Author: Benjamin Boyhan
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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…
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What is a ladybird deed?
A lady bird deed, also known as an enhanced life estate deed, is a deed used in Florida that enables real estate to transfer at the death of an owner to a beneficiary named in the deed. As an example, if grandma owns a house that she wants her only son to inherit, grandma could…
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What is a quitclaim deed?
A quitclaim deed is a legal document used to transfer real estate from the owner of the real estate (the “grantor”) to another party (the “grantee”). A quitclaim deed transfers title “as is” and does not provide guarantees or warranties that the grantor has good, marketable title to the property. Because a quitclaim deed transfers…