Author: Benjamin Boyhan
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BEWARE of Florida property taxes and homestead when buying a home
It is not uncommon for a buyer of real estate to be caught off guard by property taxes in the year after the buyer buys their Florida home. The reason is because property taxes are paid at the end of the year in Florida making the property tax bill unknown for most of the year…
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Can you rent your homestead property and maintain homestead status?
If you homestead your property, but you also rent it out, then you may lose your property’s homestead status on the part of the property you are renting if the property appraiser finds out that part of the homestead is rented. And if you rent the entire homestead property or a substantial portion of the…
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Can you homestead your Florida duplex or multifamily property?
Homestead offers some good benefits in Florida. The most significant benefits are tax benefits and creditor protections. With regard to tax benefits, up to $50,000 worth of a property’s taxable value can be exempt from property tax calculations (about $700 or so off your annual property tax bill) and the annual increases of ad valorem…
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Can a real estate agent amend Florida real estate contracts?
There are standard form real estate addenda in Florida that real estate agents can provide to their clients. For instance, there is a form addendum that extends the real estate contract. Real estate agents can provide their clients such form addenda and help their clients fill in the form. However, addenda or an amendment that…
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An LLC Operating Agreement can avoid probate in Florida
An operating agreement is not required, but it is recommended because it can address important aspects of your limited liability company (“LLC”), such as, the management of the LLC, powers of the managers/members, ownership interest, transfer of ownership interest, how new members can be added, how a new manager can be elected, voting, how profits…
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Important provisions to review in a mortgage
It is important to understand certain provisions of your mortgage to protect yourself. Obvious provisions to review are the interest rate, term, and payment dates, but there are other provisions that you should pay special attention to: Prepayment penalty – A prepayment penalty means that if you pay off the mortgage early, there will be…
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Lady Bird Deeds and Medicaid
When an someone applies for long-term care Medicaid (e.g., assisted living or nursing home care), there is an asset limit to be eligible for Medicaid. If the person has assets that exceed the asset limit, then the person will not qualify for Medicaid. Some try to reduce their asset limit by gifting or transferring assets…
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Should a Florida real estate seller send a counteroffer to several buyers at once?
If you are selling real estate in Florida, then you may be receiving several offers at once. None of the offers may be at the price you want, so you may want to counter the offers. But can you counter more than one offer at once? The answer is yes, but it is not advisable.…
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How do you accept a real estate counteroffer?
A counteroffer is a rejection and counter of the original offer. To accept a counteroffer, you must accept each term of the counteroffer in writing before the counteroffer expires. You must be very careful when accepting a counteroffer because you need to initial or sign all material terms of the counteroffer for the counteroffer to…
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How do Florida real estate contract offers and counteroffers work?
To make an offer, you usually sign a contract that will be sent to the seller or seller’s real estate agent for the seller to consider. The offer is good for a limited time identified in the contract. The seller can accept, reject, or counter your offer. If you are working with a real estate…