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Punta Gorda Real Estate Lawyer

Details: Home >> Florida Real Estate Lawyers & Law Firm Florida Real Estate Transaction, Contract and Closing Lawyers Do you need a Florida Board Certified real estate attorney? Our real estate attorneys have comprehensive experience in the full spectrum of real property …

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1031 Exchange Property Converted into a Principal Residence

Details: Don’t move into the house right after the exchange, even on a temporary basis. Don’t make the contract to acquire the replacement property contingent upon the sale of your principal residence. Use a reasonable and significant amount of advertising or listings in order to rent the property at a marketable rental amount.

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ABC's of Residential Tenant Eviction – Farr Law Firm

Details: The following is an example of a typical residential eviction. If the tenant fails to make his/her monthly rental payment, you need to send out a three day demand letter pursuant to Florida Statute §83.56(3). This needs to be mailed via certified mail, delivered in person, or left on the subject premises.

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Qualified Personal Residence Trusts: Estate Taxes and Your

Details: If the house appreciates at 4% per year, then at the end of 15 years the house is worth $1,260,660. Title then passes to the children or a trust for the children, grandchildren, or whomever Mr. Jones wants to get the home.

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Ways to Hold Title to Property – Farr Law Firm

Details: There are various ways you may hold title to real property. This newsletter will discuss several ways individuals and entities may hold title to real estate.. A. Ownership by Persons. With more than one owner, there are four main ways a “natural person” (as opposed to a corporation, partnership or other entity), can own property.

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Law Change Alert: IRS Limits Income Tax Exclusion on

Details: The Internal Revenue Service (IRS) has long offered an income tax exclusion from capital gains on the sale of homestead property: a single person could exclude up to $250,000 of capital gains from taxable income — $500,000 if married and filing a joint return — when he or she sold the primary residence if he or she had owned and used the property for two years out of the last …

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oWnIng real esTaTe In a revocaBle lIvIng TrusT

Details: transferring real estate to your revocable living trust. for example, if you wish to transfer home-stead property to a trust, you should make sure you will continue to receive the $25,000 exemp-tion from ad-valorem property taxes, and preserve your save our homes (soh) cap which limits the assessed value of your property.

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Your Estate Plan: The Legal Rights of Surviving Spouses.

Details: a sale of the property. Thus, the surviving spouse would have to consider his or her circumstances before making this election. A life tenant and the remaindermen have certain rights and obligations. The life tenant is responsible for paying property taxes and maintaining the property. March 2014 | Issue 4

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A Separated Husband and Wife Can Have Two Homestead Tax

Details: The Second District Court of Appeal, which includes Charlotte among the 14 counties within its jurisdiction, ruled last month that a husband and wife who are legitimately separated may each have their own homestead tax exemptions. Florida’s Constitution allows every “person” to claim a homestead exemption but further states that no “individual” or “family […]

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"Free And Unencumbered Access" Does Not Necessarily

Details: One might think that if one receives an easement granting “free and unencumbered access” to one’s property, one would not have to abide by a gate put up by the grantor of the easement. One would be wrong if one thought that. In the recent Florida appellate case of Gilland vs. Heiderich, that is just what […]

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Owning Real Estate in a Revocable Living Trust – Farr Law Firm

Details: Real estate titled in a person’s name must go through probate in the state in which the real estate is located. People who own property in several states may avoid numerous probate proceedings by creating Revocable Living Trusts which, among other benefits, allow their heirs to avoid probate to the extent that the trust has been “funded.” Real estate is transferred to a trust by

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How is Real Estate Doing

Details: That number stayed mostly in the 30’s and 40’s in 2007 and in the 20’s in 2008. In March of 2010 it got as low as 8 months. It now has clicked back up to 12 months, though that increase is probably explained by the seasonal nature of our area’s real estate market. It …

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1031 Exchanges Increase as the Real Estate Market Improves

Details: One might consider the bottom of the real estate market in Charlotte County was reached in January 2011 when the median sale price of single family homes was just over $80,000. That number for the last eight months (March to October 2013) has bounced around the $130,000 to $150,000 range, an increase of 62% to 87%.

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Is a Tax-Deferred Exchange Right for You

Details: A tax-deferred exchange (also referred to as a “like-kind exchange,” a “1031 exchange,” a “threeparty exchange,” or a “Starker exchange”) may provide a way for you to take that $26,000, apply it to the rental house purchase, and delay the payment of the capital gains tax until you sell the new property.

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Don't Let Your Real Estate Contract be "Blown Away" by

Details: Notwithstanding their importance for both buyer and seller, most “standard” real estate purchase and sale contracts continue to ignore insurance issues. A contract with a financing contingency may offer some protection to the buyer since a condition of financing will be insurance coverage acceptable to the lender.

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Title Insurance in Real Estate

Details: Title insurance is a standard requirement in most form real estate contracts. Title insurance is also required by lenders in financed real estate transactions. In a cash deal, you are not required to have title insurance, but for the reasons set forth above, it is certainly recommended.

