Florida Real Estate - boyerlawfirmblog.com

Broward County Will Stop Assigning Book & Page Numbers

Broward 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.

Low Down-Payment Mortgages for First-Time Homebuyers in Florida

Fannie Mae and Freddy Mac have released news that they will begin to accept mortgages for first-time homebuyers in Florida and throughout the U.S. with down-payments of as little as 3%. The mortgage giants have stated that there will be procedures put into place to ensure the borrowers will be able to repay the loans. This will include income verification requirements.

In addition to choosing a real estate agent who can properly assist you, it is just as important for first-time homebuyers in Florida to choose an experienced closing agent, such as Boyer Law Firm, P.L.

If the closing agent does not properly conduct the Title Search and closing process, then you could be subject to a Title Insurance Horror Story. Not conducting a proper title search could result in issues such as forgery, contractor’s liens, easements, zoning and building restrictions, unpaid mortgages, and more.

Things to consider for first-time homebuyers in Florida:

1. Perform a title search on the property before making an offer so that you may discover any blemishes on the Title that need to be corrected. These “blemishes,” such as an unpaid mortage, could affect both the closing costs and the closing timeframe.

2. Perform a home inspection on the property before making an offer

3. Consider having a land survey performed on the property.

4. Ensure that all utility bills are paid and up to date

5. Determine if the property will need flood insurance

If you are a considering purchasing or selling real estate, then contact Boyer Law Firm, P.L. to see how we can assist you.

Flipping Houses in Florida: For Individuals and Businesses

House-flipping in Florida and throughout the United States has become increasingly popular. There are even entire television channels devoted to shows about people purchasing properties, fixing them up, and then selling them for a profit.

If you are interested in flipping houses in Florida, then it is important for you to not only find a real estate agent who you trust, but it is also a good idea to develop a relationship with a Florida real estate closing attorney. Here at Boyer Law Firm, we have assisted both individuals and businesses with Florida real estate closings, including performing a closing on multiple properties with the same person or business.

Developing a relationship with a Florida real estate closing attorney will assist you not only in making the closing process go smoother, but by developing that relationship with a law firm such as Boyer Law Firm, P.L., we will also be able to assist you with other aspects of your business, such as contracts, ensuring that your company documents are properly drafted and recorded, estate planning for the owners and employees of the company, referrals to other professionals you will need to work with during running your business, and more.

If you are a foreign individual who is interested in starting a business flipping houses in Florida, then this could also be a path towards and investment visa. It is important to note that a real estate investment company does hold a higher standard as to the amount of capital the investor must commit, but if you are willing to do so, then it could be a great business to start.

FIRPTA Real Estate Transaction Process for Foreign Sellers

If you are a foreign individual and you are selling your property, or if you are a buyer purchasing a property from a foreign seller, then you will most likely be subject to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA).

In a FIRPTA real estate transaction, 10% of the sales price is withheld from the sellers’ proceeds by the IRS until their tax return is filed the following year. The reason behind FIRPTA is to ensure the foreign seller pays the taxes on the proceeds for the property. Before FIRPTA was enacted, the federal government had no procedure to ensure these taxes were paid, as many foreign sellers of real estate had no further connections to the US after the sale of their property.

It is ultimately the buyer’s responsibility to ensure the FIRPTA real estate transaction process is properly conducted. If the buyer does not properly conduct the FIRPTA process, then they could be subject to penalties for the taxes not paid by the seller.

Here at Boyer Law Firm, we specialize in conducting real estate transactions with both foreign sellers and buyers and have performed multiple closings involving FIRPTA transactions. We not only are familiar with the process, but we work with CPAs who are also familiar with the FIRPTA process to ensure that both the buyer and seller meet all of the FIRPTA requirements so no future complications or consequences arise.

We have seen first-hand the unnecessary additional work that can arise when a FIRPTA transaction is not properly conducted.

Selling a property that involves a FIRPTA transaction requires early preparation to ensure timely action, even before listing the property for sale. Although there are many companies who are able to conduct real estate closings in the state of Florida, there are many advantages to hiring our firm to conduct your real estate closing, including the legal expertise that only an attorney can provide.

