Legal Question in Real Estate Law in Florida

Real Estate closing penalties

I am in the process of purchasing a codo from a developer in Naples Florida. Recently the project was finish after waiting 2 1/2 years. I recieved notice to apply for a mortage and did so. I have been waiting for almost 2 1/2 months for this mortgage broker to finalize it. I have had excuses after excuses. Now the developer is invoking an 18% per day late charges. I have been trying to close Will I be resposible for all these late charges? Is 18% per day legal to charge in Florida? Does the mortgage company have any responsibility? I have made every effort to close on this property. I am being charge from June 29th when the developer received the occupancy permit. Can he charge for weekends and holidays also?


Asked on 9/13/04, 10:17 am

2 Answers from Attorneys
Scott W Barger Barger Law Offices

Re: Real Estate closing penalties

Would need to see contract.

18% of what?

Call my offices. Can give free telephone consultation.

Best,

SWB

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Answered on 9/13/04, 10:35 am

Re: Real Estate closing penalties

You should deal with a Fl Attorney not a MA attorney. 18% per day is usery in most states, however I suspect it is 18%per year compounded on a daily basis.

Likewise, did you ever get a commitment letter from the Broker?

Did you have a mortgage contingency in the agreement and was it waived?

You need to contact a FL attorney and fax him a copy of your purchase agreement and all the correspondence between you and the Developer/builder as well as any communications between you and the Mortgage Broker.

Broker's in most states cannot bind a Mortgage Company.

Good luck

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Answered on 9/13/04, 12:28 pm


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