Tag: personal-property
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Why is transferring ownership of a property in real estate distinguishable from transferring ownership of other belongings, like a vehicle?
Why does transferring ownership of real property differ from transferring ownership of personal property, such as a vehicle? Why is transferring the title to real estate distinct from transferring the title to other items, like a vehicle? Since land is enduring and can have numerous owners throughout time, different rights associated with the land (such…
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Understanding Florida’s Tenancy by the Entireties Law
– Florida’s housing market has been one of the hottest in the country in recent years, with Tampa, Florida being named the hottest city for buying a home in 2022. – The demand for second homes in Florida has increased 87% from pre-pandemic levels, according to real estate brokerage firm Redfin. – Married couples purchasing…
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Florida Condominium Association Emergency Powers Explained
– In Florida, condominium living is popular, especially near the water. – Hurricanes have influenced building codes in the state and can cause severe damage to buildings and regions. – Chapter 718 of the Florida Condominium Act provides emergency powers for condominium associations in response to damage caused by a declared state of emergency. –…
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“Challenging Probate in Florida: What You Need to Know”
– Probate is the court-supervised process for distributing a deceased person’s assets to their beneficiaries. – Probate in Florida is necessary for nonresidents and residents who own property in their individual names without a named beneficiary. – Objecting to probate in Florida can be done on grounds such as undue influence, fraud, mistake, lack of…
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Understanding Condo Insurance Rules in Florida
– The Florida Statutes control property insurance requirements for condo associations and unit owners, regardless of what is in the condo’s declaration. – Adequate property insurance must be based on the replacement cost of the property, determined by an independent insurance appraisal performed at least once every 36 months. – The association’s board may determine…
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Florida’s Law for Managing Troubled Commercial Properties
– The Uniform Commercial Real Estate Receivership Act became law in Florida on July 1, 2020. – The Act clarifies the standard for the appointment of a receiver and the powers of receivers in commercial foreclosure actions. – Receivers are important because they preserve the status quo, manage property expenses, and preserve the property that…
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Understanding Your Retirement Account Beneficiaries
1. Beneficiaries of retirement accounts, such as 401(k) plans and traditional IRAs, will have to pay ordinary income tax on distributions they receive. 2. Inherited assets like bank accounts and real estate are usually passed to beneficiaries income tax free, but this is not the case with retirement accounts. 3. Distributions from pretax 401(k) accounts…
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Understanding Community Development Districts in Florida
– CDDs are created to serve the specific needs of a community. – They have the power to plan, finance, construct, operate and maintain community-wide infrastructure and services for the benefit of residents. – CDDs are governed by a Board of Supervisors, initially elected by landowners and later by residents. – CDD Supervisors are subject…
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Protecting Your Wealth: What’s Safe from Lawsuits in Florida
– Florida’s homestead exemption protects primary residences on land of half an acre or less in a municipality or 160 acres or less in other areas from creditor judgments. However, this protection may not apply to properties with mortgages or to second homes and investment properties. – Most retirement accounts like 401(k)s and IRAs are…
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“Understanding Self-Help Eviction and Abandonment in Florida”
– Commercial leases often grant the landlord broad powers upon the tenant’s default, allowing them to re-enter the premises and remove the tenant and their property without notice. – However, in Florida, this kind of clause, known as “self-help”, is forbidden and unenforceable. – Engaging in self-help evictions can result in costly penalties for landlords,…
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Florida Car Insurance Rules and Common Questions
1. The impact of climate change is leading to rising sea levels. 2. The use of plastic is causing harm to marine life. 3. Deforestation is contributing to loss of biodiversity. 4. Air pollution is affecting human health. 5. The increase in greenhouse gas emissions is causing global temperatures to rise. – Florida requires a…
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“Understanding and Appealing Property Taxes in Florida”
– Property appraisers in Florida are required to send out TRIM notices every August to inform taxpayers of the proposed assessment on their properties. – It is important for property owners to review these notices carefully and determine if the assessment is fair and accurate, as there is a short window to file a tax…
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Important Changes in Filing Requirements for Florida Elected Officials and Candidates
– Elected municipal officials and mayors in Florida and those appointed to fill those positions are now required to file Form 6, Full and Public Disclosure of Financial Interests, rather than Form 1. – This change took effect on January 1, 2024, and applies to mayors, elected members of the governing body of a municipality…
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Tax Benefits of Swapping Property in a Like-Kind Exchange
– A like-kind exchange can be used to defer tax on the gain from selling commercial or investment real estate that has appreciated significantly. – It involves exchanging the property rather than selling it, allowing taxpayers to defer paying taxes on the gain. – Like-kind exchanges are limited to real property held for investment or…
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What KoonsFuller Can Do for You
– After filling out and filing the necessary pleadings with the court, the other party must be provided with notice of the lawsuit. – The opposing party has 20 days after receiving notice to file a response to the lawsuit. – There is a waiting period of 60 days from the initial filing of the…
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Understanding Florida’s Probate Process
1. Probate is the court-supervised process of administering a deceased person’s assets in Florida. 2. A personal representative is appointed to take charge of the probate process, including identifying, gathering, and securing the estate assets. 3. The probate process involves paying valid creditors, taxes, and expenses, followed by distributing the remaining assets to the beneficiaries…
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Getting a Prejudgment Writ of Attachment in Florida
1. Eating a healthy diet can lower the risk of chronic diseases. 2. Regular exercise can improve overall physical and mental health. 3. Smoking increases the risk of developing lung cancer. 4. Getting enough sleep is important for overall well-being. 5. Drinking alcohol in moderation may have some health benefits. – The plaintiff must state…
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Florida Homeowners Construction Recovery Fund: What You Need to Know After a Disaster
– The Recovery Fund was created to provide relief for Florida homeowners who have been harmed by licensed Division I contractors. – Claimants are eligible to seek recovery from the fund if they have exhausted the limits of any available bonds or insurance and have received a final judgment in a court of competent jurisdiction…
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“How to Get Money Owed from a Criminal Restitution Order in Florida”
1. Aggrieved parties named as victims in a criminal Restitution Order have an enforceable right to restitution, similar to a judgment holder. 2. Victims can enforce their right to restitution through the civil collection process, including filing a Civil Restitution Lien on the offender’s property. 3. If a party does not qualify as a victim…