Home Prices in Florida Vary Depending on Location

Home prices in Florida and cost of living in Florida vary throughout the state. This blog is a response to a recent question we received from a foreign individual inquiring about the different home prices in Florida.

According to Trulia.com, a website that lists homes for sale, Monroe County, which includes the Florida Keys and Key West, is the most expensive county in which to purchase a home. Miami-Dade County is second on the list.

If you are interested in moving to Florida, and especially if you will be setting up a business, it is important to research the cost of living and the cost of doing business in the area in Florida where you are planning to move. This includes not only home prices, but commercial real estate price and other costs such as food, electricity, suppliers, and more.

Miami is the city that is most known and desirable to foreign individuals, but there are many other desirable cities to move to in Florida. Orlando is another city that is popular, which may be a reason why it also tops the list of expensive real estate; Orange County’s average home price is almost $300,000 according to Trulia.com.

The most popular counties to purchase homes according to the site include Miami-Dade County, Orange County, Sarasota County, and Saint Johns County.

The greater Jacksonville area, which includes Duval County ($174,650), Clay County ($184,413), and Saint Johns County ($240,000), is a nice alternative to Orlando and Miami to live and run a business.

If you are interested in moving to Florida and/or setting up a business in Florida, then contact Boyer Law Firm’s business law and real estate attorneys today.

If you have a question or suggestion of a topic you would like to see on this blog, then contact Office@BoyerLawFirm.com today.

Setup a business to purchase property in Florida

A piece of real estate, whether it is a Florida residential property or a Florida commercial property, can be purchased by different types of owners. These include individuals, multiple individuals, married couples, LLCs, corporations and other types of businesses.

If you are purchasing a property in Florida to rent out or to use for your business, then it may be a good idea to setup a Florida LLC or corporation in order to purchase the property. There are various advantages and disadvantages to doing so, and a Florida business attorney, such as Boyer Law Firm, P.L. will be able to explain these to you so that you can make an informed decision.

If you want to setup a business to purchase property in Florida, then it is very important that the company be properly registered to do business in Florida, as the name will be used in the real estate transaction and recorded on the Deed in the public records of Florida.

Here at Boyer Law Firm, we can assist you not only with ensuring that the company is properly registered, but we can also assist you in drafting the Operating Agreement for your company. This Operating Agreement will become a key factor in determining who can sign the closing documents for the company, responsibility for maintaining the property, selling the property, and more.

If you want to set up a business to purchase a property in Florida, then contact Boyer Law Firm, P.L. today.

Why You Should Hire an Attorney as Your Florida Real Estate Closing Agent

Buying or selling a house or commercial property is one of the most important transactions an individual, couple, or business will ever make.

Although your real estate agent may suggest a Florida closing agent they normally work with, it is ultimately the decision of the buyer or seller, depending on who is paying the closing costs, to choose the Florida closing agent for their Florida real estate transaction. Hiring a Florida real estate closing attorney as your closing agent has many benefits including:

– Access to a title search that is only available to attorneys: This title search is often more accurate than the title searches performed by non-attorney closing agents.

– Review of Title Search:Hiring a Florida real estate attorney, such as Boyer Law Firm, P.L., will ensure that the issues (clouds) found on the title search are properly resolved before the closing is completed and the property is transferred. If this is not done properly, the clouds on the title, such as an unpaid mortgage or unpaid homeowner’s association fees, could transfer to and become the responsibility of the buyer of the property.

– Drafting and Review of Documents: Because only an attorney can offer legal advice and draft additional documents that may be needed, it is highly beneficial to hire a Florida real estate attorney to draft the closing documents for the sale of the property.

– Fees/Costs: The fees for a real estate closing are often the same and the State of Florida sets the cost for title insurance premiums.

Boyer Law Firm’s real estate closing attorneys can expertly perform all of the above mentioned tasks and more. Additionally, because we specialize in Florida real estate transaction with foreign individuals and companies, we have created a system that is ideal for buyers and sellers who are not necessarily in the same city, state, or even country of the property being sold.

Because we are experts in Florida real estate closings involving foreign individuals, it allows us to transact Florida real estate closings involving domestic individuals with even greater ease.

