Residential and Commercial Closings

RESIDENTIAL AND COMMERCIAL CLOSINGS

Miami’s residential and commercial real estate markets are booming compared to just a few years ago when the majority of sales were distressed.  Owning your own home or purchasing a home for investment return are excellent considerations for the future.  With interest rates at an all time low, and scheduled to increase by December 2015, the time to buy is now. Unfortunately, not all borrowers however have the financial ability to do so without financing.

Yet obtaining financing in this day and age has been very tedious and complicated, specially for commercial purchases.  Closing either a residential or commercial loan can turn into a long and complicated matter if proper measures are not observed or followed. Worse yet, not being fully represented in a loan closing by your own real estate attorney can result in a failed venture. While there is no requirement to engage a business attorney to represent you in a loan closing or to act as the settlement agent for the transaction, by engaging a real estate lawyer you can ensure that you have a fiduciary working for your best interests.

The Value of Hiring a Real Estate Attorney for a Loan Closing

Residential Loans

The procedure for closing a residential loan varies, but the outcome is generally the same. All the financial details that come with the purchase of your property and the receiving of the title have to be settled before the loan is made. By retaining an experienced real estate attorney to represent you in the closing process, you can ensure that you are purchasing a property which is free and clear of title defects and satisfies your investment objective.

You should prepare for your closing by consulting with your real estate lawyer to help you review all your closing documents to be sure everything is in order. Some of the primary closing documents are as follows:

  • The Mortgage Note
  • The Mortgage
  • The Settlement Statement, commonly referred to as the HUD

Throughout the closing process your real estate attorney will review all the documents and explain each closing document to you before you sign them. And, if you have any questions, your attorney will answer them.

Commercial Loans

By their very nature, commercial loans frequently require increased attention and more paperwork than residential loans. Here are some of the requirements that you may need.

  • Operating Statements for the past 3 years reflecting income and expenses of operations, including cost and timing of scheduled capital improvements;
  • Certified copies of all Leases;
  • A Certified Rent Roll;
  • Estoppel Certificates signed by each tenant;
  • An ALTA lender’s title insurance policy with required endorsements;
  • Copies of all documents of record which are to remain as encumbrances following closing, including all easements, restrictions, party-wall agreements and other similar items;
  • A current Plat of Survey prepared in accordance with 2011 Minimum Standard Detail Requirements for ALTA/ACSM Land Title Surveys certified to the lender, Buyer and the title insurer, including items 1 through 4, 6(a), 7(a), 7(b)(1), 8 through 10(a), 11(a) and 14 from the Surveyor’s “Optional Survey Responsibilities and Specifications” referred to as “Table A”;
  • A satisfactory Environmental Site Evaluation Report (Phase I Audit) and, if appropriate under the circumstances, a Phase 2 Audit, to demonstrate the property is not burdened with any recognized environmental defect; and
  • Site Improvements Inspection Report.

At the Law Offices of Jacqueline Salcines, PA, we are ready to go to work for you.  We have extensive experience and knowledge in the area of real estate, both residential and commercial.  With dual degrees in law and accounting, Attorney Jacqueline A. Salcines, Esq. is ready to put her knowledge and experience to work for you.

Call us today to set up an appointment to discuss your purchase or sale. We are here for you!

Main office 305 | 669 | 5280. Or email the attorney directly: J.Salcines@Salcineslaw.com

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL. 305 669 5280
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Real Estate Contract and Lease Negotiation

Real Estate Contract & Lease Negotiation

A real estate contract is a legally binding document between two or more parties. Whether you are looking to buy, sell or lease residential or commercial property, you should always seek out the services of an experienced real estate lawyer in Miami-Dade County to draft or negotiate a contract that fully suits your particular needs.

Despite knowing the importance of a real estate contract or lease agreement, it is still common to find buyers, sellers, tenants and landlords (in both residential and commercial settings) seeking legal guidance about a contract matter that could have been prevented if an experienced real estate lawyer had been consulted. At that point, negotiation or litigation becomes necessary and your legal fees inevitably begin to increase. This is oftentimes the result of a poorly understood contract or lease agreement.

Legal advice from experienced real estate lawyers in South Florida is valuable in negotiating the best possible contract to purchase, sell or lease real estate. Having an expert in real estate law in Miami Dade County, Broward County and Palm Beach County ensures a carefully drafted agreement that will serve all of the parties in the deal. It also reduces the potential for problems and disagreements and lawsuits later on.

