Author: Benjamin Boyhan
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What does “time is of the essence” mean in Florida real estate contracts?
“Time is of the essence” in a contract means that parties to the contract must strictly comply with all deadlines and performing late is a breach of contract. In Florida, courts generally assume that time is not of the essence unless there is a “time is of the essence” provision in the contract. If “time…
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What is a lis pendens as it relates to real estate?
Lis pendens is Latin for “suit pending.” A lis pendens is an official notice of a pending lawsuit against a piece of real estate that is recorded in the public record. It puts the public on notice that a lawsuit has been filed against real estate or an interest in the real estate. A lis…
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Umbrella insurance versus an LLC – Protecting your rental property from liability
Limited liability company (“LLC”) With an LLC, some of the advantages over an umbrella insurance policy include: Some of the disadvantages of an LLC include: Umbrella insurance policy With an umbrella insurance policy, some of the advantages over an LLC include: Some of the disadvantages of an umbrella insurance include: Overall, I generally recommend LLCs…
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Pros and cons of owning rental property in an LLC
Owning your rental property in a limited liability company (“LLC”) is usually a good idea. It is often better than owning rental property in your individual name because you can limit your individual liability. The following are some of the major pros and cons to owning rental property in an LLC: Pros: Limited liability –…
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Eight Tips for Owning Rental Property in LLCs
Owning rental property in a limited liability company (“LLC”) can be a great idea. The best part of owning your rental property in an LLC is that it limits your liability. For instance, if someone is hurt on the property, then they would sue the owner, which is the LLC. Their recovery would be limited…
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How do you transfer your real estate to your LLC?
The simplest and most cost-effective way to transfer your real estate to your limited liability company (“LLC”) is by quitclaim deed. A quitclaim deed is a deed that transfers property “as is” to another party. Here are some things to consider when transferring your real estate to your LLC: Homestead – If your property is…
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What is the right of redemption in Florida foreclosure?
If foreclosure is filed against a property in Florida, then the borrower has a right of redemption, which provides borrower an opportunity to pay off the lender before the clerk of court files a certificate of sale or the time specified in the foreclosure judgment, order, or decree. See Florida Statute 45.0315. If the lender…
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What does it mean when your condominium association has a right of first refusal?
A right of first refusal (“ROFR”) is a legal arrangement where the right to buy a property is held by a specific party that is not the owner of the property. If the owner of the property decides to sell the property, then the party with the ROFR can choose to buy it, and the…
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What is a right of first refusal in Florida real estate?
A right of first refusal (“ROFR”) is a legal arrangement where the right to buy a property is held by a specific party that is not the owner of the property. If the owner of the property decides to sell the property, then the party with the ROFR can choose to buy it, and the…
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What is the seller’s cure period for title defects in Florida’s “AS IS” real estate contract?
Florida’s “AS IS” Residential Contract For Sale And Purchase (“Contract”) is the most common contract used for residential real estate transactions in Florida. Once the Contract is signed and delivered to a closing agent, the closing agent orders a title search. The title search looks at the history of the property in the public record…