Author: Benjamin Boyhan
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What happens if a third-party refuses to honor your power of attorney?
It is possible for a third-party to refuse to honor your power of attorney (“POA”). For instance, if your attorney in fact tries to open a bank account on your behalf using a POA, the bank will review the POA and decide whether it gives your attorney in fact the power to open the bank…
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What is the fiduciary responsibility of an Agent in a Power of Attorney?
A Florida Power of Attorney (“POA”) enables you (the “Principal”) to appoint someone (your “Agent”) to act on your behalf. When acting on your behalf, your Agent acts as your fiduciary and therefore has a legal duty to act in your best interest. As your fiduciary, your Agent has the following obligations: Authorized acts –…
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Is your power of attorney valid for selling your real estate?
Whether your power of attorney (“POA”) can be used to sell your real estate depends on many factors and is fact specific. At the very least, your POA will need to authorize your attorney-in-fact (your “Agent”) to convey real estate on your behalf. Your capacity, when the POA was signed, the legibility of your signature,…
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Can your power of attorney from another state be used in Florida?
A Power of Attorney (“POA”) that was drafted and signed in another state is valid in Florida if the POA is valid in the state where it was executed. However, the out-of-state POA will be subject to Florida’s POA Act and other Florida state laws. The attorney in fact may only act on your behalf…
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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: