Author: Benjamin Boyhan
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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…
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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…