If you are buying or selling a property in Florida, contact Boyer Law Firm’s real estate attorneys today.

Florida Ancillary Probate Process for Property in Florida

There are many people who own property in Florida but do not live here year round. If a loved one passes away in another state or country while owning property in Florida, then the estate must be probated in at least two places: the principle place of residence and in the Florida County where the property is located.

The above described “secondary probate process” for the decedents’ real property, such as a house or condo, and personal property, such as a car or jewelry, is referred to as ancillary probate.

The Florida ancillary probate process is important. It is the responsibility of the personal representative of the estate of the deceased to ensure that the Florida ancillary probate process is properly conducted according to Florida law. This may include a legal requirement to hire an attorney to represent both you as the personal representative as well as the estate of the deceased.

The ancillary probate process can be less complex or just as complex as the regular probate process, depending on the circumstances of the deceased’s estate, the presence or lack of disputes between the heirs and interested parties, whether or not there was a will, and whether or not the property in Florida was included in the will.

Florida is known as a great place to retire, which is why it is common for ancillary probate to occur in Florida. Here at Boyer Law Firm, we have assisted both American and international clients with the Florida ancillary probate process. Due to our regular dealings with both international law and international clients, we have developed a system that allows you to stay in your home state or country while the ancillary probate process takes place, lessening the hassle of an already burdensome situation.

If your loved one passed away while owning property in Florida, then contact Boyer Law Firm today.

Tim Tebow Purchasing Commercial, Residential Property in Jacksonville

If you are a college football fan, then you have probably heard of the previous University of Florida quarterback Tim Tebow, who played high school football for Nease High School in Jacksonville, Florida.

After a short career in the NFL, Tebow has begun to set roots back in Jacksonville. He recently purchased both residential and commercial properties in Northeast Florida.

According to the Jacksonville Business Journal, Tebow recently purchased a $1.4 Million home on the Southside area of Jacksonville, and on Monday, just a few weeks later, he purchased a new commercial property, a restaurant in Oakleaf Town Center, for $850,000.00.

It is not uncommon for U.S. and foreign entrepreneurs to purchase both a commercial property to run a business as well as a residential property in which to live.

When you are starting a business, there are a lot of other factors that need to be considered.

Here at Boyer Law Firm, P.L. we are equipped to assist you in the purchase of both commercial and residential real estate, as well as other areas of law. Using the same law firm to assist you in multiple matters can be beneficial in many ways. These include developing a relationship with you attorney and the staff, being able to go to the same place for all of your legal needs, and not having to perform repetitive work, such as providing basic information to different firms.

In addition to both commercial and residential real estate, we can assist you with our other specialty areas, such as immigration visas, business formations, and estate planning. Contact us today to see the many ways we can assist you in both your professional and personal affairs.

Investment in Real Estate in Florida for International Clients

As a Board Certified Expert in International Law, Attorney Boyer and his staff assist foreign and international clients with the purchase of both residential and commercial real estate in Florida.

We assist foreign and international clients with the purchase and sale of single-family homes, multi-unit apartment complexes, retail business locations, hotels, shopping centers, and more.

Our office is equipped to cater to the overseas purchaser through electronic documents and signatures, a network of email and telephone communication, and referrals to additional professionals you may need if you do not speak English or prefer to converse in your native language.

In addition to assisting you with the purchase of your home or commercial real estate in Florida, Attorney Boyer can also assist you in other matters, such as immigration and visas, business creation and planning, and much more.

Because we are equipped to handle international real estate transactions, we also apply that to our domestic real estate transactions. Our procedures to handle international transactions make domestic transactions that much more convenient for everyone involved.

If you are interested in purchasing or selling a home in Florida, then it is never too early to contact Boyer Law Firm, P.L. to assist you with the transaction. There may be steps we can take before you even make an offer on the property that will expedite the process.

Whether you are a Florida resident or a foreign investor, Boyer Law Firm’s international real estate attorneys can assist you with the purchase or sale of your property in Florida.

Spring Cleaning For Your Business: Florida Corporation or Florida LLC

There are many entrepreneurs who have multiple interest and, as a result, have multiple businesses or multiple aspects to their current business.

