In 2017, the Tides Hotel in South Beach, Florida began renovations on the historic 45-room hotel and surrounding property at 1220 Ocean Drive and multiple addresses on Collins Ave. 

The renovations sought to expand the hotel to 145 rooms by connecting it to the newer buildings on Collins Ave. The building plans for the 1936 art deco-style hotel also included a new outdoor swimming pool. 

Construction Delays & Financing 

Hurricane Irma struck later in 2017, causing the property to incur significant damage and delaying the construction process. The loan for the project, which was initially taken out for $45M in 2014, was extended multiple times to accommodate the borrowers. 

Safe Harbor Equity is the loan’s servicer and the plaintiff of the foreclosure lawsuit; suggesting that the move was intended to protect their investment after having taken out a $34M loan themselves to secure the note for the Tides Hotel renovation. 

A Safe Harbor Equity spokesperson noted that the foreclosure suit is not intended to isolate the borrowers. 

“It is always our preference to restructure the debt and work with the borrower to satisfy their debt and keep them operational,” they said to a reporter for the South Florida Business Journal. Depending on the response from Tides Hotel management, the lawsuit may or may not proceed in court. 

Pursuing or Defending Against Foreclosure 

Whether you’re a purchaser or a bank, it’s important to have legal representation during the foreclosure process. Foreclosure is never ideal and can be costly for both the property buyer and the lender. 

Various circumstances can make your case easier or more difficult, making it critical that you are able to understand your legal rights and available options so you can make decisions that are in your own best interests. Our ultimate goal is to help you protect your property and financial assets regardless of the situation at hand. 

Contact Feinstein Real Estate Litigation and Business Law Today 

At Feinstein Real Estate Litigation and Business Law, we understand the numerous challenges presented by foreclosure, particularly when the property is high-value. We can provide you with experienced legal representation during settlement negotiations or litigation in a Palm Beach courthouse. Let us help you pursue or defend your assets against foreclosure. 

Contact us today for a consultation to discuss the details of your case with an experienced real estate litigation lawyer by calling 954-767-9662 (Fort Lauderdale), 561-981-6212 (Boca Raton), or 305-728-5267 (Miami).

Real estate litigation is an instrument utilized by real estate brokers and agents, property sellers and purchasers, and landlords and tenants to protect legal rights and rectify damages. Here are the most common reasons litigation is pursued in the real estate realm and what you can do to safeguard your best interests in any real estate dispute.

1. Failure to Disclose Property Defects 

Property sellers in Florida are legally required to disclose known and non-evident property defects that may affect its value. If a purchaser later learns of a previously undisclosed property defect after closing, they may bring forward legal action against the seller of the property for failure to disclose. 

These cases can be difficult to win and require experienced legal representation because you must have evidence that the property seller knew about and purposefully concealed a property defect or that the defect is significant enough that the seller should have reasonably known about it.

2. Breach of Duty 

Real estate agents and other professionals typically have a duty to their clients to act in the client’s best interests. However, unscrupulous agents may act in their own best interests in order to secure a sale. 

For example, a real estate agent may minimize significant defects that reduce the value of a property to keep the sale price from being negotiated down or the sale from falling through entirely. If the client has experienced losses or damages from the agent’s actions, a lawsuit may be warranted.

3. Breach of Contract 

A breach of contract is arguably the most common reason for real estate litigation. Contracts are crucial in the real estate realm and outline what each party involved in the transaction is responsible for and obligated to do. Failure to abide by a written and agreed upon contract can be costly for everyone involved. 

To successfully win a breach of contract case, you must be able to show evidence that you fulfilled your own contractual obligations as well as evidence that the party you are suing did not. This is particularly true when seeking damages in high net worth real estate lawsuits. 

When to Contact a Florida Real Estate Litigation Attorney 

If you’re a party to a real estate dispute, it’s important that you have adequate legal advocacy to protect your rights and best interests. Our real estate litigation team can help. Call now for your consultation at 954-767-9662 (Fort Lauderdale), 561-760-9929 (Boca Raton), or 305-842-2730 (Miami). 

Many professionals need licenses before they can work in their chosen field. As a real estate agent, you had to obtain a license before you could start helping individuals buy or sell property. You may love your job, but you also know that, without your license, you would not be able to continue in this industry.

Because you want to continue in your chosen profession, you do not want to put your license at risk. Unfortunately, someone who believes that you did not act professionally could file a complaint and leave you facing administrative proceedings in front of the Florida Department of Business and Professional Regulation.

Why would someone complain?

Often, complaints against real estate agents result when a client loses trust in his or her agent. The client may feel that you did not act appropriately or did not handle a transaction well, and as a result, you have landed in a difficult predicament. If any of the following examples apply to your ordeal, you may understandably worry about your real estate license:

• Misappropriating funds: Real estate agents handle clients’ money in various ways, such as keeping earnest money until closing, and if a client suspects that an agent took the funds for personal use or otherwise misused it, a serious complaint could result.
• Not telling the truth: Some real estate agents may bend the truth or try to gloss over information in certain circumstances in efforts to make a deal, but lying about any information could result in serious claims against you and the potential for an administrative hearing.
• Getting arrested: If authorities take you into custody, even for a crime unrelated to your real estate business, and you face a conviction, the state could suspend or revoke your real estate license.

If someone files a complaint regarding your actions, it could catch you completely by surprise. After all, you do your best to maintain integrity in your business practices and do not want to put your license in jeopardy. Unfortunately, panic may set in if you end up facing an administrative hearing. As a result, you may want to contact an attorney who can help you understand your available options for handling this type of ordeal. When your livelihood is on the line, you do not want to take any chances.

Buying a home is an exciting process, but it is also a process that can come with certain challenges and risks. This is why many Florida homebuyers find it beneficial to work with an experienced legal ally from the very beginning. This is a significant legal and financial step, and it’s worthwhile to be careful and cautious as you move forward.

If you want to buy a home, you know you will have to sign a purchase contract. By doing this, you are agreeing to the terms in the contract. Before you sign, it’s crucial to ensure you are not inadvertently exposing yourself to financial loss or legal complications down the road. From contract drafting and review to advocating for your interests in an unexpected situation, you will find it helpful to have a legal ally on your side at every step.

What’s going to happen? 

If this is your first home purchase, you may not know what to expect from the process. After the buyer and the seller agree to the asking price, you will then sign a contract. The following things will then happen before you can move into your new home:

• You will need to finalize your financing.
• There will be a title search, as is a requirement for most lenders.
• Official ownership will transfer to you at the closing.

This may seem like a relatively straightforward process, but with all financial and legal transactions, there is the potential for complications. The inspection could reveal serious issues with the home, or you may discover a clear reason why you need to back out of the contract.

The terms of your contract

The terms of your purchase contract matter. It is in your interests to avoid unclear or unreasonable terms. The standard forms often used by realtors may not be enough to fully protect you, and a review of a contract could prove that you need to negotiate new terms or draft a contract suited to your individual needs.

If you are about to buy a home, make sure you are not also buying into potential problems down the road. There are many reasons why it can be beneficial for you to work with an experienced attorney, and you can discover these during an assessment of your case. Before you move forward, make sure you are doing everything possible to protect your interests.