Author: Benjamin Boyhan
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Can someone who is mentally incapacitated create a will?
It is common for people to wait to create their estate plan, and often, people wait too long. An example of waiting too long is when someone has dementia or some other ailment/mental illness that has made them mentally incapacitated. Their loved ones may become concerned with what happens to their estate and inquire about…
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Can a minor inherit real property in Florida?
In Florida, minors can be named as a beneficiary of real property, but they cannot inherit real property until they reach the age of majority in Florida, which is 18. If you have minor children and you own real property, then you should consider speaking with an attorney about the options for your minor children…
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What type of property does not qualify for a 1031 exchange?
A 1031 exchange is a real estate investment tool that allows investors to swap one property for another and defer capital gains tax from a sale of real estate. A 1031 exchange is a great tool to defer paying taxes, but it cannot be used for every real estate transaction. Only property that is used…
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What is a 1031 exchange?
A 1031 exchange is a real estate investment tool that allows investors to defer capital gains tax from the sale of real estate. The reason I mention “investors” is because the property must be for investment purposes. The property cannot be your primary residence. The investor sells his or her investment property, the proceeds from…
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What is the difference between a Homeowner, Condominium, and Co-op Association?
Homeowner, condominium, and co-op associations are similar in that they all include multiple properties within one association and they are each governed by an association board. What follows are some important differences between them: Homeowner’s Associations – Usually include single-family homes/townhomes. Ownership – A deed is used to transfer the property. Owner owns the home…
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What are the types of listing agreements in Florida?
When engaging a real estate to sell your property, they will usually have you sign a listing agreement. The listing agreement will define the relationship between you and your real estate agent/broker. There are four types of listing agreements:
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What should you know about listing agreements in Florida?
When engaging a real estate agent to sell your property, once you agree to work with them, they will have you sign a listing agreement. The listing agreement will define the relationship between you and your real estate agent and the real estate agent’s broker. The following are important provisions you should pay special attention…
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Are you required to issue membership certificates for your LLC?
A membership certificate for your LLC details an individual’s ownership in the LLC. The membership certificate lists the ownership in the certificate as a number of units. For instance, an LLC certificate might provide that Elvis Presley has 100 units in King Creole, LLC. An LLC membership certificate is not required by law for your…
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Disclosure obligations of sellers in the Florida “AS IS” Residential Contract For Sale and Purchase
The “AS IS” Residential Contract For Sale and Purchase (the “Contract”) is the most common contract used in the state of Florida for residential real estate transactions. It was developed over many years by a joint committee of the Florida Realtors (formerly the Florida Association of Realtors) and the Florida Bar. The Contract does not…
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Why is a municipal lien search important in a Florida real estate closing?
In Florida, a municipal lien search is a standard search that is ordered by the closing agent in virtually every real estate transaction. Lien search is a bit of a misnomer because the lien search searches for more than just liens. Lien searches search for municipal liens, permit issues, code enforcement violations, outstanding city special…