Author: Benjamin Boyhan
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An LLC Operating Agreement can avoid probate in Florida
An operating agreement is not required, but it is recommended because it can address important aspects of your limited liability company (“LLC”), such as, the management of the LLC, powers of the managers/members, ownership interest, transfer of ownership interest, how new members can be added, how a new manager can be elected, voting, how profits…
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Important provisions to review in a mortgage
It is important to understand certain provisions of your mortgage to protect yourself. Obvious provisions to review are the interest rate, term, and payment dates, but there are other provisions that you should pay special attention to: Prepayment penalty – A prepayment penalty means that if you pay off the mortgage early, there will be…
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Lady Bird Deeds and Medicaid
When an someone applies for long-term care Medicaid (e.g., assisted living or nursing home care), there is an asset limit to be eligible for Medicaid. If the person has assets that exceed the asset limit, then the person will not qualify for Medicaid. Some try to reduce their asset limit by gifting or transferring assets…
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Should a Florida real estate seller send a counteroffer to several buyers at once?
If you are selling real estate in Florida, then you may be receiving several offers at once. None of the offers may be at the price you want, so you may want to counter the offers. But can you counter more than one offer at once? The answer is yes, but it is not advisable.…
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How do you accept a real estate counteroffer?
A counteroffer is a rejection and counter of the original offer. To accept a counteroffer, you must accept each term of the counteroffer in writing before the counteroffer expires. You must be very careful when accepting a counteroffer because you need to initial or sign all material terms of the counteroffer for the counteroffer to…
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How do Florida real estate contract offers and counteroffers work?
To make an offer, you usually sign a contract that will be sent to the seller or seller’s real estate agent for the seller to consider. The offer is good for a limited time identified in the contract. The seller can accept, reject, or counter your offer. If you are working with a real estate…
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Can you withdraw an offer you made on a home in Florida?
Let’s say you make a $500,000 offer on a home in Florida and you provide the owner three days to accept the offer. Before the owner accepts, you change your mind. Are you able to withdraw the offer? Yes. You can withdraw an offer at any time before the other party accepts the offer. You…
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Is title insurance required when you buy real estate?
If you are buying real estate with a loan, your lender will likely require you to purchase lender’s title insurance. However, if you are buying with cash, then title insurance is optional. There are two types of title insurance policies: Lender’s policy – Protects the lender from past title defects until the loan is paid…
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What are the reasons an LLC is dissolved in Florida?
An LLC is dissolved in Florida for one of three overarching reasons: It should be noted that even if your LLC is dissolved, that does not mean it is gone forever. Depending on the reason an LLC was dissolved, it can be reinstated by filing a reinstatement application with the Florida Division of Corporations.
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Is the profit from the sale of your home exempt from federal tax?
Taxes in the form of capital gains are due when you sell your home and you make a profit. As an example, if bought your home for $100,000 and sell it for $150,000, then you realized a $50,000 capital gain, which is taxable profit. You can reduce your taxable profit with deductions, and there is…