Author: Benjamin Boyhan
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Does a Florida real estate contract need to be in writing?
A real estate contract in Florida is considered to be so important that it is required to be in writing for it to be legally binding and it must comply with the Statute of Frauds. There are limited exceptions to the writing requirement. The Statute of Frauds requires certain contracts to be in writing and…
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What is this $10.00 in my deed?
When a seller is reviewing and signing their deed at closing, I am often asked some variation of the following questions: “What is this $10.00 in the deed?”“Do I have to pay $10.00 extra?”“Am I buying a house for $10.00?” The answer to the questions is no and I usually proceed to explain consideration and…
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Is a verbal real estate contract binding in Florida?
Real estate contracts are required to be in writing, but there are exceptions where a verbal real estate contract could be binding. But first, for a verbal contract to have a chance at being binding in Florida, it must have all the elements of an enforceable contract: (1) Offer – A buyer must make a…
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Basic requirements for a binding real estate contract in Florida
For a Florida real estate contract to be legally binding and enforceable, it must be in writing (there are limited exception to the writing requirement) and have the following: (1) Offer – A buyer must make a genuine offer to a seller.(2) Acceptance – Seller accepts the offer.(3) Consideration – The price one party pays…
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In Florida, can a title company prepare legal documents for a real estate closing if they do not have an attorney on staff?
A non-lawyer cannot prepare deeds, affidavits, mortgages, and other legal documents related to a real estate transaction. Doing so could be considered the unauthorized practice of law. However, an exception is made for title companies. If a title company is issuing title insurance, then the title company can conduct the real estate closing and prepare…
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Avoid ambiguous deadlines in a real estate contract
Real estate contract deadlines can be ambiguous at times. Here are a couple tips to help prevent ambiguous deadlines in a contract: 1. Effective date: Often, a deadline is scheduled to occur a specified number of days from another day. For instance, the inspection period deadline might be 15 days from the effective date. It…
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What does “time is of the essence” mean in Florida real estate contracts?
“Time is of the essence” in a contract means that parties to the contract must strictly comply with all deadlines and performing late is a breach of contract. In Florida, courts generally assume that time is not of the essence unless there is a “time is of the essence” provision in the contract. If “time…
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What is a lis pendens as it relates to real estate?
Lis pendens is Latin for “suit pending.” A lis pendens is an official notice of a pending lawsuit against a piece of real estate that is recorded in the public record. It puts the public on notice that a lawsuit has been filed against real estate or an interest in the real estate. A lis…
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Umbrella insurance versus an LLC – Protecting your rental property from liability
Limited liability company (“LLC”) With an LLC, some of the advantages over an umbrella insurance policy include: Some of the disadvantages of an LLC include: Umbrella insurance policy With an umbrella insurance policy, some of the advantages over an LLC include: Some of the disadvantages of an umbrella insurance include: Overall, I generally recommend LLCs…
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Pros and cons of owning rental property in an LLC
Owning your rental property in a limited liability company (“LLC”) is usually a good idea. It is often better than owning rental property in your individual name because you can limit your individual liability. The following are some of the major pros and cons to owning rental property in an LLC: Pros: Limited liability –…