Author: Benjamin Boyhan
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What does a buyer need to prove to sue a seller for specific performance?
Specific performance is a remedy more commonly used by buyers when sellers refuse to close on a real estate transaction. If a seller refuses to sell, the buyer might be able to file a specific performance lawsuit to force the seller to sell the property to the buyer. A buyer seeking specific performance in Florida…
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Why hire an attorney over a title company for your Florida real estate transaction?
In Florida, a title company or law firm can close your real estate transaction. Why go with one over the other? It surprises people to learn that the cost of an attorney closing your real estate transaction is often the same as a title company. The best argument for using an attorney over a title…
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What type of trust should you choose?
There are many different types of trust, which can make it hard to choose a trust. However, there are only two initial choices to make that will really help narrow down your choice. The two initial choices are whether you want a revocable or an irrevocable trust. A revocable trust is one that can be…
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Does your LLC need an Operating Agreement to complete a real estate transaction?
Your LLC is not required to have an Operating Agreement to complete a real estate transaction. If no Operating Agreement exists, then the attorney closing your transaction will need to speak with you about the ownership structure, membership, and management of the LLC. The attorney will need to check the state’s website where your LLC…
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What is a mortgage modification?
You may want to change the terms of your mortgage because you cannot afford your mortgage payments or some other reason. A mortgage modification, also known as a debt rescheduling, can enable you to change the terms of your mortgage. Examples of terms that can be changed with a mortgage modification include: • Payments –…
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How should you sign on behalf of your LLC?
The individual who is authorized to sign on behalf of your LLC will need to sign appropriately to prevent the risk of personal liability. Instructions on how to sign appropriately are as follows: An example of an appropriate signature for an LLC is: ABC, LLC, a Florida limited liability company By: John Doe John Doe,…
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Who has authority to sign on behalf of your LLC?
If your LLC is a single-member LLC, then the single member will, by default, be the only authorized signatory. If the LLC is a multi-member LLC, then the managing member is usually the one with authority to sign, but it depends on the LLC’s governing documents. An LLC’s operating agreement can specify who the authorized…
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Should your Florida LLC have an Operating Agreement?
Florida law does not require LLCs to have an operating agreement, but your LLC should have one. Your operating agreement is the blueprint for your business and can make the process of doing business much smoother. Here are some reasons having an operating is beneficial: Beneficial for doing business – An operating agreement is often…
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If your out-of-state LLC owns real estate in Florida, do you need to authorize your LLC to do business in Florida?
Whether you need to authorize your out-of-state LLC to do business in Florida if it owns real estate depends on what you are doing with the real estate. You need to authorize your out-of-state LLC to do business in Florida if you are “transacting business” in Florida. In general, if the real estate your out-of-state…
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What is the definition of transacting business in the state of Florida?
If you have an LLC or corporation that is transacting business in the state of Florida, then it needs to be authorized to transact business in Florida. Unfortunately, there is no exact definition of transacting business in the state of Florida. However, a good rule of thumb is that if your company has a physical…