The Process of Negotiating a Contract or Lease

One of the biggest mistakes you can make is to believe that there are “standard” real estate contracts in Florida. A good and comprehensive agreement is never a “one-size-fits-all” formula. Every contract needs to be based on your terms and specific requirements. The best way to negotiate a contract is by hiring an experienced real estate lawyer in Miami before entering into the transaction.

Getting to the Closing Table

After you have found a property or know the area you are interested in, there are many things that need to be checked:

  • IS the property priced right
  • Does the property require repairs or renovations/what is the condition of the property
  • Is it a foreclosure that I will not be permitted to cancel for inspections?
  • Do I need to pay any liens or judgments with the purchase
  • What are the estimated property taxes
  • What schools pertain to the neighborhood, either public or private
  • What tax implications are involved in my purchase
  • What interest rate and closing costs will I incur?

With property values in South Florida and across almost all parts of the country  thriving, few buyers and seller know what are the actual costs of a real estate closing.  Further, buyers are usually clueless as to who has to pay for title insurance.  Common costs of closing include:

BUYER:

  • Attorney’s Fee
  • Settlement Fee
  • Lender related fee  (Get a Good Faith Estimate at the time of applying for a loan or shopping around for lenders)
  • Title Insurance Premium (if Miami Dade)
  • Survey
  • Mortgage Intangible Tax  (20 cents per $100.00 of loan amount in Dade)
  • Mortgage documentary Stamps taxes  (.35 cents per $100.00 of loan amount in Dade)
  • Wire fee
  • Courier Fee

SELLER:

  • Prorated real estate taxes
  • Title Search  (can be capped at $200.00 if prior title insurance policy is given to title company)
  • Doc Prep Fee (typically $450)
  • Estoppel fee (if condo or HOA)
  • Courier Fee
  • Title Insurance Premium (If Broward or Palm Beach)
  • Documentary Stamp Taxes on sales price  (60 cents per $100.00 of sales price)
  • Lien Letters (between $80.00 to $300.00)

With so many questions and considerations, it is best to have a real estate attorney in y our corner before you sign that contract.

What if things go Sour?  Negotiating a Real Estate Contract

It is normal for some real estate transactions to encounter problems. Your first course of action is to consult with an experienced real estate attorney to discuss and analyze your options. There is no need to resort to litigation right away, instead, your real estate lawyer may be able to enter into negotiations which prevent litigation. Here are some pointers:

  • With the help of your lawyer, know exactly what you want to happen.
  • Work towards a solution, instead of provoking an argument.
  • Once an agreement is reached, have your real estate lawyer draft what you have discussed and deliver the document for signature.

With dual degrees in law and accounting, Attorney Jacqueline A. Salcines, Esq. is ready to put her knowledge and experience to work for you.

Call us today to set up an appointment to discuss your purchase or sale. We are here for you!

Main office 305 | 669 | 5280. Or email the attorney directly: J.Salcines@Salcineslaw.com

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL. 305 669 5280
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MIAMI REAL ESTATE ATTORNEY JACQUELINE A. SALCINES, ESQ.

MIAMI  REAL ESTATE AND FORECLOSURE ATTORNEYS

The time to buy a property in Florida has never been better.  With interest rates at an all time low and home properties at great values, it is a great time to be living in South Florida.  However, on the heels of the great real estate debacle and explosion of the bubble, many properties, whether you are purchasing on an REO site, foreclosure site, or working with a realtor, have many inherent title issues.  Purchasing a property without the assistance and protection of a lawyer in your corner is just foolish.

At the Law Offices of Jacqueline A. Salcines, PA, we have been assisting homeowners with their purchases and sales for over 16 years.  We are  keenly aware of market and industry requirements and trends, as well as mortgage and lending requirements.  Attorney Jacqueline Salcines, PA is a real estate attorney with over 16 years practicing, a title agent for Attorneys Title as well as an accountant, to provide sound accounting advice for purchases and sales, as well as consequences for foreign nationals upon sale.  Allow my team of attorneys and accountants to go to work for you so we are in your corner and can provide peace of mind at the time of purchase or sale.

Call us today to set up an appointment to discuss your purchase or sale. We are here for you!

Main office 305 | 669 | 5280. Or email the attorney directly: J.Salcines@Salcineslaw.com

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL. 305 669 5280

Email:  J.SALCINES@SALCINESLAW.COM

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LOAN MODIFICATIONS UNDER HAMP AND HAMPII AFTER DEFAULT

MIAMI DADE LOAN MODIFICATION AND FORECLOSURE ATTORNEYS

With interest rates changing under the Making Homes Affordable Program from 2% to 3%, many homeowners who successfully modified their loans under the HAMP Making Homes Affordable Programs are finding it impossible to continue to make payments. Increases in taxes or insurance, as well as the hike in the interest rates is causing many to default once again.

