A 1031 “Like Kind” Exchange (e.g., real property for real property) is a tax planning tool that if done correctly can allow a seller to defer having to pay all capital gains taxes to a future date. The general principles of a 1031 Exchange (with a St. Patty’s day twist) look something like this: Marty…
How many times have you’ve seen or heard the term “non-conforming” used to describe improvements built below the base flood elevation (BFE) with properties situated in Flood Zones A and V? Whether it is non-conforming or illegal will depend on when the house was constructed. If the house was built prior to January 1, 1975,…
Can you believe 2017 is almost here? Although the hustle and bustle of the holidays can get to the best of us, it is important to remember that now is the time to consider the Florida Homestead Exemption and the great benefits it offers to Florida residents. First and foremost, to be entitled to receive…
There’s an old saying – there are two types of people who complain about taxes: men and women. Well, it’s the end of August, and that means that County property appraisers across the state have recently mailed out Notices of Proposed Property Taxes, or TRIM notices, to all owners of real property in their County. …
As property values continue to increase, the subject of homestead portability is becoming more prevalent. Florida law permits one to sell their homestead and transfer their Homestead Assessment Difference (explained hereafter) to their new homestead. On January 1st of each year, property is assessed by the county property appraiser. One of the primary benefits of…
As we all continue to learn more about how real estate transactions will be impacted by TRID, one thing is clear. It has become increasingly challenging to make last minute changes to closing statements when financing is involved. The reason is that lenders now prepare the Closing Disclosure, which basically replaced the HUD. While we…
Investors of a foreclosed property often ask if they will be liable for delinquent HOA assessments that came due prior to their purchase of the property from the court. In 2007, the Florida Legislature chimed in on the issue by passing Florida Statute 720.3085, which states (among other things) that “a parcel owner is jointly and severally liable with the…
A common and unfortunate reoccurring theme that we come across at Berlin Patten Ebling involves residential landlords using form lease agreements that they find on Google. The common misconception is that they are saving both time and money in legal fees by using these form agreements. While that misconception may occasionally be true, we often…
When a foreigner is involved in a real estate transaction, it is important to be mindful of the Foreign Investment Real Property Tax Act (or “FIRPTA”). FIRPTA was passed in 1981, and requires foreign persons to pay U.S. income tax on gains made from selling real estate in the United States. Interestingly, the duty is…
For anyone not paying very close attention to the nationwide changeover in mortgage and settlement procedures that took effect October 3, 2015, the early effects are beginning to circulate in the industry. The nearly 1,888 pages of new rules created by the Consumer Financial Protection Bureau (CFPB) at the direction of the Dodd-Frank Wall Street…
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