By nature, real estate closings can be nerve-wracking for the individuals involved during any time of year in any location. In South Florida, where preconstruction condominium buyers often fund up to 50 percent of the unit purchase price well in advance of a project’s completion, the stakes are high when closing time comes. However, in South Florida we face another challenge from June 1 through Nov. 30—hurricane season. Hurricane season can affect many aspects of the closing process, from casualty damage and insurance to logistics, particularly in connection with the fast-paced closings of high-rise condominiums.
For buyers, and developers of new condominium projects, the anxiety level was quite high in the days leading up to and immediately following Hurricane Irma, the largest recorded storm in Atlantic Ocean history. Developers of new condominium towers, especially high-rise towers with hundreds of units, often look to close up to 10 units a day and need an experienced team of closing attorneys to handle these fast-paced, high-volume closings. For developers seeking to pay off construction lenders and minimize carrying costs incurred from date the units are completed though the date the buyers finally close, implementation of an efficient and aggressive closing schedule is often a critical element in the economic success of the project.
