Property Law

Any number of things can go wrong when buying real estate, so you need several safety protections to keep you from being bound to go forward with a transaction that you should just walk away from.

The first is where you are depending on getting a mortgage, but, for whatever reason, your efforts fail. While no one can force you to close when you don’t have the money, you can all too easily lose your earnest money deposit, which, in a Sellers’ market like today’s, tends to be large.

To make sure you have the right to walk away without losing your deposit should financing fail, it is important to do the paperwork right, and fulfill all of your duties as you go through the process.

First of all, make sure you clearly show on the contract that you are using a loan for part of the purchase price, and put the actual amount of the loan you will be seeking on its face (paragraph 2(c) of the FAR/BAR contract). Surprisingly, I have seen contracts where that number was not filled in! Next, you should be certain that the box in Paragraph 8(b) is checked, to make clear that you are relying on a mortgage contingency to protect yourself. That, too, is sometimes skipped in the rush to submit an offer on property that is drawing a lot of attention and offers. Every year this language gets a little longer and more involved, but each blank should be filled in.

Before you state the mortgage terms you wish to make a contingency, you should ask yourself the following question: What are the WORST mortgage terms (if they were the best you could get) where you would still want to go forward with the deal, as opposed to cancelling if the lender offers you a less desirable interest rate or other terms. Those are the terms you should insert.

Next, understand that you will not have the protection of this contingency if you don’t follow all of the requirements spelled out. Be sure to read and understand them all. You have a deadline for making application for a loan (a complete application, that is, with all information required by the lender). There is a deadline for receiving your mortgage commitment, and if you fail to give notice that you haven’t been accepted by then, you can lose the benefit of the contingency.

If your real estate agent or lender isn’t helping you understand and meet all these very detailed requirements, you are headed for trouble! You might want to talk to a real estate lawyer.

350 Corey Avenue, St. Pete Beach, FL 33706 (727) 363-6100 • www.PropertyLawGroup.com

By Nanette Wiser

Summer is here, so why not book a learning vacay for your inner child and summer camps for the kids here in Paradise? Book now, because they fill up fast.

For The Kids: So many opportunities for arts, music and writing in Pinellas County. Check out the summer camps and classes pages online for American Stage, Beach Art Center, Central Park Performing Arts Center, Creative Clay, Creative Pinellas, The Dali, Dunedin Fine Art Center, Dunedin Music Society, James Museum of Western Art, Keep St. Pete Lit, Marcia P. Hoffman School of the Arts, Morean Arts Center and Museum of Fine Arts St. Petersburg.

Local faith-based, YMCA, Boy Scouts, Girl Scouts and city recreation centers (Largo, St. Petersburg, St. Pete Beach, Treasure Island, Madeira Beach) offer robust opportunities (culinary, nature, arts, fitness). Great Explorations programs are filled with experiments, arts and outdoor field trips.

There are so many specialty camps for future Olympians. Gymnastics, horseback riding, swimming, martial arts, tennis, golf, scuba diving and water sports are just a few sporting adventures for kids. Check out Clearwater Community Sailing Center and most local tennis and golf clubs.

Tampa Bay Watch serves up marine science summer camps at the Tampa Bay Watch Discovery Center and over the bridge MOSI’s summer science camp and Camp Imagination at Glazer Children’s Museum is sure to inspire your little Einstein. Girls Inc. Oceans of Fun! offers a marine biology summer camp. For future journalists, the Poynter Institute hosts a high school program in writing, journalism and multimedia.

In addition to PTEC and SPC classes for career skills for teens and young adults, private schools (Shorecrest, Admiral Farragut), The Pinellas County Schools offer educational enrichment, technical training, STEM programs, music or visual arts camps and career bootcamps.

For Adults: I like to think of our local theme parks as a really great weekday date and summer camp. Busch Gardens, Legoland, Disney are the best known, but what about a dolphin sighting cruise, a sightseeing sunset cruise, a catamaran adventure or a golf holiday at Innisbrook? My summer camp day trips rotate among Sarasota’s Big Cat Habitat and Gulf Coast Sanctuary, fishing off the Venice Pier, touring the Marie Selby Botanical Gardens or Mote Marina.

A museum docent tour at The Dali, an acting or improv class at American Stage or learning to make beer with a craft brewer floats my boat. Dozens of new fitness and sports challenges await your eager spirit, with classes around town – paddle boarding, fishing, Pilates, beach yoga and ziplining.