.  There are advantages and disadvantages to the snowbird lifestyle. Before you commit to a home purchase in Florida, you should consider whether it will be for part-time or full-time occupancy. 

    Cons of being a snowbird

    Maintaining two separate properties can be a hassle. Whenever you vacate one property, you have to arrange for someone to take care of it while you are gone. There is also a lot of work involved in switching residences, such as forwarding your mail and informing service providers of your change in address. In many cases, these tasks must take place every time you move.  If you are close to family and friends back home, it can be difficult to be away from them for a portion of the year. You may miss some significant events that take place while you are away. 

    Pros of being a snowbird

    The most obvious advantage is avoiding dangerous weather conditions in winter. Snow and ice can cause driving hazards as well as potential slip-and-fall injuries on your own property. Being a snowbird allows you to enjoy nice weather all year.  Being a snowbird allows you to keep relationships with family and friends back home while meeting other people in your new location. You get to spend at least part of the year with family, including grandkids, then return to Florida to meet up again with people your own age. There are also potential tax advantages of establishing residence in Florida if you meet the requirements.  Whether you become a snowbird or not, you should choose early on. Your decision may influence the type of home you want to purchase. ]]>         On Behalf of Gibson Kohl, P.L. <![CDATA[Florida’s potential for a major commercial real estate boom]]> https://www.sarasotaclosings.com/?p=47535 2023-01-17T18:00:40Z 2021-01-11T19:10:50Z An increase in retailers' online sales caused an unforeseen spike in demand for industrial real estate. As reported by The Real Deal, vacant land for use as commercial warehouse and storage space has become a desirable development property.  Developers who construct buildings designed for e-commerce distribution centers may command high prices. They may, however, also need to complete their projects quickly. According to recent research, marketers expect online sales to surge over the year 2021. 

    Attracting large corporations to new construction projects

    The Sunshine State has experienced an influx of wealthy new residents from the Northeast and Midwest states. As noted by Business Insider, many executives also consider Florida an attractive area for relocating their corporate facilities. High state and local taxes in New York, for example, help fuel the corporate migration.  Mixed-use properties that offer retail, office and storage capabilities may attract motivated corporate buyers. With a significant number of employees working remotely, companies may prefer smaller workspaces. A building also equipped with telecommute technology and other on-site resources may reflect a practical and appealing option. 

    Protecting a lucrative project with a secure real estate transaction

    Before entering into a real estate construction transaction, developers may need to draw up documents to shield them from liability. Buyers who require third-party financing to purchase property may face an extensive due diligence process to close a sale.  Developers may find themselves investing their own resources to create project plans, blueprints and land surveying. They may also need to anticipate the risk of a buyer's funds not coming through. To protect against a loss, an agreement may need to include terms outlining the possibility of a real estate transaction failing. ]]>