Author: Benjamin Boyhan
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Eight Tips for Owning Rental Property in LLCs
Owning rental property in a limited liability company (“LLC”) can be a great idea. The best part of owning your rental property in an LLC is that it limits your liability. For instance, if someone is hurt on the property, then they would sue the owner, which is the LLC. Their recovery would be limited…
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How do you transfer your real estate to your LLC?
The simplest and most cost-effective way to transfer your real estate to your limited liability company (“LLC”) is by quitclaim deed. A quitclaim deed is a deed that transfers property “as is” to another party. Here are some things to consider when transferring your real estate to your LLC: Homestead – If your property is…
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What is the right of redemption in Florida foreclosure?
If foreclosure is filed against a property in Florida, then the borrower has a right of redemption, which provides borrower an opportunity to pay off the lender before the clerk of court files a certificate of sale or the time specified in the foreclosure judgment, order, or decree. See Florida Statute 45.0315. If the lender…
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What does it mean when your condominium association has a right of first refusal?
A right of first refusal (“ROFR”) is a legal arrangement where the right to buy a property is held by a specific party that is not the owner of the property. If the owner of the property decides to sell the property, then the party with the ROFR can choose to buy it, and the…
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What is a right of first refusal in Florida real estate?
A right of first refusal (“ROFR”) is a legal arrangement where the right to buy a property is held by a specific party that is not the owner of the property. If the owner of the property decides to sell the property, then the party with the ROFR can choose to buy it, and the…
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What is the seller’s cure period for title defects in Florida’s “AS IS” real estate contract?
Florida’s “AS IS” Residential Contract For Sale And Purchase (“Contract”) is the most common contract used for residential real estate transactions in Florida. Once the Contract is signed and delivered to a closing agent, the closing agent orders a title search. The title search looks at the history of the property in the public record…
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Do you need to remove your spouse from title following the death of your spouse?
When taking title to real property with your spouse as “husband and wife” or “a married couple,” you automatically take title as tenants by the entirety in Florida unless you choose to take title in another way. If the property is owned as tenants by the entirety, this means that when your spouse dies, you…
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Pros and Cons of a Lady Bird Deed
A lady bird deed, also referred to as an enhanced life estate deed, is a deed used in Florida that enables real estate to transfer at the death of an owner to a beneficiary named in the deed. As an example, if mother wants her only son to inherit her home, mother could sign a…
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What is a slander of title lawsuit?
Slander of title is a lawsuit to obtain damages from a lien or claim that was wrongfully recorded against the title of real property. If a lien or claim is recorded against real property and it negatively affects the title to said property, then the owner of the real property may have a slander of…
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What are some defenses to a breach of contract claim?
If you enter a contract in Florida, but you are unable to perform your obligations under the contract, then you might be sued for breach of contract. If you are sued for breach of contract, the following defenses might help you defend against the lawsuit: Statute of limitations – Parties only have a certain amount…