If you are an entrepreneur who is thinking about expanding your business into an additional area, then it may be a good idea to create a new company, whether it be a Florida Corporation or Florida LLC.

For example, you may want one entity for your real estate transactions and a separate entity for your retail sales.

If your business is domesticated in another state or country, and you are considering doing business in Florida, then you must register to do business with the State of Florida.

There are many factors when determining what type of business entity (Florida LLC, Florida Corporation, etc.) is best for your business, including asset protection, liability and more. If you are unsure that your business formation is the correct model for your business, then you should schedule a business planning meeting with a Florida business law attorney to discuss your options.

If you are interested in forming/incorporating your Florida Corporation or Florida LLC, or you would like to schedule a business planning meeting to discuss your options with our business law attorneys, then contact Boyer Law Firm, P.L. today.

Why You Need an Attorney for Florida Commercial Rentals

Florida commercial rental properties can be an excellent first or second source of income.

There is money to be made in the Real Estate Market, and the two best ways to make money in this market are through house flipping or owning rental properties. Florida commercial rental properties will obviously provide you with a greater return than residential properties, as the cost of Florida commercial real estate is greater in general, but Florida commercial rentals are also more complicated than residential rentals.

Florida commercial rental Lease Agreements can be up to 75 pages long and very complex, which is why it is important to have a Florida real estate attorney review the lease agreement, whether you are the landlord or the tenant.

If you are the owner of a residential property, whether it be an apartment complex, a single-family home, or a condo, then it is also important for a real estate attorney to review the lease agreements.

Additionally, you want to make sure that the property you purchase to rent out has a “clear title.” This is done by hiring an experienced closing attorney to handle your real estate closing. If the property does not have a clear title, then you could run into various, serious problems, especially if you are going to rent out the property to a third party.

If you are interested in purchasing a property to rent out or have a commercial lease agreement you need reviewed, contact Boyer Law Firm, P.L. today.

Can I Pick the Closing Agent if I am Purchasing Property in Florida?

Although it is customary in the industry for the Seller of a property to pick the Florida closing agent, it is beneficial to the Buyer of a property to choose the closing agent, especially if the buyer is from another country and/or English is not their first language.

Here at Boyer Law Firm, P.L., we have helped many domestic and foreign individuals, couples, and families purchase property in Florida.

We have experienced situations and in which a title company not headed by an attorney performed a title search in which they found only five (5) items that needed to be completed. When Boyer Law Firm, P.L. performed a title search on the same property in Florida, we found twelve (12) items, almost double of the original search and several of which were critical.

Since Title Insurance rates are set by the State of Florida, and are therefore uniform in the amount, there is no financial savings in choosing a title company over an attorney. Most attorney are title insurance agents for Attorney’s Title Services, which is considered the reference in the real estate industry. Only attorneys can join/use this Title Service, which is of the highest quality in diligence and conveying a clear and marketable title.

Who picks the Florida Closing Agent in a Real Estate Transaction?

Although there is no law regarding who picks the closing agent in a Florida real estate transaction, it is customary for the Seller of the property to choose the Florida Closing Agent. It is also customary for the party who chooses the closing agent to pay the “closing costs,” such as the deed recording, the title search, etc.

Specific closing costs vary on each real estate transaction.

If you are the seller of a piece of Florida real estate, you want to choose the Closing Agent so you will have control of the security deposit if the buyer chooses not to close and the contract provides for a non-refundable deposit. If the Closing Agent also acts as the Escrow Agent in the transaction, then the security deposit should be held in a trust account until the transaction is completed.

If you hire a Florida Real Estate Attorney as your Florida Closing Agent, they may be able to easily satisfy some of the items required by the Title Company before Title Insurance can be issued to the buyer. These items may consist of documents that are legally binding and should be drafted by an attorney.

If someone is interested in purchasing your home or business, then contact Boyer Law Firm’s Florida Residential and Commercial Real Estate Attorneys today.

Difference: Florida Residential & Florida Commercial Real Estate

Two types of properties when it comes to Florida Real Estate are Residential and Commercial.

