There are two typical approaches: (i) hold it in an LLC; or (ii) hold it individually or in trust, but obtain excess “umbrella” liability insurance.
The LLC will protect its owners from liabilities of the investment property. To preserve that protection you must respect the LLC as a separate entity.
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As a starting point, the heirs or beneficiaries of the decedent do not automatically become liable for the decedent’s mortgage loan. The unpaid balance of the loan is a debt of the decedent, and is a claim against the estate of the decedent.
However, the house remains bound by the mortgage,
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The Governor of Florida signed House Bill 469 into law effective July 1, 2020, modifying the execution requirements for a landlord and tenant to enter into an enforceable lease. Generally, Section 689.01 of the Florida Statutes requires that any instrument transferring an interest in real property for a term of more than 1 year be “by instrument in writing,
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One of the quirky aspects of Florida’s sales tax system is the enduring tax on commercial rents. While Florida is the only state that still taxes commercial rents, there is some good news for 2020. Section 212.031 of the Florida Statutes has been amended to reduce the applicable sales tax rate from 5.7% to 5.5% on rent payments received for occupancy periods beginning on or after January 1,
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Eric CruzStarting October 3, 2015, the TILA-RESPA Integrated Disclosure rule (“TRID”), a new set of rules promulgated by the Consumer Financial Protection Bureau (“CFPB”), will go into effect. TRID will drastically change the way that most residential real estate transactions are handled by lenders and closing agents throughout the United States.
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Eric CruzSome of the most common questions received by our firm relate to landlord and tenant responsibilities in connection with the maintenance and repair of residential rental property. Although the lease governing the relationship between each landlord and tenant must be reviewed and analyzed in order to make a final determination as to each party’s responsibilities,
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Eric CruzMost residential real estate transactions are governed by the “As Is” Residential Contract for Sale and Purchase, a form contract which has been approved by both the Florida Bar and the Florida Realtors association. This contract is typically referred to as the “FARBAR” contract by both attorneys and realtors.
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Eric CruzEarlier this year, the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) implemented new rules and penalties relating to seller-financed real estate sales transactions as well as other private loans made on residential properties. These rules are part of Dodd-Frank’s general mission to “promote financial stability” and “protect consumers” in the United States.
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Eric CruzIn the last few years, a number of real estate investors have flooded the Tampa Bay market in attempts to take advantage of a slowly improving real estate market. Although some of the major players in local real estate investments are groups of foreign investors, investing through large corporate investor groups,
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Eric CruzWhile most homeowners understand the importance and the role played by the homeowners’ association governing their neighborhood, many don’t understand the seriousness of the obligation to timely pay all assessments due to the association. These are some of the most common misconceptions:
Myth No. 1: The association can’t foreclose on my property
A homeowner’s failure to make timely payments of his association assessments will likely result in the association placing a lien on the homeowner’s property.
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