Tag: real-estate
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What is the role of a legal representative in a property closing?
Who attends the closing/settlement? A legal representative safeguards your interests in a property closing. Legal experts specializing in property law will meticulously examine all agreements to identify and address any potential obstacles that might impact the closing process. It is essential to have a dedicated representative advocating for your concerns throughout the closing procedure. A…
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How much time does it usually take to obtain a real estate license in Florida?
How long does it typically take to obtain a real estate license in Florida? How long does it take to become a licensed real estate agent in Florida? How much does it cost to take the state real estate exam in Florida? What steps do I need to take to obtain my real estate license?…
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How can I participate in real estate investment?
There are various methods to engage in real estate investment. In fact, integrating real estate investment into your estate planning can be highly advantageous ? employing trusts and other legal instruments to safeguard you and your enterprises. If you are considering real estate investment, it is crucial to contact a legal team promptly.
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What is the process of wholesaling real estate?
Wholesaling entails an investor entering into a contract with a homeowner for the purchase of their property, and subsequently promoting that property to other potential buyers. Once a new buyer is identified, the investor will either double close on the property or transfer their rights under the contract to the new back-end buyer. You can…
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How much title insurance should I obtain for my Florida property?
How much does title insurance typically cost? What is the purpose of title insurance, and why is it necessary? What are the various categories of title policies? It is recommended to have title insurance coverage equal to the fair market value of the real estate. While homeowners often remember to update their insurance coverage annually,…
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What is the typical duration of the probate process?
What is the usual timeframe for probate in Florida? The time it takes to complete probate can differ based on the specific type of probate required, potential disputes among involved parties (such as challenges to the validity of a will), and the need to sell real estate during the probate administration. Generally, probate in Florida…
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What are the steps involved in formal probate proceedings in Florida?
What does the process of Florida Probate entail? What happens during the probate process? The probate process can simply be described as the legal proceedings required to transfer title of assets belonging to a decedent, into the names of the correct beneficiaries. As a hypothetical, let’s assume your relative passes away. If at the moment…
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How large of a building can I construct on the real estate I acquired?
The size and height of a building to be constructed on real estate is determined by the zoning regulations of the city/town where the real estate is situated. The zoning regulations impose different limitations on the height and area of the building. It is advisable to review these limitations prior to purchasing the property.
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What tax advantage do I receive from owning real estate?
Mortgage interest deduction: The main benefit of owning real estate comes from the ability to deduct the interest on a home mortgage or a home equity loan. To be eligible for this income tax deduction, the loan must be for your primary residence or a vacation home that is not rented out to others. The…
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What is the “Closing”?
The closing is a final meeting of all the parties involved in the real estate transaction. Attorneys for Party A, Party B, and Party C convene with sellers and buyers to sign and officially transfer title to the buyers. A representative of the title insurance company will also be present to facilitate the transfer of…
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Getting a Mortgage in Florida: What You Need to Know
– The Florida definition of a mortgage includes any written instrument securing the payment of money, and the word “debt” includes promissory notes, bonds, and other written obligations for the payment of money. – A valid mortgage in Florida should identify the encumbered real property, reference the debt, be executed, delivered, accepted, and acknowledged by…
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Common Problems for Renters: Wilkes & Mee
1. Be cautious when screening potential tenants and conduct thorough background checks to ensure they are reliable. 2. Ensure all lease agreements are legally sound and clearly outline the responsibilities of both the landlord and tenant. 3. Regularly inspect the property to identify any maintenance or safety issues that need to be addressed. 4. Promptly…
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“Can the Government Take Down Signs and Billboards in Florida?”
– The Highway Beautification Act of 1965 allows the federal government and states to control and restrict the construction of new billboards along interstates. – Florida has its own laws to limit new billboard construction and protect the rights of existing billboard owners. – If a statutory limitation terminates vested rights to a pre-existing billboard,…
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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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Resolving Problems Between Tenants and Landlords in Florida
– Tenants in Florida have the right to sign a written rental agreement to ensure transparency and clear terms for both parties. – If the landlord breaches the lease agreement, the tenant may initiate legal action. – Landlords in Florida may not violate codes and statutes, such as discriminatorily increasing rent or decreasing services to…
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Common Problems in Resolving Property Titles
– Issues with property ownership can arise when someone dies without a clear heir, leading to potential disputes over property rights. – Poorly recorded or unrecorded liens on the property from previous owners can also create complications, as well as new liens placed on the property after it has been sold. – Title insurance policies…
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How to Get Business Licenses and Permits in Miami, Florida
– Our business license lawyer in Miami is knowledgeable in the requirements and regulations for obtaining business licenses, occupational licenses, and permits in Florida and across the United States. – They can provide legal guidance and representation to ensure that businesses are in compliance with all necessary licensing requirements. – Our lawyer can assist with…
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Florida’s Lost Tax Revenue: The Unintended Consequences of a Documentary Stamp Tax Loophole
The Florida documentary stamp tax on real estate transfers is imposed on the consideration paid on real estate transfers, such as cash paid for a transfer by deed, at a rate of $700 per $100,000 of consideration. There are exceptions to the tax, such as unencumbered property transferred between spouses as a gift, transfers by…
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How to Win a Quiet Title Lawsuit in Real Life
Step 1: Consultation with a knowledgeable attorney in quiet title actions is crucial for success. It is important to hire an attorney who specializes in quiet titles to ensure a quicker process. Step 2: Provide all requested documentation to your attorney, such as tax deeds, property transfer deeds, and mobile home VIN numbers, to support…
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Understanding the Real Estate Purchase Agreement
– The real estate purchase agreement is a binding document that protects both the buyer and seller in a property transaction. – It includes details about the property, the agreed-upon price, and the names and signatures of the parties involved. – It also outlines the closing date, expiration date of the offer, and who will…
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Buying a Vacation Home: How to Save on Taxes
1. To postpone gain on the sale of a rental property and purchase a vacation home, the replacement property must meet the “like-kind exchange” rules in the Tax Code. 2. The replacement property must be held for investment or use in the taxpayer’s trade or business at the time of the exchange, and the taxpayer…
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“When a Real Estate Deal is Official”
– The real estate contract becomes binding once the seller accepts the offer made by the buyer. – The contract, also known as a purchase agreement, sets out the rights and duties of both parties and includes expectations of behaviors and actions to be taken by each party. – Once both parties sign the contract,…
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“Florida Home Sales: What Sellers Must Tell Buyers”
1. Every state has different requirements for disclosure when selling residential property. 2. In Florida, it has always been a violation of the law to misrepresent material facts. 3. Prior to 1985, remaining silent and not disclosing material defects was not a violation of the law. 4. The 1985 Johnson v. Davis opinion created a…
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“Understanding Non-Compete and Non-Solicitation Agreements”
– Non-competition and non-solicitation agreements, also known as restrictive covenants, aim to protect employers from unfair competition by former employees. – Under Florida law, restrictive covenants are enforceable if they are in writing, signed by the employee, and reasonably necessary to protect the legitimate business interests of the employer. – Employers should be reasonable in…