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What is a Partition for Co-owned Property

Details: Today, however, most of us do not own vast estates of land but rather single family homes located in residential areas. In this situation, the court cannot equitably divide the property, and accordingly, the court will order a sale of the property. The sale occurs in one of two ways: 1) A special magistrate can be appointed to list and sell the

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Your Vehicles and Your Estate Plan: Title Transfer without

Details: This newsletter is for general information and education purposes only. It is not offered as legal advice or legal opinion. To the extent this message contains tax advice, the U.S. Treasury Department requires us to inform you that any advice in this letter is not intended or written by our firm to be used, and cannot be used by any taxpayer, for the purpose of avoiding any penalties …

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Short Sales – Farr Law Firm

Details: There has been a lot of buzz lately about “short sales.” What is a short sale you might ask? A short sale is a sale of real property for less than the amount owed under the mortgage on the property. Because the sale is for less than the mortgage balance, the mortgage-holder must consent to the sale. Why would a lender consent to a short sale?

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How Do I Get Them Off My Property

Details: An eviction is based on a written or verbal lease. By virtue of a lease, the tenant has the right to remain on the premises. The landlord only has the right to remove the tenant if the lease has expired or if the tenant is in violation of the terms of the lease. The most common violation of the terms of the lease is failure to pay rent.

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Fort Myers Real Estate Lawyer, Farr Law Firm, Commercial

Details: For buyers and sellers, we recognize that the purchase or sale of a property is just one component of the transaction and the client’s overall business objectives. Our clients turn to our forward-thinking real estate lawyers to address such issues as developability of the land, leasing, tenant improvements, choice of entity, borrowing, and

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Animal Welfare League of Charlotte County Receives $25,000

Details: PUNTA GORDA, FL – September 7, 2011 – Farr Law Firm commemorates the passing of firm pioneer Earl Drayton Farr, Jr. with a donation of $25,000 to the Animal Welfare League of Charlotte County. Throughout his life, Mr. Farr was a passionate supporter of the organization through his volunteer efforts and financial contributions. He also […]

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Tenants of Foreclosed Properties Have Rights – Farr Law Firm

Details: A primary benefit of the Act is that the tenant’s lease on the subject property may remain in effect after the mortgage holder acquires the property. Additionally, a third party purchaser of a property at a foreclosure sale is also subject to this law. The new owner or the bank must honor the lease that is in place, subject to certain exceptions.

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As Interest Rates Rise, so do Mortgage Foreclosures – Farr

Details: For most of us, a mortgage assisted us in buying the house in which we live. Mortgages have also enabled many real estate investors to purchase investment property. Oftentimes, these mortgages obtained by investors have adjustable interest rates, sometimes with interest-only payments. Also, many sellers have agreed to take back a promissory note and mortgage […]

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1031 Exchanges That Go Beyond The Basics – Farr Law Firm

Details: If necessary, the sale of two or more relinquished properties can be split into multiple exchanges. Say you are exchanging two $100,000 properties for one $200,000 property and you have a cooperative seller of the replacement property.

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The Estate Tax in 2010: The Year of Uncertainty in Death

Details: Under the prior law, a beneficiary would inherit the property with a stepped-up basis of the fair market value at the date of death, that is, $1 million, so would not pay capital gains tax upon the sale of the property if sold for $1 million. Under the law in effect today, the beneficiary’s basis would be $100,000.

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Buyer Beware: Liability of Business Buyer for Seller's

Details: Section 213.758, Florida Statutes was amended in 2012 clarifying that the transfer of the assets or stock of goods of a business is considered the sale of the business and clarifying the potential tax liability of the transferee. For purposes of the statute, the following definitions apply: “Business” means any activity regularly engaged in by […]

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Tax Titles – Farr Law Firm

Details: If the property is improved, the sheriff must also serve the property owner with the notice of sale, or if the owner resides outside the county, must post the notice on the property. The minimum bid at the tax deed sale for non-homestead property is the amount required to redeem all outstanding tax certificates.

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Flood Insurance: Your Home May Be Underwater in More Ways

Details: In July of 2012, Congress enacted the Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12). The law effects major changes to the National Flood Insurance Program (NFIP). Florida has approximately one-fourth of the nation’s 1.2 million subsidized flood insurance policies. So, the law has the potential to affect approximately 300,000 properties across the state.

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Tax Winds Blow Hard- Don't Lose Your Cap – Farr Law Firm

Details: Guy S. Emerich, Attorney Guy is Board Certified by The Florida Bar in Wills, Trusts and Estates. His practice focuses on estate planning, probate, trust administration and real estate law. Most Floridians have been the benefactor of the rapid appreciation in the value of their homes especially for those fortunate enough to live on the […]

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Punta Gorda Sales Tax and IRS Lawyer – Farr Law Firm

Details: Home >> Florida Sales Tax and IRS Lawyers Are You Dealing with Legal Tax Issues? Keeping abreast of the intricate nature of federal, state and local taxes and the laws governing them is an ever-evolving process. This is especially true in Florida, where the tax laws are constantly changing, making it difficult to stay up to date with the many different types of taxes.

