MacLean and Ema, P.A.

What happens if a homebuyer can’t get financing before closing?

2026-10-06T12:54:49Z

You found the house of your dreams, made an offer and got it accepted. The inspection is finished and closing is almost here – then the bad news comes: Your financing isn't ready. Maybe the lender needs more documents. Maybe the appraisal fell short. Or, worse, the lender has denied your loan application altogether. So, what happens to the purchase? A financing problem doesn't necessarily mean the deal automatically disappears. What happens next largely depends on the terms of the purchase contract and whether you have a financing contingency.

What does the financing contingency say?

A financing contingency generally gives a homebuyer a certain amount of time to obtain mortgage approval. If the financing doesn’t happen, you may have the ability to back out of the purchase. The contract may require you to apply for new financing promptly, provide requested documents to the bank and make a good-faith effort to obtain the loan. You may also be required to notify the seller that your financing isn’t going well within a certain period of time. If you miss that deadline, you could lose the right to withdraw your bid and cancel the deal. That can put the deposit you laid down on the house when you made your bid at risk.

What if the loan is delayed rather than denied?

Sometimes financing hasn't fallen through – but the lender simply isn't ready to close on schedule. Underwriting sometimes just takes longer than expected, an appraisal may be unexpectedly delayed or the lender may need additional information. In that situation, a buyer and seller may agree to extend the closing date. The seller isn't necessarily required to agree, however. You should know what your contract says before approaching the seller about the issue. A delayed mortgage application doesn't have to turn into a major problem. Homebuyers who encounter financing issues should review their contract with the seller before deciding what to do next. A Florida real estate attorney can help determine whether the financing contingency provides a way out or whether another solution, such as negotiating an extension, may be possible.

Do new parents really need an estate plan? 3 documents to prepare

2026-09-25T08:57:07Z

Having a baby changes more than the family calendar. Parents also begin making decisions that can affect their child long after the nursery is ready. Estate planning may feel premature when a child is still young, but it gives parents a way to address who will care for the child and who can step in if something happens to them. For Florida parents, three documents can help create that framework.

1. A will can help protect a child’s future

A will lets parents state how they want certain property handled after death. It can also name a person they want the court to consider as guardian for a minor child. Florida law recognizes parents as the natural guardians of their minor children. If one parent dies, the surviving parent generally remains the child’s sole natural guardian. A will can still provide important instructions for situations involving guardianship and property. Florida also requires specific signing and witnessing procedures for wills. Following those rules can help a parent’s wishes carry out as intended.

2. A power of attorney can help manage financial affairs

A durable power of attorney can address financial and legal matters if a parent cannot manage them independently. The document names an agent who can act within the authority the parent grants. Florida law allows a durable power of attorney to remain effective despite the principal’s later incapacity. For parents, this arrangement can allow a trusted person to handle bills, accounts and other responsibilities during an unexpected crisis. The powers granted can vary, so parents should think carefully about whom they appoint and what authority that person should receive.

3. A health care surrogate can guide medical decisions

Parents should also prepare for a situation in which they cannot speak for themselves during a medical emergency. A Florida health care surrogate designation allows a person to appoint someone to make health care choices when the person cannot do so. Parents can also name an alternate surrogate. Having a backup can help if the first person cannot serve when needed. Together, these documents address different parts of a family’s future, from property and finances to guardianship and medical care.

A plan can grow with the family

New parents do not need to predict every challenge their family may face. They can start by putting basic legal documents in place and revisit them as their children, finances and circumstances change. Because estate planning needs vary from family to family, a Florida estate planning attorney can help parents understand which documents and provisions may fit their circumstances.

What is a charitable trust?

2026-09-21T13:01:33Z

You may have a charity that you donate to regularly. This charity may help many people by offering services, researching critical issues or raising awareness of public concerns. Your donations matter, and you can keep donating to your charity after you pass away by creating a charitable trust. A charitable trust can help fund a charity for many generations. Here is what you should know:

How are trust funds donated to charities?

A charitable trust allows you to transfer money to a trustee. The trustee can be responsible for distributing trust funds to a charity, nonprofit organization or private foundation during your life or after you pass away. There are two common types of charitable trusts you may consider drafting:

Charitable lead trust (CLT): A charitable lead trust donates to a charity or organization for a predetermined number of years. The trust can pay a charity a fixed amount or a fixed percentage of the trust every year. Once a charity receives its final donation after a set period, the remaining funds in the trust can be distributed to a beneficiary. Many people use a CLT for tax advantages.
Charitable remainder trust (CRT): A charitable remainder trust allows a donor to donate funds to the trust. The donor also receives an income stream from the trust for a predetermined number of years. After the set period is over, the remaining assets are transferred to a charity.

