Author: Benjamin Boyhan
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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…
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What is a specific performance lawsuit in real estate?
There are two possible categories of remedies when a party breaches a real estate contract, equitable and monetary. An equitable remedy requires the breaching party to do something or refrain from doing something. A monetary remedy requires the breaching party to pay the other party monetary damages. Specific performance is an equitable remedy that can…
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What is a refinance?
A refinance is when you pay off your existing mortgage with a new mortgage. Refinancing enables you to change the terms of your mortgage. Some examples of the ways your new mortgage can change the terms of your mortgage include: • Lower interest rate – Refinancing is the most common strategy for someone who wants…
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What is an LLC Resolution and how is it used in a real estate closing?
A Limited Liability Company (“LLC”) Resolution is a document that authorizes the LLC to take a certain action. The LLC Resolution is signed by members of the LLC and therefore ratified by the members of the LLC. In the context of real estate, an LLC Resolution typically authorizes the sale or purchase of real estate…
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What is FIRPTA?
FIRPTA is an acronym that stands for Foreign Investment in Real Property Tax Act. FIRPTA is a federal law that governs taxation and withholdings when a “foreign person” sells real estate in the US. Foreign persons are not typically subject to US income taxes and they are not taxed on most capital gains items, including…
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How do you revoke your Will in Florida?
In Florida, you can revoke your will by (1) written instructions or (2) physical activity. Regardless of the method of revocation you choose, you must have the intent to revoke the will at the time of the revocation. Written instructions – The document revoking your will must be a subsequent will, codicil, or other writing…
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What is a title search?
A crucial part of a real estate transaction is ensuring that clear and marketable title is passing from the seller to the buyer, which involves ordering a title search. The title search searches the public record to review the history of the property to ensure the seller has authority to sell the property and there…
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Florida’s Homestead Benefits
Florida has great homestead benefits, including state protection from creditors and tax benefits. Primary Florida homestead benefits: Creditor Protection – Protection from creditors, judgments, and lawsuits with limited exceptions. Tax – Up to $50,000 reduction on your property’s assessed value for tax purposes and annual increases on the assessed value of your homestead cannot increase…