Author: Benjamin Boyhan
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If your spouse is not on the title of your Florida home, will your spouse inherit it when you die?
You bought a property before you were married, so your marital status on the deed to the property is “single.” Later, you get married and you do not add your spouse to the title of the property. What happens to the property when you die? In Florida, if your spouse was never added to title,…
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Can you sell the Florida real property of your deceased relative?
When someone passes away in Florida, their real property can only be sold by someone with the authority to sell it. Authority to sell real property depends on many factors, including the following: Homestead – If the property was homestead and the deceased was married or had minor children at the time of death, then…
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Can you homestead your Florida home if someone else is on title with you and the property is not their homestead?
Homesteading your Florida property can provide you property tax benefits and state protection from creditors. It is one of the most powerful tools you can use to protect your property from creditors and a reason many wealthy retirees call Florida home. If you live in Florida and own a home as your primary residence, you…
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What are the pros and cons of a balloon mortgage?
A balloon mortgage is a mortgage that does not fully amortize over the term of the mortgage and instead there is a balance owed at maturity. The final payment at maturity is called a balloon payment. The monthly payments are typically lower and might be interest only. Pros: Low or no monthly payment – While…
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What is a balloon mortgage?
A balloon mortgage is a mortgage that is not fully paid off through payments over time. Instead, a balloon mortgage may have payments over time (e.g., monthly or quarterly payments), but it is paid off at the end of its term with a one-time lump sum payment. The final payment at the end of the…
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Who is responsible for damage to Florida real estate during the contract period?
If you’re buying or selling Florida real property and the property is damaged by a fire during the contract period, who is responsible for the damage? Buyer or seller? Whether buyer or seller is responsible will depend on the “risk of loss” provision in the contract. But if risk of loss is not addressed in…
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What happens if the buyer in a real estate contract dies?
It is a general rule in Florida that the death of a party does not terminate a contract unless the contract was for personal services. Contracts for real estate are not personal services contract, so a death would not terminate the contract. If the buyer to a real estate contract dies prior to closing, the…
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What happens if the seller in a Florida real estate contract dies?
It is a general rule in Florida that the death of a party does not terminate a contract unless the contract was for personal services. Contracts for real property are not personal services contract, so a death would not terminate the contract. If a party to a Florida real estate contract dies, then the contract…
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Disadvantages to moving real estate into an LLC
Moving real estate into a limited liability company (“LLC”) has significant advantages. Chief among them is limiting liability. However, there are cons to moving real estate into an LLC that you should know about:
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The disadvantages of moving real estate into an irrevocable trust
Moving real estate into an irrevocable trust can be a smart move depending on your assets, creditors, beneficiaries and other circumstances surrounding your estate. An irrevocable trust can provide anonymity, avoid probate, and provide creditor protection. While there are some good reasons to move real estate into an irrevocable trust, there are cons that you…