Luckily, the lenders are understandable and are allowing homeowners to remodify their mortgage and loans under HAMP II and under programs available under the Making Homes Affordable.  While an interest rate below 3% is not in the plan, it does allow for changes to make mortgage payments smaller.

There are strict eligibility requirements under the HAMP program and therefore it is necessary to make sure you qualify before submitting a modification request.

At the Law Offices of Jacqueline A. Salcines, PA, we are keenly aware of the requirements and are able to sit with the borrowers, review their financials data, and provide solutions for their homeownership mortgage problems.  Allow my team of attorneys and accountants to go to work for you so you do not fall victim and lose your home.

At the Law Offices of Jacqueline A. Salcines, P.A., our lead real estate attorney brings over 15 years experience in the foreclosure, mortgage and real estate field as well as 20 in the accounting field. Ms. Salcines has been helping homeowners in foreclosure for over 10 years and is available by email to answer all your questions and concerns, without ever charging a consultation fee.

Call us today to set up an appointment to discuss your purchase or sale. We are here for you!

Main office 305 | 669 | 5280. Or email the attorney directly: J.Salcines@Salcineslaw.com

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL. 305 669 5280

Email:  J.SALCINES@SALCINESLAW.COM

 

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SURPLUS FUNDS AFTER FORECLOSURE

MIAMI DADE FORECLOSURE ATTORNEYS

Many homeowners who lost their homes in foreclosure may not know they could be entitled to some monies as a result of the foreclosure sale.  If your property sold in foreclosure, and the winning bidder paid more than the amount of the judgment, the result is a surplus of funds.  The homeowner, pursuant to Florida Statutes, is entitled to request the surplus funds which are paid to it by the Clerk of the Court.

There is certain eligibility requirements to make a motion for the surplus funds, including being the homeowner and others.  And the courts generally give it to the first person that makes a bid.  That means that the first person to file a motion and have it heard and granted by the Judge, will be the winning party.

At the Law Offices of Jacqueline A. Salcines, PA, we are keenly aware of the requirements for filing a Motion for Surplus Funds and have represented hundreds of homeowners in foreclosure, including those vying for such funds.

Allow my team of attorneys and accountants to go to work for you to file a Motion for Surplus Funds on your behalf.

At the Law Offices of Jacqueline A. Salcines, P.A., our lead real estate attorney brings over 15 years experience in the foreclosure, mortgage and real estate field as well as 20 in the accounting field. Ms. Salcines has been helping homeowners in foreclosure for over 10 years and is available by email to answer all your questions and concerns, without ever charging a consultation fee.

Call us today to set up an appointment to discuss your purchase or sale. We are here for you!

Main office 305 | 669 | 5280. Or email the attorney directly: J.Salcines@Salcineslaw.com

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL. 305 669 5280
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FIRST TIME HOME BUYER PROGRAM – MIAMI DADE COUNTY

SOUTH FLORIDA REAL ESTATE ATTORNEYS

If you are looking for assistance in obtaining financing as a first-time homebuyer,  you first need to know whether you qualify under CDBG, HOME, SHIP or Surtax income guidelines. There are numerous programs in Miami Dade County under the Public Housing and Community Development program and with local home mortgage lenders.

Owning a home is easy, and as a first time buyer of real estate, you can own your home at below-market mortgage rates.  New programs however, can be complicated and therefore, it is important to know what is out there and what you qualify for.

At the Law Offices of Jacqueline A. Salcines, P.A., our lead attorney brings over 15 years experience in the real estate field as well as 20 in the accounting field. Ms. Salcines is also a realtor and therefore has extensive knowledge of property values and investment opportunities.

We are here to help you navigate these first time homebuyer program waters to see what you qualify for and to get you to the lender or program of your choosing.

A qualified program can equal low interest rates, lower monthly mortgage payments and even first time home buyer credits.

Call us today to set up an appointment to discuss your purchase or sale. We are here for you!