Residential real estate refers to properties intended for people to reside in, such as houses, apartments, etc. Commercial real estate refers to a building or land intended to generate profit from capital gain or rental income, such as a storefront, apartment complex, office building, mall, etc.

It is important to differentiate between these two types of real estate when hiring a Florida real estate attorney because the process of buying or renting these properties can be very different.

Here at Boyer Law Firm, we concentrate on buying and selling both residential and commercial properties, and we handle commercial rentals and commercial landlord/tenant issues. We do not practice residential landlord tenant issues or assist tenants with residential leases.

If you are interested in purchasing a commercial property, then our commercial real estate attorneys can assist you with determining whether you should buy or rent the property. Commercial real estate transactions can be must more complex then residential real estate transactions, which is why it is important to hire a Florida commercial real estate attorney.

When renting a commercial property, it is important to have a Florida commercial real estate attorney review the lease agreement BEFORE you sign it. Remember, a lease agreement is a contract which can run up to 75 pages long! We have received many calls from people attempting to get out of a bad commercial lease agreement, and their issues could have been solved in a much easier and cost-efficient way if they had hired an attorney to review the lease before they signed it.

Our residential real estate attorneys can assist you in purchasing a Florida residential property in a quick and efficient manner. It is important to hire an experienced residential real estate attorney to assist you with the closing, including making sure the property has a clear title, which is done through a title search. If a proper title search is not performed on the property, then the buyer can potentially be stuck with many detrimental issues, such as these horror stories.

Contact our office today to see how our Florida real estate attorneys can assist you.

Can I Accept a Florida Quit Claim Deed When I Purchase a Property?

When purchasing a residential or commercial property, there are generally two types of deeds in Florida that will be used: a Warranty Deed and a Quit Claim Deed.

As a general rule, it is a bad idea to accept a Florida Quit Claim Deed instead of a Warranty Deed, especially if a proper title search has not been performed on the property. A proper title search should be conducted by a Florida closing attorney.

In most cases, if you purchase the property with a Quit Claim Deed, you may be subjecting yourself to many vulnerabilities, such as unpaid mortgages, unpaid property taxes, liens or encumbrances on the property, or even purchasing a property from someone who is not the owner! This is why it is generally a bad idea to accept a Florida Quit Claim Deed.

A Quit Claim Deed simply transfers any ownership the “seller” may have in the property (which could potentially be NO ownership) to the buyer without any guarantees as to the condition of the property.

There are, however, some cases where a Florida Quit Claim Deed may be acceptable, such as in a divorce, the probating of an estate (especially when there are many owners), and other specific cases.

If the seller of the property you want to purchase is offering you a Quit Claim Deed instead of a Warranty Deed or you believe a Quit Claim Deed would better fit your needs, then you should contact a Florida Real Estate Attorney immediately to ensure that you are protected.

Florida Commercial Lease Agreements

Location, Location, Location. Even with the increase in e-commerce, most Florida businesses still need a physical location from which to run their enterprise.

These Florida commercial real estate transactions can be much more complex than residential real estate transactions, which is why it is important to hire an attorney who specializes in commercial real estate to assist you with the purchase or lease of a commercial property.

Florida commercial lease agreements are often very expensive and long-term. If you sign a commercial lease agreement without fully understanding what you are signing, then some of the terms could potentially be detrimental to your business. In addition, if you are able to get out of a bad lease agreement, then it will most likely be a very expensive process.

The best way to protect yourself from becoming the victim of a bad Florida commercial lease agreement is to have a commercial real estate attorney review the document. Here at Boyer Law Firm, our commercial real estate attorneys are also experts in business law, allowing them to provide additional support through the commercial real estate process.

If you are interested in purchasing or leasing a piece of commercial real estate, then contact Boyer Law Firm today.

No Personal Income Tax in Florida Entices Individuals and Companies

There is a “Mass Exodus” of money moving from New York to Florida, according to Bloomberg Television, due to the difference of personal income tax between the states.

The super-rich are moving from New York City to Florida because Florida does not put a price on income, meaning that there is no personal income tax in Florida. Florida is one of only nine states that does not charge a personal income tax, and moving to Florida from another state could save an individual 6 – 13% on their income.

