Author: Benjamin Boyhan
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Can a married couple claim two homesteads in Florida?
Generally, in an intact marriage, a married couple can only have one homestead. However, it is possible for a married couple to claim two homesteads in Florida if they can prove there are legitimate reasons for living in separate homesteads. The most obvious legitimate reason for living in separate homes is if the married couple…
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WARNING: Be careful quitclaiming Florida real estate encumbered by a mortgage
Whenever someone calls me to transfer their real estate to someone, add someone to title, remove someone from title, transfer to an LLC, transfer to a trust etc. My first question is always the same: is there a mortgage on the property? When you transfer real estate encumbered by a mortgage, you are probably going…
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Can real estate in a trust be homesteaded in Florida?
Whether real estate in Florida can be homestead if it is in a trust depends on whether the trust is revocable or irrevocable and it depends on the language in the trust. Generally, real estate in a revocable living trust can be homesteaded and real estate in an irrevocable trust cannot, unless the irrevocable trust…
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Does Florida Homestead expire?
The Florida homestead exemption does not expire and you do not have to renew it every year. Unless you cancel your homestead, your homestead will be automatically renewed each year. The only way for you to lose your homestead is if you are no longer eligible for it. This will happen if you: • No…
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How do you apply for Florida homestead?
To apply for Florida homestead, you must complete and submit a form DR-501. You can find the form online at your county’s property appraiser’s website or the Florida Department of Revenue’s website. On your county’s property appraiser’s website, you should also find instructions for where to submit the application. Keep in mind that your property…
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How can you be eligible for Florida homestead benefits?
The following are the three requirements to be eligible for Florida homestead benefits: If you have further questions about eligibility, contact the property appraiser in the county where the property is located.
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How do you add your spouse to the title of your home?
The simplest and most cost-effective way to add your spouse to the title of your home is by quitclaim deed. The most common situation I come across is where an owner of a property was single when the owner purchased the property and is now married and wants to add his or her spouse to…
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The Three Most Common Uses of a Quitclaim Deed
A quitclaim, in the context of real estate, is defined as a formal renunciation of a right to land. A quitclaim deed is a legal document used to transfer title “as is” from the owner of the property (the “grantor”) to another (the “grantee”). A quitclaim deed transfers title “as is” and does not provide…
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Difference between Quitclaim Deed and Warranty Deed
Both warranty deeds and quitclaim deeds perform the same essential function. They both transfer a title from one party to another. However, the fundamental difference is that a quitclaim deed transfers title “as is” whereas a warranty deed guarantees and warrants that the grantor (party transferring the property) has good, marketable title to the property.…
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You should think twice before quitclaiming your home to your kids before you pass away
The reason you should probably not quitclaim your home to your children before you pass away is because of negative tax implications whenever your children sell the property in the future. If the property has appreciated in value from the time you bought it, then it is likely that your children would need to pay…