Author: Benjamin Boyhan
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What assets can you not put into your trust?
You can create a trust to avoid probate, protect your assets, and enjoy many other benefits. To enjoy the benefits of having a trust, you will first need to transfer your assets to the trust, also known as “funding the trust.” While there are many assets you can transfer to your trust, there are some…
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What assets can you put into your trust?
You can create a trust to avoid probate, protect your assets, and enjoy other benefits. To enjoy those benefits, you will first need to transfer your assets to the trust, also known as “funding the trust.” To fund the trust, you will have to title the asset in the name of the trust. For instance,…
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What happens to my Florida real estate transaction if there is a hurricane?
If there is a hurricane or other natural disaster outside the control of the parties, the first provision of your contract to look at is the “force majeure” provision, which is French for “superior force.” A force majeure provision is a common clause in real estate contracts that refers to unforeseeable circumstances that prevent the…
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Why have a trust?
There are many reasons to have a trust, chief among them is to avoid probate and protect assets. That alone is enough to make a trust worthwhile in many situations, especially if you have a lot of assets. The following is a brief list of the reasons people choose to to have a trust: Examples…
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What is an estoppel in a real estate transaction?
An estoppel in a real estate transaction is a document that is applicable to closings where the property is part of a condominium, coop, or homeowner’s association. The estoppel is ordered from the association. It asks the association(s) for information that the closing agent uses the answers to complete the settlement statement and close the…
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Tips to avoid wire fraud in a real estate transaction
Unfortunately, wire fraud is common in the world of real estate transactions. Criminals pose as title companies, attorneys, lenders, real estate agents, property managers, sellers, buyers, and anyone else involved in real estate transactions. Some of these criminals are sophisticated and are knowledgeable about real estate transactions. Victims are often not experienced with real estate…
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How can you sign on behalf of your LLC in a real estate transaction?
To sign on behalf of your limited liability company (“LLC”), if you are buying or selling real estate, you will need to show that you have authority to sign on behalf of the LLC and that the LLC is active and in good standing in the state it was formed. Common LLC documents that will…
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What happens to the escrow deposit if a real estate transaction cancels?
The escrow deposit in a real estate transaction is an amount placed in escrow by the buyer as a good faith gesture of the buyer’s desire to purchase a property. It often also serves as the damages to a seller if the buyer breaches the contract. The escrow deposit will sit with the escrow agent…
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Is a Lady Bird Deed subject to documentary stamp tax?
A lady bird deed (aka enhanced life estate deed) is an instrument used in Florida and a select few other states that enables property to transfer at the death of a grantor (the person that transfers the property) to a grantee (the person receiving the property upon the grantor’s death). Documentary stamp tax is a…
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Does signing a contract to sell your home end homestead status?
Signing a contract to sell your home does not end the homestead status of your home. This issue was addressed in In re Estate of Skuro, 467 So.2d 1098 (Fla. 4th DCA 1985). In In re Estate of Skuro, Randolph Skuro executed a contract to sell his home, but died before the sale could be…