Daniels shares predictions for FL real estate deals after Irma
Steve Daniels, a partner in the firm’s Real Estate Practice, is quoted in the South Florida Business Journal on how pending real estate deals in Florida could be impacted in the aftermath of Hurricane Irma. Steve explains how leasing agreements, insurance compensation and taxes could be affected by the storm. He also emphasizes the importance of closing schedules during this time.
“Other properties have deadlines to be sold under their mortgage terms, such as maturities or avoiding higher fees. In some cases, delaying a closing could cost
a property owner $4,000 a day in extra payments on the mortgage,” Steve said. That is why closing dates are critical this time of year. “There are people like insurance companies and large banks up north that don’t care about this storm. If you miss the deadline, you pay the penalty.”
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