Author: Benjamin Boyhan
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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…
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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…