Tag: real-estate
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Ups and Downs: A REIT Dilemma
A REIT is like a mutual fund for real estate. It allows investors to buy shares in real estate properties without actually owning them. The REIT is not taxed like regular companies are, which can be an advantage. It brings together owners, property managers, and investors to make money from real estate. This article talks…
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The Interstate Land Sales Full Disclosure Act’s Two-Year Completion Exemption From the Condominium
The saying “a little bit of knowledge is dangerous” is true for real estate agents and condo developers dealing with ILSA. This law has a lot of rules and consequences, and it’s important to know how it affects condo developers. One important rule is the “two-year completion” exemption, which many developers use. A recent case,…
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Notice to Caveators Prior to Will’s Admission to Probate
If someone files a caveat because they disagree with how a will is being handled, they must be given notice before the will can be approved. This gives them a chance to have their concerns heard. The law doesn’t specifically say they have to be given notice of the petition for administration, but it does…
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Must Information in the Public Record be Disclosed to Buyers of Residential Real Property and May it be Misrepresented?
This article discusses the laws in Florida related to hiding or lying about important information when selling a house. This can include things like structural problems, pests, flooding, zoning, and environmental issues. It can also involve not telling buyers about things in the public records that could affect the property. There have been a lot…
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Not All Bonds Are Created Equal: Distinguishing a Common Law Bond From a Statutory Bond
In Florida, the construction industry is booming, but there are also a lot of legal disputes. One common cause of these disputes is poorly written documents, like contracts and bonds. There are two main types of bonds for construction projects: statutory bonds, which are required by law for public projects, and common law bonds, which…
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Understanding the Testamentary Effects of Community Property Rules
Due to a lot of people moving to Florida, the state has community property rules that are important in legal decisions. In 1992, the Florida probate laws were changed to include a version of the Uniform Disposition of Community Property Rights at Death Act. This act affects what happens to a person’s property after they…
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Servants of a Masterful Conflict
In a perfect world, a Florida real estate transaction would involve the buyer and their lawyer, the seller and their lawyer, a representative from the mortgage lender, and a title insurance agent. However, in reality, the buyer’s lawyer often takes on multiple roles, such as issuing title insurance, handling the lender’s documents, and preparing the…
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Five Tips Every Real Estate Practitioner Should Know About Defective Deeds
Real estate professionals often deal with mistakes in deeds, which can sometimes be fixed easily or might not even matter. The first thing to do is figure out if the mistake is harmless or if it will cause serious problems. If it’s harmless, it can be ignored for now, but it’s still best to fix…
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Judgment Liens on Real Property: Recent Decision Causes Uncertainty for Title Companies, Bankers, and Lawyers
The Florida Legislature prescribed a 10-year period for judgment liens on real property, with an option to renew for another 10 years. A recent court decision has caused confusion and could affect lenders, title companies, and homeowners. It means old judgment liens that were previously ignored may now cause problems for homeowners trying to refinance…
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The Impact of Unlicensed Contractor Activities
If you’re working in construction, you need to have a license from the Florida Department of Business and Professional Regulation. This is important because without a license, any contracts or legal rights you have might not be enforceable. This means that if you want to change your business structure or merge with another company, you…
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The New Homestead Trap: Surviving Spouses Are Trapped by Life Estates They No Longer Want or Can Afford
Florida’s homestead laws are causing problems for surviving spouses. The cost of living in their homes has gone up, including property taxes, insurance, and special assessments for hurricane damage. Many surviving spouses can’t afford to live in their homes anymore and want to move, but they’re trapped because they can’t sell or change their life…
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Foundations of the Procuring Cause Doctrine
These are stories about real estate agents in Florida. They get their money from selling houses, so when there’s a dispute over who should get paid, it’s a big deal. The legal principle that comes into play is called the procuring cause doctrine, and it applies to both residential and commercial real estate. It’s a…
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The Status of Florida Law on Contract Zoning: Practical Drafting Suggestions to Avoid Contract Zoning Claims in Settlement Agreements
In 1956, the Florida Supreme Court ruled that local governments cannot make secret deals with developers to change zoning laws in exchange for certain conditions. The case, Hartnett v. Austin, involved a challenge to the City of Coral Gables’ decision to rezone a property for commercial use. The court ruled that requiring future contracts between…
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Bacardi on the Rocks
Parents in Florida may create a trust to protect their child’s inheritance from their spouse in the event of a divorce. However, there is uncertainty about whether a former spouse can still access the trust assets for certain types of judgments. This is a complex issue that may need clarification in Florida laws. In this…
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Are Florida Laws on Tenancy by the Entireties in Personalty as Clear as We Think?
In basic terms, at common law, there was some doubt about whether a married couple could jointly own property with the right of survivorship or by the entirety. This is because specific requirements, called “unities,” had to be met for these types of ownership. Tenancy by the entirety (TBE) is a form of ownership only…
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Close Encounters of the Referendum Kind
Amendment 4 in Florida proposes that voters should have the final say on all comprehensive planning decisions. If approved, this amendment would require a public vote on any new land use plan or changes to an existing plan. This means that local representatives would not have the final say, and decisions would be made by…
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But Is It a Condominium? Village of Doral Place Association, Inc., v. Ru4 Real, Inc.
The court case Village of Doral Place Association, Inc. v. RU4 Real, Inc. is about whether a tax deed for a condominium common area was valid. The court said it wasn’t, but they mixed up condos and subdivisions. This article explains the mix-up and shows how the case doesn’t set a precedent for turning subdivision…
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The Mortgage Foreclosure Crisis in Florida: A 21st Century Solution
Florida is facing a big problem with lots of people losing their homes because they can’t pay their mortgages. This is causing a lot of problems for the courts and the economy. It’s estimated to cost $9.9 billion per year and affect over 120,000 jobs. The problem is only getting worse, so we need to…
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Ten Tips for Handling Complex Probate
When someone dies, only one person can be the lawyer’s client, and it’s usually the one who can pay the fees and has the authority to handle the legal matters. It’s important to figure out who the client is before any meetings or discussions. In some states, the lawyer represents the person in charge of…
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The Loss of Homestead Through Rental
Recently, there have been conflicts between property appraisers and homeowners over the right to rent out their homesteaded properties. Property appraisers have been revoking the homestead exemption for homeowners who rent out their entire homes for long periods of time, saying it means they no longer live there. However, some homeowners who rent out their…
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The Successor Developer Conundrum in Distressed Condominium Projects
The question of whether to become a successor developer in a distressed condominium project is a complex one. There are both advantages and disadvantages to this status. Advantages may include gaining certain rights and control over the condominium association, while disadvantages may include potential liability and loss of control. The ability to control the board…
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It’s Up in the Air: Air Rights in Modern Development
The Romans came up with the idea that if you own land, you also own the space above it all the way up to the sky. But when airplanes came along, the government had to make some rules so that they could fly safely. Now, the government owns the airspace way up high, but people…
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New Condominium Exemption to the Interstate Land Sales Full Disclosure Act
The Interstate Land Sales Full Disclosure Act (ILSA) has been amended to exempt condominium units from registration, but they still have to follow anti-fraud rules. This is good news for Florida developers, who were facing a lot of lawsuits from buyers. The amendment helps developers avoid the time-consuming and expensive registration process. Previously, developers used…
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Estate Planning: Death Soon After Divorce
During a divorce, it’s common for people to want to change their will and other documents right away. But in Florida, the law already protects divorced people from their ex-spouse inheriting their assets, even if they forget to update their will. However, it’s important to make sure beneficiary forms for things like life insurance and…