Author: Benjamin Boyhan
-
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…
-
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.…
-
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…
-
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…
-
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…
-
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…
-
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.
-
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…
-
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…
-
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…