There are many considerations to make when drafting a charitable trust. You can reach out for professional legal guidance to learn more about your trust options.

What is an indemnification clause? Why is it important?

2026-08-24T23:03:07Z

Good contracts keep businesses on track. They help manage expectations and allocate responsibilities. But what happens if something goes terribly wrong and one party’s actions lead to financial losses, a third-party claim or a lawsuit? An indemnification clause can help answer that question. Indemnification clauses are contract provisions that require one party to compensate or protect the other against specific losses.

How indemnification works

Because the language can shift a lot of financial risk from one party to the other, it has to be carefully negotiated and written. In general, when there is an indemnification clause, the party providing indemnification (the indemnitor) could be legally obligated to pay the other party (the indemnitee) for losses related to:

Legal fees and/or defense costs
Settlements or judgments
Property damage
Personal injury claims
Regulatory fines or penalties
Claims for infringement of intellectual property

Essentially, any loss suffered by the indemnitee due to the indemnitor’s actions (or inaction) can potentially be subject to reimbursement requirements. For example, imagine that a retailer hires a contractor to install shelving in its store – but they do it improperly. One of the shelves falls, injuring a customer. The injured customer sues the retailer. If the retailer has a properly drafted indemnification clause, the contractor may be required to cover the retailer’s defense costs and any settlement or judgment ultimately paid. Indemnification clauses vary considerably. Some apply only to third-party claims, such as lawsuits filed by customers, employees or vendors. Others may cover direct losses between the contracting parties. A clause might apply to negligence, misconduct, a contractual breach or a violation of the law. It’s important to remember that a broadly written indemnification clause can leave your business exposed to risks that you cannot properly anticipate or insure against. In some cases, you could be asked to indemnify the other party for their negligence. Insurance will not cover every contractual obligation, particularly when a business agrees to accept liability beyond what the law would otherwise require. It’s always wisest to have your contracts drafted and reviewed by an experienced legal professional.

What should you know before buying a home in an HOA?

2026-07-29T15:48:17Z

Buying a home is about more than choosing the right property. If the home is part of a homeowners association (HOA), you will also become part of a community with its own rules and financial responsibilities. Understanding what HOA membership involves before closing can help you avoid unexpected surprises after you receive the keys. Here are three important things to know before you buy.

You will need to follow HOA rules and restrictions

Every HOA has rules that homeowners agree to follow, and those can affect your daily life. Depending on the community, the rules may address:

Exterior home improvements
Parking restrictions
Pet policies
Short-term rentals

Florida law generally requires sellers to disclose whether a property is governed by an HOA. You also have the right to receive information about them before closing, giving you the opportunity to understand the community's requirements early on. Taking time to review those materials can help you decide whether the neighborhood is a good fit for your lifestyle.

You will have ongoing HOA fees

Owning a home in an HOA usually means paying regular dues in addition to your mortgage, property taxes and insurance. Those payments often cover shared amenities, landscaping and maintenance of common areas. Some associations may also charge special assessments when major repairs or unexpected projects arise. Knowing how much you will pay and whether the association has enough reserves for future expenses can help you understand the true cost of owning the home.

You can review the HOA's financial and community records

Many associations make records available that can help you learn how they manage the community. Reviewing meeting minutes, budgets and reserve information may reveal whether the HOA plans for future maintenance and addresses issues as they arise. These documents can also give you a better sense of how the board communicates with residents, helping you know what to expect after you become a homeowner.

Make your home purchase with fewer surprises

A home's location, layout and price all matter, but so do the responsibilities that come with HOA membership. Reviewing HOA-related documents with an attorney can help you understand your rights and obligations before you complete your purchase. A little preparation before closing can help you avoid unexpected responsibilities and make your transition into the community much smoother.

Should I switch from a sole proprietorship to an LLC?

2026-07-25T13:59:31Z

Starting as a sole proprietor is a common business strategy because its structure is simple and inexpensive. As a business grows, however, the structure that worked in the beginning may no longer offer enough protection or flexibility. If your business has changed since you first opened your doors, it may be time to consider whether forming a limited liability company (LLC) makes sense. An LLC is not automatically the better position for every business. The right time to make the switch depends on your level of risk, financial goals and long-term plans.

