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Selling/Acquiring Distressed Real Estate In Florida: a White Paper on the Advantages and Disadvantages of Six Alternatives, Including Contract and Due

March 09, 2012

By: Gary Kaleita & Crystal Espinosa Buit

This white paper outlines various methods for acquiring distressed real estate in Florida, and the advantages and disadvantages of each. Essentially, it tracks the foreclosure process (i.e. from the initiation of the foreclosure proceeding through the issuance of the Certificate of Title) and discusses what an investor can expect at each stage of the action if he/she purchases the property. To read the paper in full, please click on the attachment below:

Selling/Acquiring Distressed Real Estate in Florida


This article is informational only. You should consult an attorney before acting or failing to act. The law may change rapidly and no warranty is given. LOWNDES DISCLAIMS ALL IMPLIED WARRANTIES AND WITHOUT LIMITATION, ANY WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE. ALL ARTICLES ARE PROVIDED AS IS AND WITH ALL FAULTS. Consult a Lowndes attorney if you wish to establish an attorney/client relationship.
Gary

With more than 30 years of experience in real estate law, including over 20 years as a Board-certified expert in the field, Gary Kaleita has acquired the ability to navigate the complexities of sophisticated real estate deals with relative ease.

Gary has a wide variety of experience in real estate development, finance and transactions, condominiums, property owners’ associations, commercial leasing, commercial lending, and title insurance.

Gary enjoys a reputation for anticipating and avoiding problems, rather than merely reacting to them. He has years of experience handling purchases, sales and financings of commercial and residential projects, including office, industrial, retail, multi-family, single-family, condominium, resort, hotel and golf course properties. Gary has prepared and negotiated contracts for sale and purchase, performed due diligence investigations, and handled all aspects of closings, including issuance of title insurance and legal opinions. He has also performed tax free exchanges (both forward and reverse) under Section 1031 of the Internal Revenue Code, and has handled closings for housing revenue bond financing transactions with the Florida Housing Finance Corporation and various local housing finance authorities.

In the area of real estate development, Gary has assisted developers in obtaining land use approvals, plat approvals and permits for various developments from a number of jurisdictions in Central Florida, including planned developments (PD’s) and Developments of Regional Impact (DRI’s). He has drafted and negotiated complex land use documents, including development agreements, cost-sharing agreements, declarations of covenants, conditions, restrictions and easements. He also has experience in mall and shopping center developments, including outparcels, and has assisted developers with the selection, formation and operation of business entities, including commercial and residential property owners associations. He has extensive experience with the formation and operation of both commercial and residential condominiums as well.

In addition, Gary has established somewhat of a boutique practice by acting as local counsel to help out-of-state lenders, investors and law firms navigate the complexities of Florida real estate law. He is frequently engaged by large national and international law firms needing assistance on a variety of issues for their clients doing business in Florida. Gary regularly provides advice on Florida law and custom pertaining to purchase and sale contracts as well as loan documents, addresses local due diligence issues, answers questions involving titles, surveys and title insurance, and provides Florida legal opinions.

Not just another real estate lawyer, before pursuing his career in law Gary served as a U.S. Naval officer on active duty for 4 years in the Mediterranean Sea, first with a patrol gunboat squadron in Italy and then at a communications station in Greece. During this period he traveled extensively throughout Europe, the Middle East and North Africa. He believes his military experience is the source of the practical approach he has developed to problem solving.

Gary also took the initiative, after a homeowner in his own neighborhood was mauled by a Florida black bear in 2013, of researching what his homeowners’ association could do to limit the likelihood of future attacks. In the process, he became an expert in the subject of “bear-wise” communities and drafted a policy that his own homeowners’ association adopted, thereby becoming the first residential community to be officially recognized as bear-wise by the Florida Fish and Wildlife Conservation Commission (FWC). He has since written and spoken extensively on this subject, serves on the FWC’s Central Bear Management Unit Stakeholder Group, and has become a resource for FWC to educate other communities on the importance of bear-wise practices in areas of Florida containing black bear habitat.

Gary focuses on finding pragmatic solutions to complex problems, recognizing that clients want sensible and realistic advice in a timely manner so they can go about their business.

Chambers USA (2015)* reports that Gary has substantial experience acting as lender’s counsel and is acclaimed by market sources as an “extremely responsive, very practical and reasonable” practitioner.


*We make no guarantees or promises that the reader will realize the same or similar results

Crystal
Crystal Espinosa Buit devotes her practice to providing skilled and supportive legal representation for clients going through complicated and often highly emotional family law matters, including divorce, child support, child custody, alimony and family law litigation. She also has significant experience negotiating and drafting prenuptial and postnuptial agreements for couples seeking financial protection and peace of mind. Her clients include high-net-worth individuals, business executives, doctors, lawyers, professional athletes and other prominent professionals, as well as the spouses of such individuals.

A strong and compassionate advocate, Crystal knows every family is unique and no two cases are the same. She works tirelessly to find creative solutions that minimize conflict and suit each client’s best interests and individual needs. A wife and mother of two, Crystal also understands the difficult decisions her clients face, and she works closely with them to keep them informed and supported as they navigate uncharted territory and make important choices for themselves and their children.

With her training and experience in collaborative family law, Crystal believes that most couples and families can benefit from avoiding lengthy courtroom battles by resolving conflicts regarding issues like shared parenting time, child and spousal support, and property division through alternative dispute resolution methods such as mediation, arbitration, and collaborative law. When litigation cannot be avoided, she and the firm’s other family law attorneys will zealously represent you and your interests in the courtroom.

An Orlando native, Crystal is an ardent supporter of her undergraduate alma mater, the University of Central Florida. She currently serves on its Alumni Association Board of Directors and was honored with the UCF Jefferson Award for Constituent Chapter Volunteer of the Year in recognition of her generosity and service to the university. Previously recognized by Florida Super Lawyers as a “Florida Rising Star,” Crystal graduated magna cum laude from the University of Florida Levin College of Law. While in law school, she was a member of the Florida Law Review and earned five Books Awards, including Interviewing & Counseling; Negotiation; and Family and Public Policy.
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