Law Offices of C. Guy Bond, P.A. : News Blog

Thursday, July 30, 2009

Appointing a receiver for a condominium

I'm normally apprehensive when I'm called to attend a meeting of unit owners in a condominium because something usually has happened which has upset at least some of the owners. However, I attended one such meeting last evening and got to listen to people say nice things about me and my client.

We had been retained to represent an owner who was tired of waiting for a developer to appoint or elect a board of directors. The condominium had operated without Board leadership for over 6 months. Fortunately, Florida Law allows a judge to appoint a receiver to act as the board of directors pending a proper election. We were able to petition the court and have the receiver appointed.

It is not a quick process but it does provide a remedy.

Let us know if you need more information. Its nice to be liked.

Posted By C. Guy Bond At 3:15 PM •

Tuesday, July 28, 2009

Commercial borrowers beware!

Banks need capital and they aren't getting all they need from TARP. They could raise more capital by selling stock. However, its much easier to not renew loans, even performing loans from customers with good credit. Reduced outstanding loans means more capital. And they won't care that they spoil their relationship with you or that you'll never do business with them again.

If this concerns you, call us and let's form a strategy for you before they demand payment of your loan.

Posted By C. Guy Bond At 11:15 AM •

Tuesday, July 21, 2009

Who picks the closing agent? (and why you should care)

Almost all closings are either handled by attorneys or title companies. We'll address which is the best choice between them in another issue of this blog. The question for today is "Who should pick the closing agent?"

More and more lenders and real estate sales people are directing their customers to the lender's or sales person's choice of closing agents. They do so because they have an ownership interest in the closing agent, they get 'kickbacks,' or because it is convenient to them.

The Wall Street Journal reports: "Yet people advising home buyers often have conflicts of interest. Some real-estate brokers, mortgage firms and builders own firms that act as agents for title insurers. Federal and state laws bar title insurers from giving kickbacks to real-state agents, mortgage firms or others for funneling business toward a particular title company, but enforcement is spotty. ... The inducements have included entertainment, trips and help with marketing."

Now who do you think that closing agent will be loyal to? Whose interests will they protect? I hope you didn't think they'd look out for you!

The need for you to be protected and represented has never been greater. It is highly likely that your lender has not completely explained the ramifications to you of the lending product you've selected. In recent times, there has been allegations that lenders have mislead their customers and put them into products that led to adverse consequences for the borrower.

Likewise, real estate sales people don't get paid unless you close. They rely upon their choice of closing agents to get your transaction closed and that motive sometimes outweighs protecting your interests.

You have a right to select the closing agent that you pay for. Write that down: You have the right to pick the closing agent you pay for. If the lender or salesperson wants to pay for them out of their pockets, then say "Thank you" and then consult with someone who will look over their shoulder on your behalf. But they normally want you to use their agent at your expense.

If you come to us to prepare your closing, or to have us review another closing agent's work, we will protect your interest. You will know what you are signing and the potential impact each document could have on you. For such a significant transaction, isn't having a pro there to help you?

Posted By C. Guy Bond At 10:15 AM •

Friday, July 17, 2009

Associations-Developer going defunct?

In many new projects the Developer is going out of business before it can sell all of the units in the subdivision or condominium. When they run out of money they also seem to run out of interest. Because it is likely that there has been no transfer of control of the association to the unit owners, the impact of this disinterest goes well beyond the economic issues that arise. There is almost always a vacuum of leadership of the association.

There are some effective statutory remedies. There are also some things that can be done short of litigation. You need experienced legal counsel to deal with these issues. We have that experience and can guide you through the process efficiently and with the least amount of expense possible.

Posted By C. Guy Bond At 9:36 AM •

Everyone has estate planning needs

Estate Planning Strategy for Everyone

Assets or no assets, you still need to provide for who will raise your children, what will happen to your pets, and so on. If you do have some assets, you will want to spend as little as possible to ensure your wishes are honored. There are four things anyone should consider in dealing with these issues:

1. Make a will. This basic document will express your wishes on a number of issues. They are relatively inexpensive and are absolutely necessary for just about everyone.

2. Consider a living trust. This is a tool to avoid the expenses of probate. For people with larger estates it is a tool to divide joint assets in order to take maximum advantage of exemptions that will lower or eliminate estate taxes.

3. Appoint a guardian for your children. Make sure you get to choose who raises your kids and avoid putting them through the possibility of a custody battle.

4. Assemble a team. Who do you want in charge of ensuring your wishes are fulfilled. Its better that you make that decision than a judge who doesn't know anything at all about you.

We can counsel you about all of these issues. The cost is much less than you imagine. Our "husband/wife" packages start at less than $500. Spend 20 minutes with us and let us help you with this very important part of your life.

Posted By C. Guy Bond At 9:31 AM •

Wednesday, July 15, 2009

Foreclosure relief

Will this misery ever end?

If you've lost your job or a substantial number of hours of work, you've been on an emotional roller coaster. At first you're afraid then you become numb and then you discover you are just plain tired of it. You watch leaders at the banks that caused the whole mess get rich and then watch your government bail them out, directing them to provide mortgage relief they never get around to providing to you. Now you get to look forward to paying for the bailout. As Yakoff Smirnoff would say, "What a Country!!"

If you are behind on your mortgage payments or if you think you are headed in that direction, there are several things you can do to prepare. Even in the worst cases where foreclosure is the only likely result, a good defense will buy you a substantial amount of time to get on your feet and make the transition a lot easier. Before you ever get to that point, you can attempt a to sell the property through a short-sale process. If you have a job, you might find a lender that will actually work with you to modify your mortgage.

We can counsel you about all of those options and more. We know you don't want to spend money on attorneys fees, but we think we can show you how you will get more than your money's worth. Come check us out.

Posted By C. Guy Bond At 2:11 PM •

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