Choose a Florida Real Estate Attorney as Your Closing Agent

Florida Real Estate Attorney as Your Closing Agent

If you are buying and selling a property in Florida, then it is important to choose the right closing agent to ensure that the title is conveyed properly and free of any liens or encumbrances.

Hiring an experienced Florida real estate attorney as your closing agent adds an extra level of protection to your closing, which is just one of the benefits of choosing a real estate attorney as your closing agent instead of a title company.

Additionally, title company workers are legally barred from giving legal advice, unless they are also a licensed attorney. However, if you choose a Florida real estate attorney as your closing agent, they may be allowed to provide you with legal advice throughout the closing, depending on who they represent.

When a Florida real estate transaction involves foreign persons or entities, there are additional requirements and responsibilities that need to be addressed during the closing.

Failure to properly process these requirements could result in severe penalties. For example, if you fail to process FIRPTA matters within the allotted time, or if they are processed incorrectly, it can result in severe monetary penalties to the Buyer.

If you are the seller of a property, then you should contact an experienced Florida real estate attorney before you put your property on the market. The attorney can assist you in obtaining a title search to discover any liens, unpaid mortgages, and other clouds on the title that will need to be addressed before the property can be sold and the deed can be conveyed.

In some circumstances, there may be steps that we can take to clear these clouds before there is even a buyer for the property. This will result in a faster and smoother closing.

If you are thinking about selling your property in Florida or if you are purchasing a property in Florida from a foreign seller, then contact Boyer Law Firm, P.L. today to see how we can assist you.

A Florida Trust May Protect Your Heirs from a Large Estate Tax

Florida trustA Florida trust is an estate planning document that has many benefits, including tax benefits.

A Florida trust can own many different types of property, such as a business, a house, a commercial property, bank accounts, brokerage accounts, and more. One of the greatest benefits of a trust is the estate tax benefits for your heirs when you pass away.

Estate Planning in Florida is especially important for foreign individuals because although Florida does not currently have an active Estate Tax, the Federal Estate tax exemption is capped at $60,000.00, and the top Federal Estate tax is 40%!

According to Zillow.com, a lead real estate search site, the average home price in Florida is over $170,000.00. If you had to pay a 40% tax on a $170,000.00 house with a $60,000.00 exemption, without taking into consideration depreciation and tax treaties, then that means you would have to pay $44,000.00 to the U.S. Federal government just to transfer your property to your rightful heirs, such as your children.

[$170,000-$60,000=$110,000*0.4=$44,000.00]

If you have children or other dependants, then you should consider setting up a trust in order to protect them in case anything should happen to you. Here at Boyer Law Firm, we assist international and domestic clients with Estate Planning, such as Wills, Trusts, Power of Attorneys, Living Wills, and more.

If you are a foreign individual who owns assets in Florida or if you are a U.S. resident with assets in Florida, then contact Boyer Law Firm today.

Purchasing a Property from a Foreign Seller? FIRPTA Required!

Don't Get Penalized Red 3D Words Fee Punishment Foul Rule BreakiIf you are purchasing a Florida property, then it is important to know if the seller is a foreign seller. It is also important to remember that all sellers are assumed to be foreign until proven otherwise.

Be careful with the definition of “foreign seller,” as even a single-member Florida LLC may or may not be subject to FIRPTA withholding depending on the tax structure of the entity. An experienced business law attorney should make the determination as to whether or not the seller is subject to a FIRPTA withholding.

If you are purchasing a property from a foreign seller, then a FIRPTA transaction will most likely be involved. There are certain exceptions to the FIRPTA withholding requirement, such as a residency exception and the ability to request a IRS Certificate, but failure to properly adhere to the procedure and timeline could result in large penalties and fines from the IRS.

Although the withholding is taken from the Seller’s funds in order to pay the taxes for the sale of the property, it is the BUYER’s responsibility to ensure the FIRPTA withholding is properly withheld and submitted to the IRS. If this procedure is not done correctly, then the BUYER will be fined and penalized.

Here at Boyer Law Firm, we specialize in conducting closings for foreign buyers and sellers and we have a great deal of experience in conducting real estate closings that include FIRPTA transactions. If you are purchasing a property from a foreign seller, then contact us today!

Avoid the Rent Monster with a Florida Investment Property

Florida Residential or Commercial Investment Property | Rent MonsterA Florida residential or commercial investment property is a great way to make money while living in or using a property instead of feeding the rent monster. The rent monster eats your rent money every month because instead of turning that money into equity on your condo, house, or store, the money simply disappears as if it was eaten by the “rent monster.”

The truth of the matter is that in this real estate market it is not much more expensive to buy a commercial or residential property than it is to rent one. In some cases the cost of a mortgage is actually less than the cost of rent. Additionally, if you invest in a shopping center, strip mall, or apartment complex, then you can also earn supplemental income from the other tenants in the building.

If you are interested in purchasing a Florida residential or commercial investment property to avoid the rent monster, or if you want to purchase one of these properties for another use, then contact Boyer Law Firm’s real estate attorneys today.

It is important to contact Boyer Law Firm, P.L. BEFORE you make an offer on the property, as there may be steps we can take beforehand to expedite the Florida real estate closing process once the offer has been made and accepted.

Broward County Will Stop Assigning Book & Page Numbers

Broward CountyBroward County, Florida announced in a press release that they will stop assigning Book & Page numbers in the Official Records book type, affecting the majority of the documents recorded beginning January 1, 2015. An “Instrument Number” will be generated for these documents at the time of recording.

Any documents recorded on or after January 1, 2015 must be referenced using the Instrument Number only. The exception will be for large format documents. This change is in preparation for a transition to a new database format and new recordation system software.

Since book and page numbers are often included in the legal descriptions for real property (which are placed on a deed), this change may affect the way legal descriptions are written.

As with any new policy, tweaks will most likely be made as the system is established.