An often overlooked consequence of hurricanes in Florida is their effect upon residential and commercial real estate sales. As soon as a hurricane’s approach is announced, real estate closings are usually delayed until after the storm has passed and weather conditions have improved. That delay may lead prospective buyers to change their minds and decide to “wiggle out” of the purchasing contract. The best interests of all of the parties involved, however, can be better protected if proper safeguards are in place. A competent Florida real estate attorney who is also well versed in state-of-the-art tracking systems can assist in making quick changes to a purchasing contract and help prevent unnecessary delays.
Our firm integrates an innovative software system, Qualia, into the real estate closing process. It streamlines the required steps taken by the attorney and the title, escrow, and mortgage companies. Qualia consolidates the purchasing, due diligence, escrow, and closing processes into one centralized internet portal, reducing the time it takes to get to the closing. The buyer, seller, and other parties to the transaction can also watch the progress of the real estate closing in real time.
But even before a closing happens, there are other functions involved in the transaction that can be affected by severe weather conditions. The prospective buyer must also perform a title search, which can be delayed during a hurricane due to power outages. Under Florida law, the title to a property must be clear and not have pending liens or other ownership disputes before it can be successfully transferred and insured. Most mortgage companies will also require a re-inspection of a property after a hurricane.
And if a property that has not yet closed sustains hurricane damage, the lender may not provide all of the necessary funds for the purchase if there are concerns about lasting damage to the property. Without these funds in place, there won’t be a finalized sale agreement, so the closing can’t happen.
Frank Charles Miranda, P.A. can explain how our state-of-the-art technology can prevent delays in your real estate closing and help protect you from unforeseen problems. Call us at 813-254-2637 or contact us online to learn more.