Author: Benjamin Boyhan
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Can you withdraw an offer you made on a home in Florida?
Let’s say you make a $500,000 offer on a home in Florida and you provide the owner three days to accept the offer. Before the owner accepts, you change your mind. Are you able to withdraw the offer? Yes. You can withdraw an offer at any time before the other party accepts the offer. You…
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Is title insurance required when you buy real estate?
If you are buying real estate with a loan, your lender will likely require you to purchase lender’s title insurance. However, if you are buying with cash, then title insurance is optional. There are two types of title insurance policies: Lender’s policy – Protects the lender from past title defects until the loan is paid…
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What are the reasons an LLC is dissolved in Florida?
An LLC is dissolved in Florida for one of three overarching reasons: It should be noted that even if your LLC is dissolved, that does not mean it is gone forever. Depending on the reason an LLC was dissolved, it can be reinstated by filing a reinstatement application with the Florida Division of Corporations.
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Is the profit from the sale of your home exempt from federal tax?
Taxes in the form of capital gains are due when you sell your home and you make a profit. As an example, if bought your home for $100,000 and sell it for $150,000, then you realized a $50,000 capital gain, which is taxable profit. You can reduce your taxable profit with deductions, and there is…
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Does a Florida real estate contract need to be in writing?
A real estate contract in Florida is considered to be so important that it is required to be in writing for it to be legally binding and it must comply with the Statute of Frauds. There are limited exceptions to the writing requirement. The Statute of Frauds requires certain contracts to be in writing and…
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What is this $10.00 in my deed?
When a seller is reviewing and signing their deed at closing, I am often asked some variation of the following questions: “What is this $10.00 in the deed?”“Do I have to pay $10.00 extra?”“Am I buying a house for $10.00?” The answer to the questions is no and I usually proceed to explain consideration and…
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Is a verbal real estate contract binding in Florida?
Real estate contracts are required to be in writing, but there are exceptions where a verbal real estate contract could be binding. But first, for a verbal contract to have a chance at being binding in Florida, it must have all the elements of an enforceable contract: (1) Offer – A buyer must make a…
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Basic requirements for a binding real estate contract in Florida
For a Florida real estate contract to be legally binding and enforceable, it must be in writing (there are limited exception to the writing requirement) and have the following: (1) Offer – A buyer must make a genuine offer to a seller.(2) Acceptance – Seller accepts the offer.(3) Consideration – The price one party pays…
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In Florida, can a title company prepare legal documents for a real estate closing if they do not have an attorney on staff?
A non-lawyer cannot prepare deeds, affidavits, mortgages, and other legal documents related to a real estate transaction. Doing so could be considered the unauthorized practice of law. However, an exception is made for title companies. If a title company is issuing title insurance, then the title company can conduct the real estate closing and prepare…
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Avoid ambiguous deadlines in a real estate contract
Real estate contract deadlines can be ambiguous at times. Here are a couple tips to help prevent ambiguous deadlines in a contract: 1. Effective date: Often, a deadline is scheduled to occur a specified number of days from another day. For instance, the inspection period deadline might be 15 days from the effective date. It…