Individuals are not the only ones moving to Florida; we are also seeing companies and major corporations moving to Florida as well. Hertz has recently consolidated operations out of Oklahoma, New Jersey for Fort Meyers, Lee County, Florida, and ADT, Verizon, and others are following suit.

The nine states with low personal income tax are doing well with their state budget due to growth in the private sector. The lack of personal income tax in Florida is just one of the reasons that it is great to live and do business in Florida.

No Personal Income Tax In Florida: WATCH THE VIDEO HERE

What to Do Before Closing on a Property

When purchasing a home or office space, there are many factors to consider before closing on a property. Once you have found a property that you think you want to purchase, you want to make sure that you do your research before the closing.

Before you make an offer on the property, it may be a good idea to hire a Florida real estate closing attorney to perform a title search on the property, but at the very least, a title search should be performed before closing on the property.

Additionally, you want to make sure of the following before closing on a property:

–          A proper title search was conducted and the property is now free of all liens and encumbrances. If a proper title search is not performed, then you may end up in a horror story situation where the previous owner’s debts become yours.
–          A home inspection was performed on the property. Don’t put this off to the last minute.
–          Verify, or have your closing attorney verify, that all utility bills are up to date including electric, water, etc.
–          Determine if flood insurance will be required, as flood insurance rates are expected to increase by 25 percent.

Don’t wait until the last minute to have these items completed. You should contact a Florida real estate closing attorney at least three weeks before the date of your closing if you are currently in Florida, and more than a month before if you are overseas, in order for the closing to be performed correctly.

Jacksonville Hotel Market Improving

The Embassy Suites Hotel on Baymeadows Road in Jacksonville, Florida, located right by our Jacksonville office, sold to a group of hotel investors from San Diego for $8.8 million, or $41,900 per room, on October 10.

The Jacksonville hotel market has been steadily improving, and this trend is expected to continue; Revenue per room is up 9 percent from the beginning of the year. This buy is expected to be profitable for the buyers for the following reasons:

– The Baymeadows/Southside area of Jacksonville is home to about 45% of all office space within the Jacksonville market.

– Jacksonville is consistently rated one of the “Hottest Cities in America” for business expansions and relocations according to Expansion Management Magazine

– Jacksonville has been in the “Top 10” of that magazine for eight straight years and is the only city to claim the number one spot three times.

Because of the large investment and number of staff required to run a hotel, many foreign investors who purchase a hotel will also qualify for an EB5 visa. If you are interested in purchasing a Jacksonville hotel or starting another type of business, contact Boyer Law Firm’s business, immigration, and commercial real estate attorneys today.

Miami Luxury Condo Prices are Rising

At an asking price of almost $1,000 per square foot, the Miami luxury condo market is seeing a drastic increase in prices, and this trend is expected to continue.

There are currently about 10 luxury condo resales with a minimum asking price of $1.7 million, or $750 per square foot, which are under contract in downtown Miami. However, according to Condo Vultures, there are 85 more resales available, and their asking price is an average of $970 per square foot. This difference in pricing illustrates how quickly Miami luxury condo prices are rising.

Miami-Dade did not have the biggest increase in median sales (Broward County did with more than a 20 percent increase), it did have the highest median price at $159,000, a 5 percent increase from last year.

If you are interested in buying or selling a Miami luxury condo, then contact one of Boyer Law Firm’s real estate attorneys today.

Florida Closing Attorney for House Flipping in Jacksonville

Jacksonville home prices and house flipping are on the rise. Home prices in Jacksonville, Florida, jumped 18% in September, and the number of closed sales was up 25.1%.

Although home prices have risen, there are still “bargain basement properties” on the market, according to the Jacksonville Business Journal, and house flipping in Jacksonville has increased in the third financial quarter of 2013.

House flipping refers to a property that is bought and resold within six months. Most house-flippers will do this for multiple properties, often at the same time. One of the greatest assets that a Jacksonville house-flipper can have is a reliable and experienced real estate closing attorney who can ensure that the closings on these properties are done correctly and efficiently.

Here at Boyer Law Firm, we have helped both individuals and companies with house-flipping. If you are house flipping in Jacksonville, we understand that you need the closing to be done quickly so that you can earn your profit and move onto the next property, so contact us today.

