Author: Benjamin Boyhan
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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…
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Read this before using a quitclaim deed to transfer your property or add or remove someone from title
Quitclaim deeds offer one of the easiest and cheapest ways to transfer real property. However, even though the act of transferring the property can be easy, there may be complex issues involved in the transfer. It is important to be aware of certain factors when deciding where to transfer real property with a quitclaim deed.…
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How do you take title to real estate in Florida?
There are four common ways homeowners take title to real estate in Florida:
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What is title insurance?
Title insurance is different from traditional insurance. Traditional insurance (e.g., health insurance, car insurance, and homeowner’s insurance) protects against claims for future events, whereas title insurance protects against claims for past events. After buying your home, if you purchased title insurance at your closing, it will protect you from financial loss resulting from certain past…
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Does your out-of-state LLC need to be authorized to do business in Florida if it owns your rental property?
You will need to authorize your out-of-state LLC to do business in Florida if you are transacting business in Florida. If the entity is collecting rental income, then the LLC is considered to be transacting business in Florida and will need to be authorized to do business in Florida. It should be noted that owning…
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Can a real estate agent represent buyer and seller in the same Florida real estate transaction?
In Florida, real estate agents can represent both buyer and seller in the same real estate transaction, but only as a “transaction broker.” A real estate agent cannot represent both buyer and seller in a Florida real estate transaction as a fiduciary in a “dual agency relationship.” See Florida Statute 475.278(1)(a). The reason a real…
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What is Florida documentary stamp tax?
Documentary stamp tax is a tax levied by the State of Florida on transfers of real estate. There are very few exceptions to the tax. The documentary stamp tax amount, in every Florida county, except Miami-Dade County, is $0.70 per $100 of the amount paid or the amount of the mortgage at the time of…