Main office 305 | 669 | 5280. Or email the attorney directly: J.Salcines@Salcineslaw.com

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL. 305 669 5280
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South Florida is a Future Tech Hub and WE are here to help

SOUTH FLORIDA REAL ESTATE ATTORNEYS

South Florida is abuzz with technology startups all over the place. In the Wynwood area, the number of startups shot up in the past year, and there are more than 1,600 companies in the tri county area.  This is causing an explosion of working spaces and real estate deals for these technology startups.  Earlier this year, Emerge Americas, a conference founded by tech entrepreneur Manny Medina, met to discuss the goal of making Miami a hub for the Americas.  Conference attendance was more than 10,000.00

With so many tech startups and the influx of Hispanics and other diverse backgrounds flooding South Florida, real estate is at its prime.  Whether looking to rent office space or purchase commercial property for work, or residential for living,  there entrepreneurs require the assistance of a knowledgeable real estate attorney who is both an Accountant, Realtor and Attorney.

At the Law Offices of Jacqueline A. Salcines, P.A., our lead attorney brings over 15 years experience in the real estate field as well as 20 in the accounting field. Ms. Salcines is also a realtor and therefore has extensive knowledge of property values and investment opportunities.

Call us today to set up an appointment to discuss your purchase or sale. We are here for you!

Main office 305 | 669 | 5280. Or email the attorney directly: J.Salcines@Salcineslaw.com

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL. 305 669 5280
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Buying Real Estate in Miami Dade

MIAMI DADE REAL ESTATE ATTORNEYS

Buying a property, whether as a For Sale By Owner (FSBO), with a realtor, or a foreclosed property, the process can be complicated.  It can also be very rewarding as the largest and costliest investment, for many,  in their lifetime.  While rewarding, the process requires studying many aspects including neighborhoods, prices, condition of the home, financing terms.  An informed buyer is the best buyer, and at the Law Offices of Jacqueline A. Salcines, PA, that is what we are here for. To educate you, the buyer, to make sure we protect your rights before you buy.

After you have found a property or know the area you are interested in, there are many things that need to be checked:

  • IS the property priced right
  • Does the property require repairs or renovations/what is the condition of the property
  • Is it a foreclosure that I will not be permitted to cancel for inspections?
  • Do I need to pay any liens or judgments with the purchase
  • What are the estimated property taxes
  • What schools pertain to the neighborhood, either public or private
  • What tax implications are involved in my purchase
  • What interest rate and closing costs will I incur?

With property values in South Florida and across almost all parts of the country  thriving, few buyers and seller know what are the actual costs of a real estate closing.  Further, buyers are usually clueless as to who has to pay for title insurance.  Common costs of closing include:

BUYER:

  • Attorney’s Fee
  • Settlement Fee
  • Lender related fee  (Get a Good Faith Estimate at the time of applying for a loan or shopping around for lenders)
  • Title Insurance Premium (if Miami Dade)
  • Survey
  • Mortgage Intangible Tax  (20 cents per $100.00 of loan amount in Dade)
  • Mortgage documentary Stamps taxes  (.35 cents per $100.00 of loan amount in Dade)
  • Wire fee
  • Courier Fee

SELLER:

  • Prorated real estate taxes
  • Title Search  (can be capped at $200.00 if prior title insurance policy is given to title company)
  • Doc Prep Fee (typically $450)
  • Estoppel fee (if condo or HOA)
  • Courier Fee
  • Title Insurance Premium (If Broward or Palm Beach)
  • Documentary Stamp Taxes on sales price  (60 cents per $100.00 of sales price)
  • Lien Letters (between $80.00 to $300.00)

With so many questions and considerations, it is best to have a real estate attorney in y our corner before you sign that contract.

At the Law Offices of Jacqueline A. Salcines, P.A., our lead real estate attorney brings over 15 years experience in the real estate field as well as 20 in the accounting field. Ms. Salcines is also a realtor and therefore has extensive knowledge of property values and investment opportunities.

Call us today to set up an appointment to discuss your purchase or sale. We are here for you!

Main office 305 | 669 | 5280. Or email the attorney directly: J.Salcines@Salcineslaw.com

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL. 305 669 5280
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BUYING A HOME IN FLORIDA – WHAT ARE BUYER AND SELLER COSTS AT CLOSING

SOUTH FLORIDA REAL ESTATE ATTORNEYS

WHAT ARE BUYER AND SELLER COSTS AT CLOSING

IN A REAL ESTATE TRANSACTION

Get your contract reviewed for no fee!  When was the last time you heard that?

At the Law Offices of Jacqueline A. Salcines, PA, we have never charged a fee to review or prepare a contract for any client.  And yet we wonder why so many attorneys keep their fees purposely vague?