A Title Search is a Must When Purchasing a Property

Owner’s title insurance protects the owner of a property against any mistakes that may have been made during the title search. A title search is a search of all official records on the property. It guarantees that there are no other owners of the property, that the person selling you the property is the legal owner, and that there are no liens or encumbrances on the property.

If issues are found in the title search, then the title company will provide the closing agent with a list of items, called a Commitment, that need to be fixed before they can issue title insurance on the property. This list of issues may include an unpaid mortgage on the property, liens from contractors or other workers who were unpaid, property taxes that were unpaid, and more.

There have been horror stories throughout Florida of fake closing agents and fake title companies that will claim a property is free and clear without even performing a title search.

If the closing agent ignores these items, then they will not be covered by the title insurance, and they will become your debts.

This is why it is so important to choose a reliable, experienced closing agent, preferably a real estate attorney. Here at Boyer Law Firm, our experienced closing agents ensure that every item on the Commitment is fixed and that the title is truly free and clear.

South Florida Business on the Rise

After being hit hard by the Recession, South Florida businesses are bouncing back. Broward, Palm Beach, and Miami-Dade counties have seen a 3.6 percent increase in business compared to the national average of only 0.3 percent.

A large number of these businesses are created by an influx of foreign investment and local entrepreneurs, especially in tech start-ups, and it has greatly helped the South Florida business economy.

“South Florida is becoming this burgeoning start-up community,” said one tech entrepreneur who recently started a business in Fort Lauderdale. He also said that he and other local investor have more money to invest because “the real estate market is on the upswing, both commercial and residential.”

If you are interested in starting a business or purchasing a property in South Florida, contact Boyer Law Firm today. We can help you with incorporation services, investment visas, including E2 and EB5 visas, business planning, and more.

Source: Sun Sentinel

Florida Owner’s Title Insurance Horror Story

A Jacksonville mother and son decided to buy a property from someone who they thought was a friend without obtaining proper Owner’s Title Insurance. The three made a verbal agreement in which the mother and son would pay the friend a down payment and then monthly payments for the remainder of the purchase price.

This agreement was illegal because the Florida Statute of Frauds requires that real estate transactions have to be in writing to be enforceable.

After making payments on the property for a while, the mother and son learned the harsh truth: There were judgments against the property, the taxes on the property were delinquent, their “friend” not the owner of the property, and he was currently incarcerated.

The moral of the story is that there is no substitute or excuse for not performing a proper title search and obtaining Owner’s Title Insurance on any real estate purchase that you make.

It is so important to choose a reliable, experienced real estate attorney to perform this task. Here at Boyer Law Firm, P.L., our experienced closing agents can ensure that a proper title search is performed and that proper Owner’s Title Insurance is obtained.

Source: Florida Times-Union

How to Lose Your Property: Don’t Do a Title Search

When purchasing a property, one of the most important things is to perform a proper title search and purchase title insurance. If you do not, then you could very easily lose that property.

Forgery:

If a title search is not performed, then there is no way of knowing that the person selling you the house is the actual owner of the house. They could be a neighbor who knows that the actual owners go out of town for several months a time. They could have an ex-spouse, sibling, or other person on the title who does not want to sell the property. If you purchase a house from someone who is not the owner, or is just a partial owner, then you DO NOT own the house.

Contractor’s Lien Claim

If the person you buy the house from has had work done on the property and did not pay the contractor, or the contractor did not pay the sub-contractors, sub-sub-contractors or materials men, then there will be a lien, or debt, placed on the property. If you do not perform a proper title search, then this debt will become yours when you purchase the property, and the lien placed could potentially be more than the value of the property.

Easement

An easement occurs when a piece of the property extends onto another person’s land. If this easement is done without permission of the land owner, then the new owner of the property could be forced to deconstruct the portion of the structure that is located on that property, costing them time and money.

Zoning and Building Restrictions

These can also be detrimental to a purchaser who does not perform a title search. What if you purchase a property to start a business only to find out that it can only be used for residential purposes? You are out of luck. What if the building that you purchased is not up to code or building regulations? It is now your responsibility to fix it, once again costing you time and money.

