Without doubt, Realtors and Brokers provide invaluable services to buyers and sellers of real estate. Realtors and Brokers must know everything and anything there is to know about the subject property and have an understanding of laws regarding zoning, their fiduciary duties to their clients, why clear title is so important, and much more in…
Last week our blog discussed a new capital gain deferral strategy referred to as “Opportunity Zones.” In addition, there are several capital gain strategies that have existed for many years that might be useful to explore again, now that gains actually exist (especially on real estate sales). First, a brief primer. Capital gains result from…
Real estate investors – and realtors – are buzzing about the new tax incentives for investing in economically distressed areas that are designated by state governors as “Opportunity Zones,” in counties all over the country – including Sarasota, Manatee, and Hillsborough County. Compliments of the new Tax Cuts and Jobs Act, this new tax benefit…
In real estate closings, a document is circulated called the “title commitment”. This document is the result of an examination of the history of a parcel of land. Without it, the buyer would know very little about the background and nuances of the property they are purchasing. The title commitment is provided by a title…
When purchasing real estate, one of the first questions a buyer is asked is “how do you wish to take title?” While it seems like such a simple question, it is really quite the opposite. On almost every transaction, the title agent is asked to provide the buyer with the “correct” way to take title….
Often real estate contracts include additional terms or addenda that provide for a “seller credit”. These typically take the form of a credit from the seller to the buyer, with the purpose for and amount of the credit negotiated between the parties. Sometimes credits are negotiated as part of the initial sales contract, and sometimes…
As a follow up to last week’s blog (“Slow Down on that Quitclaim Deed”), we had quite a few inquiries on the types of deeds used in real estate transactions and the fundamental differences of each. The FR/BAR contract stipulates (see Standard H) that either a statutory warranty, trustee’s, personal representative’s, or guardian’s deed may…
A quitclaim deed, often mistakenly referred to as a “quick claim deed”, is a popular option for homeowners and non-real estate attorneys when transferring ownership to a Florida residential property. However, sometimes, a conveyance using a quitclaim deed rather than a warranty deed can do more than just transfer the ownership of the property. Parties…
As most Florida homeowners know, the Homestead Tax Exemption (hereinafter the “Exemption”) is a valuable savings tool. The Exemption allows for a $50,000.00 reduction of a property’s assessed value and includes the Save Our Homes cap that limits annual increases in assessed value of real property to 3%. However, today many homeowners are attempting to…
“But the association is voluntary and the rules don’t apply to my property.” This is a common statement we receive when dealing with survey related issues in a voluntary HOA. While mandatory Home Owner Associations (“HOA”) are common in our area, there are a few communities with voluntary HOAs. So what is the difference? Simply…