With property values in South Florida and across almost all parts of the country  thriving, few buyers and seller know what are the actual costs of a real estate closing.  Many attorneys charge a fee at closing  and keep the client in the dark as to how much they will actually pay at closing.  What buyers and sellers should know first and foremost, is that all fees and costs of closing are negotiable.  In Miami Dade for instance, it is typical that the buyer selects the title company and pays the title insurance premium.  However, it is not mandatory.  The parties to a real estate transaction can agree that the seller will select the title company and will pay the premium for the title insurance.

Paragraph  9 of the Florida FAR BAR Residential Real Estate Contract lists closing costs for both the buyer and the seller. It is imperative that the correct boxes be marked off so that once the contract is signed, the intentions of the parties in the transaction is clearly set forth.  This can be done by a realtor or a real estate attorney.  Common costs for closing are as follows:

BUYER:

  • Attorney’s Fee
  • Settlement Fee
  • Lender related fee  (Get a Good Faith Estimate at the time of applying for a loan or shopping around for lenders)
  • Title Insurance Premium (if Miami Dade)
  • Survey
  • Mortgage Intangible Tax  (20 cents per $100.00 of loan amount in Dade)
  • Mortgage documentary Stamps taxes  (.35 cents per $100.00 of loan amount in Dade)
  • Wire fee
  • Courier Fee

SELLER:

  • Prorated real estate taxes
  • Title Search  (can be capped at $200.00 if prior title insurance policy is given to title company)
  • Doc Prep Fee (typically $450)
  • Estoppel fee (if condo or HOA)
  • Courier Fee
  • Title Insurance Premium (If Broward or Palm Beach)
  • Documentary Stamp Taxes on sales price  (60 cents per $100.00 of sales price)
  • Lien Letters (between $80.00 to $300.00)

As stated above, many of these costs can be negotiated between the parties and range from attorney to attorney, and title company to title company.

When hiring an attorney, make sure you get their fee set out in writing and make sure you get a Retainer Agreement or other document that shows what you are getting for your fee.

At the Law Offices of Jacqueline A. Salcines, P.A., our lead attorney brings over 15 years experience in the real estate field as well as 20 in the accounting field. Ms. Salcines is also a realtor and therefore has extensive knowledge of property values and investment opportunities.

Moreover, with  parties to a transaction often unable to agree on terms or led astray by the other party’s title company or attorney into thinking they don’t have options,  Jacqueline A. Salcines, Esq. has extensive knowledge in negotiating contracts and getting the transaction from conflict to the closing table.  Her knowhow in drafting  contracts as well as negotiating them (when things don’t go as planned) is what sets us apart.

Call us today to set up an appointment to discuss your purchase or sale. We are here for you!

Main office 305 | 669 | 5280. Or email the attorney directly: J.Salcines@Salcineslaw.com

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL. 305 669 5280
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Short Sales Still Active in Florida

SOUTH FLORIDA SHORT SALE ATTORNEYS

PROTECTING YOUR INTERESTS

IN A REAL ESTATE TRANSACTION

Property values and real estate sales in South Florida and across almost all parts of the country  are thriving.  However, for a select few, short sales still linger.  Many lines of credits with ten-year and 5-year maturity dates are beginning to mature, causing homeowner mortgage payments to rise significantly, wherein the borrower/homeowner can no longer afford their mortgage payments.

Making Home Affordable loan modifications that were given in 2009 are also starting to see an interest rate increase from 2% to 3%. Some borrowers that had Fannie Mae or Freddie Mac loans may even see 5%.

Even if home values remain on the increase, if a homeowner can no longer afford their payment, they may try to short sale or modify their loan to see if they can save the home or exit gracefully.

At the Law Offices of Jacqueline A. Salcines, P.A., our lead attorney brings extensive knowledge and expertise in the field of negotiating short sales and loan modifications.  We have an in-house short sale and loss mitigation department headed by managers with extensive experience. Jacqueline Salcines, Esq.is also an attorney, title agent and accountant, able to handle the full transaction without having to contract any outside services, saving the borrower money.    We are here to help iron out issues and move the transaction from imminent default to resolution.

With prompt intervention to resolve disputes amicably, without the need to litigate,  we are here to get borrowers the results they desire. Call us today to see what we can do for you.

For more than 15 years, Jacqueline Salcines has been practicing law with the need of her clients first.  Upon calling the firm you get the feel of how the client is our first priority.  We are here to help you with your purchase or sale and do so with hands-on legal experience.

Main office 305 | 669 | 5280. Or email the attorney directly: J.Salcines@Salcineslaw.com

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL. 305 669 5280
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