The best way to prevent any of these situations from happening is to hire an experienced real estate attorney to ensure that a proper title search is performed and that you receive title insurance on the property.

Florida Deeds and Florida Real Estate Closing Attorneys

A Florida deed is the legal document that is issued to transfer the ownership or interest in a piece of real property.

The two most common ways to transfer ownership of real property in Florida is through either a Warranty Deed or a quitclaim deed. In both cases, the grantor is the person who is selling, or relinquishing their ownership of the property, to the grantee.

All Florida deeds must be signed by the grantor in the presence of a notary public.

A warranty deed provides protections including verifying that the seller is who they say they are and the assurance that there is a clear title, meaning that there are no liens on the property. This assurance is done through a title search performed by a Florida real estate closing attorney or agent.

A quit claim deed is when the grantor does not wish to make any warranties to the grantee. The deed simply transfers all the “right, title, and interest“ to the grantee. Although a quit-claim deed is usually a cheaper option, it is usually not the best idea because it does not guarantee that the grantor is the actual owner of the property, and it does not guarantee that the property is free of liens or encumbrances.

If you are looking to buy or sell a property, it is important to hire an experienced Florida real estate closing attorney to ensure that the transaction is done correctly.

Investing in Florida Commercial Real Estate

Commercial real estate is a property that is designed solely for business purposes in order to make a profit. Types of commercial real estate include malls, office parks, restaurants, gas stations, convenience stores, and office towers. Industrial real estate, which is used for manufacturing and production purposes, can also be considered a type of commercial real estate.

Investing in Florida commercial real estate can produce a great income for the owner, but it usually requires a considerable amount of start-up capital. Also, you should be sure to have assistance in the legal, financial, and regulatory aspects of owning a piece of Florida commercial real estate.

Boyer Law Firm’s real estate attorneys can help you with every aspect of owning a Florida commercial real estate property including finding the property, negotiating the Purchase/Sale agreement, the closing on the property, drafting and reviewing leases for tenants, and much more. Contact us today to see how we can help you invest in Florida commercial real estate.

Although simply investing in Florida commercial real estate is not a path to an investors’ visa, Boyer Law Firm may be able to help you create a business that buys, sells, and manages real estate. If the investment is great enough, it may lead to an investors’ visa, such as an E2 or EB5 visa.

Buy a Florida Mansion for the Price of an English Flat

House prices in England and Wales reached an all-time high in July primarily due to a huge demand for property. Due to these high home prices, many English residents are buying real estate elsewhere, including Florida.

The average price of a two-bedroom flat or maisonette in Wales is currently £230,000, or approximately $357,098.00. According to YourMoney.com, you can get a Florida mansion for the price of an English flat, specifically a five bedroom home complete with theater room, billiard room, and a swimming pool with a mini-waterfall in a gated golf complex in Winter Garden, Florida.

There are many beautiful properties throughout Florida. Whether you are interested in purchasing a summer home or a permanent residence in Florida, contact Boyer Law Firm’s Real Estate Attorneys today.

Source: YourMoney.com

Florida House Flipping On the Rise Again

Florida house flipping is a profitable business. Large companies such as Taylor Morrison, Neal Communities, Lennar, and Pulte group are capitalizing on the declining inventory of homes for sale, increased demand from buyers, low interest rates, the improving economy, and greater consumer confidence.

Florida currently is responsible for 13 percent of house flipping nationwide, second only to California, according to a study published by RealtyTrac. The average gross profit for Florida house-flipping in Daytona was 82 percent! Jacksonville ranked sixth with an average of 16 percent, and Orlando ranked 15^th with an average of 10 percent.

Florida house flipping is not just for giant companies. Individuals can make a profit from house flipping, or they can turn their “hobby” into a small- to – medium sized business, which may then grow into a larger company. For foreign investors, this could be a path towards a visa or permanent residence.

If you are simply looking for a closing agent, or if you are interested in starting a Florida house-flipping company, Boyer Law Firm’s experience business law and real estate law attorneys can help, so contact us today.

Sources: Herald Tribune and Florida Current