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Special Edition- Condominium Governance Form – Farr Law Firm

Details: Effective January 1, 2009 a buyer of a residential condominium unit from a non-developer is entitled to receive a “Condominium Governance Form” along with the other documents that a non-developer seller must provide to a buyer under Section 718.503 Florida Statutes. Acopy of the form is attached. This form and other condominium forms can be […]

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tenants of forecloseD ProPertIes have rIghts

Details: property is in or headed to foreclosure. With foreclosures lasting years in some cases, multiple tenants may be renting a property that is in foreclosure and not be aware that a bank or a private mortgage holder may be taking ownership very shortly. the landlord may be pocketing the rent and keeping any security deposits.

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Residential & Title Services – Farr Law Firm

Details: Buying A Home? We Help Close the Deal. Our residential real estate practice consists of preparation and negotiation of purchase and sale contracts, title examination and representation at closing. Farr Law Firm is an agent of Attorneys’ Title Fund Services, Inc.

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Tax Deeds: The Due Process Dilemma – Farr Law Firm

Details: So, when the property taxes are not paid, what happens? Property taxes are due not later than March 31st of a given year. On April 1st, taxes are delinquent and interest and additional charges are assessed. On or before June 1st, a notice of a tax certificate sale is advertised and the cost of advertising is added to the tax bill.

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The Importance of a Legal Description in Real Estate Contracts

Details: property to be conveyed matching some or all of the property owned by the seller. This can be taken from the deed into the seller, a prior survey of the subject property, or a sketch of a description prepared by a surveyor. If a prior survey of the property is available, it can be referred to in the contract and attached as an exhibit.

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The Importance of a Legal Description in Real Estate Contracts

Details: Why Real Estate Contracts Should Have a Legal Description. If you signed a contract to buy vacant property described as “adjacent to the Mardi Gras, a Daytona Beach business, that has a minimum of 50 frontage feet on the Boardwalk and that has sufficient land to build a 7500 square foot one story building,” and the seller is trying to back out, do you think you can get a court to …

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The Mystery of the Missing Promissory Note – Farr Law Firm

Details: There is a popular misconception circulating among the general public that holds if a lender cannot produce the original promissory note, then the lender cannot enforce the note. A promissory note is the written evidence of a debt owed by one party to another and the terms of repayment. A promissory note is considered a […]

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So You Obtained a Judgment- Now What

Details: Levying on personal property can be expensive and the proceeds from a sheriff’s sale may be minimal, so the property must be worth it. You must also consider pre-existing liens that may exist on the property, such as a loan the judgment debtor may have used to purchase the property.

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Your Estate Plan: The Legal Rights of Surviving Spouses

Details: Under Florida law, a surviving spouse is entitled to certain rights in the property of his or her deceased spouse. Although these rights can be waived by executing a valid pre- or post-nuptial agreement, legal rights of surviving spouses should be considered when developing an estate plan, especially with second marriages.. Oftentimes, a husband and wife own their homestead property …

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Roger H. Miller III, Southwest Florida, Real Estate

Details: Home >> Attorneys >> Roger H. Miller III Civil Litigation & Real Estate Attorney Roger is Board Certified by The Florida Bar in Real Estate and focuses his legal practice on civil litigation and real estate. Roger represents individuals and businesses in general litigation matters, real estate and property disputes, mortgage foreclosures and construction litigation. […]

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Charitable Remainder Trusts – Farr Law Firm

Details: There are many techniques available to clients concerned about taking care of their family’s financial needs and also reducing estate taxes after their passing. This newsletter will explore one such technique involving the use of Charitable Remainder Trusts (CRTs). A CRT is a trust usually created during one’s lifetime, although it can come into existence […]

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Jack O. Hackett II, Southwest Florida, Real Estate

Details: Home >> Attorneys >> Jack O. Hackett II Real Estate, Corporate and Business Law Attorney Jack is Board Certified by The Florida Bar in Real Estate and also practices in corporate and business law. He previously served as the firm’s President and Managing Director. Jack helps clients negotiate, document and close complex residential and commercial […]

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Flood Insurance Update: Homeowner Flood Insurance

Details: Under the New Act, neither the sale of the property or the lapsing of an existing policy, results in the premiums being increased to full unsubsidized rates. Instead, premiums on owner-occupied homes will increase by 5% to 18% until the policy reaches the full risk rate.

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Insult to Injury: Deficiency Judgements – Farr Law Firm

Details: If the collateral, as of the day of the sale, is worth less than the judgment obtained by the lender, then the lender can file a motion and seek a deficiency judgment. The value of the property can be determined by testimony from an appraiser, Realtor or owner, as well as the amount the property sold for at the foreclosure.

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