Loss of Residency Status From an Overseas Trip

If you have a green card and stay out of the U.S. for an extended period of time, you could risk losing you residency status.

Legal Permanent Residents (green card holders) can be considered to have abandoned their permanent resident status if they move to another country intending to stay their permanently or remain out of the country for over a year without obtaining a reentry permit or a returning resident visa.

Photo Courtesy of Stockfreeeimages.comAlthough LPRs are allowed to stay outside of the U.S. for up to a year, if they remain out of the country for any length of time it could raise suspicion with immigration officers; The LPR could be found to have abandoned his permanent resident status.

LPRs should apply for a reentry visa before they leave the country if they plan to be gone for an extended period of time. This visa is valid for two years, but any length of absence from the U.S., even less than a year, may be considered abandoning permanent resident status. Reentry permits should make it easier to prove that the LPR is returning from a temporary visit abroad, which will greatly increase the chances of reentry.

LPRs may also lose their status if they fail to file their income taxes, declare themselves as a “nonimmigrant” on their tax return, or move and fail to inform the Department of Homeland Security. Male LPRs between the ages of 18 and 26 are also required to register with the Selective Service.

Sources: USCIS , VisaPro , ImmigrationUnitedStates.org

Real Estate Closing Process in Florida

Image courtesy of Stockfreeimages.comThe real estate closing process in Florida customarily follows a series of steps. As a result, even the simplest transaction can take between 30-45 days to close.

Once the buyer and seller of a property have agreed to an offer, it is drafted in writing, signed by the buyer and seller, and an initial escrow deposit is made by the buyer.

After the escrow deposit is made, the buyer’s lender or real estate agent (depended on whether the transaction is a cash sale or being financed) will send a request for title to a closing attorney chosen by the buyer.

The closing attorney will then process the file by ordering documents such as tax information, loan payoff statements, and inspection reports. At the same time, the attorney will order a title search from an insurance underwriter. This searches any documents in public record that may affect the title of the house such as deeds, liens, or divorce settlements.

If everything is clear after reviewing the documents, the closing attorney will verify that the “seller” is the legal owner of the property and will make note of any debts owed.

The attorney will then prepare all of the closing documents, such as a HUD Form 1, if a RESPA transaction, or a Closing Statement, a Warranty Deed, and any Affidavits that may be needed for clearing title. These documents may go through several drafts and revisions, but they will be approved by the buyer and seller well in advance of the actual closing.

Finally, a date and time is scheduled for both parties to show up and sign the closing documents, this process also maybe done electronically. After this is complete, the transaction will disburse, and certain documents will be sent to the county in which the property is located to be recorded.

Does this process sound a little confusing?

It is. That is why it is important to find a real estate attorney to help move the process along in an efficient manner.

Sources: Federal Title & Escrow Company, Trulia

Technology of a Large Florida Firm, Personality of a Small Florida Firm

Clarity Photo Courtesy of Stockfreeimages.com

Whether you’re going to buy groceries or hiring an attorney, costs and fees are always a concern. That is why we at Boyer Law Firm insist on a written fee agreement with you, the client. We have hourly, contingency and flat fee rates, and we offer convenient online payments with Visa, MasterCard, and Paypal.

We take time to explain any questions that our clients may haven order to provide comfort for you and confidence in our firm.

Technology

We maintain all of our files in electronic format using the latest technology available to large firms, which we have chosen to acquire. Every document is scanned within 24 hours, read,Photo Courtesy of Stockfreeimages.com analyzed, and processed. We will often email you the document as well in order to keep you updated on your case. We want to make sure that we are providing for you, our client.

We have subscriptions to online, specialized legal software to access the most up-to-date legal information, case laws, and statutes that may be relevant to your case.

Our central server allows our staff to access information and documents relevant to your case from anywhere, anytime, including while in court, while traveling, and even overseas!

Our case management software allows us to schedule with greater precision. This allows us to not only stay on top of your case, but also to plan well ahead of deadlines imposed by law.

Personality

Because we are a small firm, we are able to build a lasting relationship with our clients. We understand that legal matters usually take an emotional toll on all parties involved, and we strive to show compassion in every case.

If you need legal representation regarding business law, international law, immigration, real estate or estate planning, please contact us today.

Now is the Time for Foreign Investment in Florida

Foreing Investment in FloridaThe diminished value of the U.S. Dollar is still offering the opportunity to make money for foreigners who invest in real estate in Florida.

With the rise in short-sales and foreclosures, foreign investors are able to buy properties for a low cost. Investors are able to buy a multi-family home for the cost of an efficient apartment in their own country.

In addition, because many Floridians are now renting instead of buying, there is an opportunity to make a true investment that will gain profit not only from an eventual resale, but also through renting out properties such as condos, which many foreign investors are buying in bulk.

Management and repair costs are also lower in Florida than in many foreign countries. Foreign investors who rent out some properties are estimated to receive a 10-15% return rate.

Even if you are looking to buy a second home on one of Florida’s sunny beaches, renting the property out on a seasonal basis can still result in profit gain (not to mention a nice place to get away.)

Foreign investment in Florida is becoming more popular, and, as a result, the number of properties available is diminishing, and the price of these properties is expected to increase as the demand does. The trend is already in full affect in South Florida areas such as Miami, and it is expected to be replicated in other coastal areas of Florida in a South to North pattern.

Sources: Condo Owner, Equity First

*Image courtesy of stockfreeimages.com

Florida Registered Agent

All companies in Florida, whether they be corporations, LLCs, Limited Partnerships, etc., are required by law to designate and maintain a registered agent. Failing to do so can result in civil sanctions such as fines or loss of incorporation.

A registered agent acts as the company’s representative for receiving Service of Process of important documents, such as legal documents, notices from state agencies, and tax documents from the IRS. Your registered agent is the only person authorized by the State of Florida to receive these documents.

A registered agent must have a Florida address, not a P.O. Box, and be open to the public during regular business hours.

It is a good idea to hire an attorney for your company’s registered agent. This will ensure these important documents get to you in a timely fashion.Florida Registered Agent

One of the main benefits of hiring an attorney as a registered agent comes in the instance that the company is sued. If this occurs, the company has 20 calendar days to respond. If not, it could result in the automatic loss of the case by default or a much greater expense to defend the case.

A lawyer will also insure that you understand the importance of maintaining your corporate formalities, such as annual returns, corporate minutes, and annual meetings for your company. This is critical to maintaining your personal liability protection.

Sources: EHow.com , Florida Registered Agents

*Image courtesy of stockfreeimages.com