Author: Benjamin Boyhan
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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 –…
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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…