Your business faces more liability

One of the biggest reasons business owners move from a sole proprietorship to an LLC is personal liability protection. So, if the business cannot pay its debts, then your personal assets are used. An LLC generally creates a legal separation between you and the business. While there are exceptions, this structure can help guard personal assets if the business faces legal claims or financial obligations.

Your income is increasing

Higher profits can be another sign that it is time to evaluate your business structure. As revenue grows, you may benefit from additional tax planning opportunities available to LLCs. Depending on your circumstances, an LLC may allow you to choose a different tax classification. While this option is not right for every business, it can reduce certain tax burdens in some situations. A business law professional or tax advisor can explain whether this approach fits your goals. There is no single point when every sole proprietor should switch to LLC. Some businesses benefit from making the change early, while others may wait until they face greater financial or legal risks. Therefore, reviewing your business structure with a skilled legal team can help you decide whether an LLC might better support your current needs and future plans.

Moving to Florida? Estate planning mistakes and next steps

2026-07-20T06:37:05Z

A fresh start in Florida should include a fresh look at an estate plan. Documents created in another state may not work the same way under Florida law. Reviewing your estate plan soon after moving can help prevent unexpected issues and ensure it continues to reflect your wishes under the law.

Using out-of-state estate planning documents

Estate planning documents from another state may not meet Florida's legal requirements. A will, power of attorney or healthcare directive that was valid in another state may no longer work as intended after a move. If these documents do not follow Florida law, families may face delays during critical moments. An attorney can review and update them so the plan continues to serve its purpose when it matters most.

Overlooking Florida homestead rules

Florida law gives primary home legal benefits, including protection from many creditor claims and certain tax benefits. An outdated will or an incorrect property transfer can cause legal problems and reduce those benefits. An attorney can review the estate plan to help ensure it follows Florida law and reflects the family's wishes.

Failing to update assets and beneficiary designations

Some assets pass to the named beneficiary instead of through a will. A trust also cannot serve its purpose unless assets are placed into it. Reviewing every account and document together helps keep the estate plan clear, reduces the chance of mistakes and gives loved ones greater peace of mind when it matters most.

Steps to bring an estate plan in line with Florida law

Reviewing an estate plan after moving to Florida can help prevent problems before they arise. Important steps include:

Update wills and trusts: Make sure they follow Florida law and reflect current wishes.
Replace outdated legal documents: Update powers of attorney and healthcare directives so they meet Florida's legal requirements.
Review property deeds: Check that home ownership follows Florida's homestead laws.
Update beneficiary designations: Confirm that retirement accounts, life insurance and other assets will pass to the intended people.
Fund any trust: Move assets into the trust so it works as planned.
Review the plan after major life events: Retirement, marriage, divorce, buying a home or becoming a parent or grandparent are all good times to make updates.

A clear estate plan can make a difficult time easier for loved ones. An experienced attorney can help ensure the plan follows state law and reflects current wishes.

More than a fresh start

Moving to Florida offers more than a new place to live. It also brings estate planning options that can help protect property, simplify future transfers and support family goals. An attorney can explain the available choices and provide legal guidance needed to start this next chapter of your life.

Add “update estate plan” to your divorce checklist

2026-05-13T22:59:12Z

When you get divorced, it can mean significant changes have to be made in your life, so you may create a divorce checklist. You will need to make a post-divorce budget since you will now have to cover all of your necessary costs on one income. As you make this checklist, it can be helpful to add “update estate plan” to the tasks you need to complete. Marital changes are among the top reasons to modify your estate plan, and they can significantly shift what you want to do with your assets. If you previously listed your spouse as the main beneficiary who should receive everything that you own, you may want to change that designation to pass the assets on to your adult children, for example. It’s important to know what the law says about how divorce affects estate plans, even when the person who created the plan doesn’t take steps to change it.

Medical documentation

One key thing to remember is that your estate plan is about more than just your assets. Maybe you already had selected other beneficiaries, so your spouse was not going to receive all of your assets to begin with. However, if you have a living will providing instructions for medical care if you become incapacitated and listed your spouse as your health care surrogate who can make your medical decisions, you may want to change that, if you haven’t already. Because your marriage is ending, you may want to choose a new surrogate or make different decisions regarding how your care will be handled. Make sure that you know exactly what legal steps to take to make these updates and alterations to your plan and the appropriate timing for them. Having experienced legal guidance can help.

