One difference between the FAR/BAR Residential Contract for Sale and Purchase and the AS-IS Residential Contract for Sale and Purchase is the treatment of permits which have not been properly closed out and improvements which are not permitted. Common to both contracts, the Seller has the obligation to: Disclose any improvements made to the Property…
The Florida Property Tax Exemption for Homesteaded Property provides valuable tax benefits to owners of real property in Florida. Homestead exemption tax benefits include a reduction in the taxable value of a primary residence, as well as a cap on any increase in the taxable value of the residence. Owners are frequently interested in renting…
The Florida Realtors/Florida Bar AS IS Residential Contract for Sale and Purchase is the preferred form of Contract for many agents, in no small measure because of its very clear provisions on how and when a buyer may terminate a contract. These terms are found in Paragraph 12 PROPERTY INSPECTION; RIGHT TO CANCEL. Paragraph 12…
A Power of Attorney is a useful tool that allows a person to legally take some action on behalf of another in a specific situation. There are several types of Powers of Attorney (General, Limited, Durable, etc.) but the focus of this blog will be on LPOAs (LPOA) as they are more commonly utilized in…
The excitement of closing is near. Your Buyer flies into town a day before closing with the moving van not too far behind. They are so happy they request to conduct their walk-through the day they arrive. Upon arriving at the home they discover that the Seller has not finished packing. The Buyer immediately begins…
Everyone knows that sales tax isn’t due when you sell a home in Florida, right? Or is it only sort-of-right? Or is it only sort-of-right-sometimes-depending-on-XYZ? Since this is a legal blog, of course it’s the latter. It is certainly true that the sale of Real Property in Florida is not subject to sales tax. Real…
As we all know, Condominium Association and Homeowner Association Estoppel Certificates are required for real estate closings when the subject property is part of one or more associations. A well-prepared Estoppel Certificate should inform the parties of the following critical information: the amount of the current association assessments and when the assessments are due and…
Indispensable Components to a Real Estate Transaction The Contract is signed; the earnest money paid; and the title agent selected. What do we do now? Well of course we start the due diligence, which begins with procuring a title search of the property. Seems like simple stuff, right? Not so fast, however. The purpose of…
In a blended or second marriage situation, we are often asked about taking title to Florida homestead property, and specifically, whether it is possible to take title without one of the spouse’s names on the deed. From a title underwriter perspective, it is certainly possible to take title with only one spouse’s name on a…
As everyone knows, fraud in connection with real estate transactions is becoming much more prevalent. The most common, and effective, schemes we have seen involve the interception of wire transfers. The fraudsters intercept wire instructions and change the information contained therein, thus causing the funds to be delivered to the fraudster’s account, rather than the…
