Author: Benjamin Boyhan
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Is your Florida real estate contract valid if it was not properly signed?
It is not uncommon to see a Florida real estate contract that is not properly signed. For instance, I often see a limited liability company or corporation signing on behalf of itself, rather than an individual member or officer of the entity signing on its behalf (e.g., ABC, LLC’s signature is signed “ABC, LLC” rather…
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What should you do if the title company records your deed with a mistake?
You finally close on the purchase of your dream home. A few weeks later, the title company sends the original deed and a recorded copy to you by mail. You immediately notice that your name is spelled incorrectly. What should you do? A simple mistake in a deed, like spelling errors, is not as big…
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Does a Florida real estate seller need to disclose loud noises from trains, cars, planes, etc. to a buyer?
Florida law requires sellers to disclose known material defects that are not readily observable to the buyer and that negatively impact the value of the property. Such defects should be disclosed to prospective buyers. Examples of things sellers need to disclose are termites, wood rot, and water damage. But what about loud noises? What if…
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How do you transfer shares of a corporation?
When forming a corporation, the corporation’s shares are distributed amongst its shareholders. Those shares are usually transferable unless the Articles of Incorporation, Shareholder Agreement, or Bylaws of the corporation place restrictions on the transfer of shares. The following are basic steps that can assist with transferring the shares of a corporation: Be aware that there…
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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…