Due diligence during the homebuying process

2026-04-30T08:36:59Z

Buying your first home is often seen as a rite of passage, and it’s not one that should be handled on a whim. Instead, it’s critical that first-time homebuyers understand how to protect themselves during the homebuying process. One of the most important steps to take happens behind the scenes. This is doing due diligence on the property and purchase. During this step, you will scrutinize the property, contract terms and related records. It can help you to identify issues that need to be taken care of prior to signing the closing documents. Otherwise, challenges could arise that are best avoided when possible.

Why is due diligence important?

Due diligence is important because a home may look acceptable when you see it the first time, but there might be hidden factors that could cost you considerable money in the future if they aren’t addressed proactively. This includes things like unpermitted work, drainage problems, roof damage, foundation cracks, title issues, outdated electrical systems and homeowners association restrictions. In some cases, these issues can cause problems with the value of the home, financing, insurance, safety and the way you hope to use the home in the future. If problems are discovered during the due diligence process, the purchase contract may allow the buyer to request repairs, seek a price adjustment, cancel within the allowed period or negotiate credits. What’s allowable depends on the purchase agreement and local laws, so it’s critical to determine exactly what options should be considered. Due diligence doesn’t guarantee that every issue will be found, but it can reduce the chance of unpleasant surprises after closing on a first home. In competitive markets, some homebuyers might feel like waiving protections or feel pressure to shorten the process, but this can increase the risks. Working with a legal professional familiar with these matters may be beneficial for individuals in this position accordingly.

Red flags to watch for before closing on a home

2026-04-15T12:41:27Z

Closing on a home can feel like the last step in the process, but important problems can still appear right before the deal is supposed to finish. Buyers and sellers often focus on the moving date and the paperwork, yet issues involving title, financing, insurance or disclosures can delay closing or put the transaction at risk. Common issues at closing include:

Title problems can stop the deal

A clean title matters because the buyer needs clear ownership of the property. If the title search shows a lien, ownership dispute, recording mistake or other unresolved claim, the parties may need to fix that problem before closing can happen. Even when the issue looks technical, it can create a major delay.

Some title-related warning signs include:

Unreleased liens or old mortgages
Errors in public records
Questions about who actually owns the property
Easements or restrictions that were not clearly understood

These issues often do not fix themselves. When title concerns appear, it is smart to take them seriously before anyone signs the final documents.

Financing and appraisal issues can surface late

A buyer may seem ready to close, but lender requirements can change quickly. A low appraisal, missing financial records or a last-minute change in the buyer’s finances can force the parties to renegotiate or delay the transaction.

Watch for signs such as:

The lender asking for repeated new documents
The appraisal coming in below the contract price
Sudden concerns about debt, income or employment
Deadlines that keep moving without a clear explanation

When these issues start stacking up, the closing date may no longer be realistic.

Insurance problems matter in Florida

Insurance deserves close attention in a Florida transaction. A buyer may have trouble getting acceptable coverage, may face a much higher premium than expected or may learn that the property raises underwriting concerns.

That means insurance is not just another item to check off at the end. It can affect affordability, lender approval and whether the deal can close on time.

Disclosure gaps should raise questions

Seller disclosures can also reveal trouble. Vague answers, repeated “unknown” responses or incomplete information about leaks, plumbing problems, roof issues or structural concerns may signal that the buyer needs a closer look before closing.

A careful buyer should not ignore those gaps. A seller should also understand that incomplete disclosures can lead to conflict after the sale. A real estate lawyer can help review the documents when the disclosures do not match the condition of the property.

Last-minute wire changes can signal fraud

Closing often involves large transfers of money, which makes real estate transactions a target for wire fraud. Reports say that wire fraud is one of the most common real estate scams and warn buyers to verify transfer details before sending funds.

If wiring instructions suddenly change, or someone pressures you to act immediately, that is a serious red flag. Before any money moves, it is wise to verify the information through a trusted contact using known contact information, not the phone number or email in the suspicious message.

A closer look before signing can protect your interests

Many closing problems start small. A missing document, a vague disclosure, an unresolved title issue or a last-minute insurance problem may not seem like much at first. But when those issues pile up, they can threaten the transaction and create unnecessary cost and stress.

Before closing on a home, buyers and sellers should give these warning signs the attention they deserve. When questions arise, an experienced real estate attorney can review the documents, explain the risk and help protect your interests before the deal moves forward.