AuthorJordana Sarrell, Esq., LL.M. Archives
March 2018
HOMESTEAD APPS DUE 2/1/2021
Did You Know? When you make property your permanent residence, you may be eligible to receive an exemption that keeps you from paying tax on a certain portion of your property’s assessed value. If your home is worth at least $75,000, the exemption would decrease the property’s taxable value by $50,000! The homestead exemption qualifies the home for the Save Our Homes assessment limitation. This “cap” limits any increase to the assessed value of a homestead exempt property to a maximum of 3% or the annual change in the Consumer Price Index, whichever is less, per year. If eligible, this assessment limitation is now transferable to a new homestead in Florida if you move. When to Apply? The deadline for filing is March 1. In order toqualify for the homestead exemption, you must be living in the property as your primary residence as of January 1 of 2021. Below is a list of what is generally required, however, check with the property appraiser’s office before the file: • Proof of Residence • Property Tax Bill – if you have received one • Florida Driver’s License or Florida Photo Identification Card • Copy of Florida Vehicle Registration • Social Security Number Not a U.S. Citizen? Bring your Resident Alien Card (Green Card) and your Social Security Number. Do not forget to gather all the appropriate documents and information you need to file whether you do it in person at the tax collector's office or online - for Palm Beach County you can click this link: https://secure.co.palm-beach.fl.us/papaefile/web/heapplication/login.aspx *Tip Always check with the county property appraiser’s office to confirm the necessary documentation required to file. Don't forget that if you sold your old homestead and purchased a new one you may be eligible for Portability!Portability allows Florida residents with a previous Homestead Exemption to transfer part of their tax savings to their new residential property in Florida so long as the sale and purchase fall within a two-year window. The “Save Our Homes” (SOH) amendment to the Florida Constitution, codified at Sec. 193.155, F.S. includes a provision added in 2008 allowing homestead owners to transfer the accumulated difference between assessed value and the just or market value to a new homestead. If just value of the new homestead is more than the previous home's just value, entire benefit can be transferred, subject to a $500,000 limit. If just value of the new homestead is less than the previous home's just value, a percentage of the accumulated SOH benefit can be transferred (up to $500,000 limit) |
Back to Blog
Title insurance - WHY DO I NEED IT?7/17/2017 Why do I need title insurance?
I cannot even tell you how many times that I have been asked that question. The truth is most people don't know what title insurance is and I do not blame them, I did not know what it was when I bought my first home! So we have summed up exactly what is title insurance and why you need it in a few succinct points: Title insurance is NOT casualty insurance. Title insurance protects the new owner (and lender, if any) from any liens, encumbrances, or claims against the property that originated prior to their ownership. For example: A buys a home from B and B had a home equity line of credit. B was a bad boy. B withdrew the entire line of credit the day of closing! Now A has a valid and enforceable mortgage against A's new home. But A was smart and purchased an owner's title insurance policy which now protects A's interest in the home and is liable for the balance of the equity line of credit. Another example: A sells his primary residence aka homestead to B. A is married but A's spouse did not sign the deed. Florida law requires spousal joinder on conveyance of homestead property. So now B's title (deed) is defective. B must now place a claim with his title insurance policy to secure a corrective deed so that B can sell or mortgage/encumber the property as B wishes. Title insurance protects your equity in your home up to the full amount of the price for which the home was purchased. Title insurance is absolutely necessary. Spend a few dollars now to save a lot of dollars later.
0 Comments
read more
Back to Blog
Plan on Buying Properties at the Foreclosure Auction? A Checklist is a Great Place to Start.Although the checklist below is by no means comprehensive, it is a good start. Buying at the foreclosure auction is a risky business! With the right knowledge and diligence, buying a property at the foreclosure auction riddled with title defects can be avoided. Schedule an appointment with our title defect specialist, Jordana Sarrell, Esq., LL.M., to discuss the benefits and downfalls of foreclosure properties and how to protect your interest and money!
Want to know what you do if a problem arises when going through these checklist items? It is essential to conduct a full and thorough search behind and through the foreclosure to safeguard against buying problematic or defective title at the foreclosure auction. A real estate attorney should be consulted for guidance and advice. The checklist above is NOT a comprehensive checklist and is not intended to serve as a guide to buying property at the foreclosure sales. The checklist is for informational purposes only. For a more thorough and detailed analysis and checklist, contact SSB LAW today!
Back to Blog
Permits: The Real Deal7/11/2017 Inactive. Expired. Open. These three verbs when associated with municipal or county permits in a residential real estate transaction can send a buyer, seller, real estate agent or title company into a frenzy. But what is really the responsibility of parties in an AS IS residential real estate transaction with respect to permits?
Most people operate under the presumption that permits are a title issue or in other words covered under a title policy. This is simply untrue. Rather the opposite is true, inactive/open/expired permits are specifically excluded from title insurance policy jackets. So, any inactive/expired/open permits are not covered under your title policy should an issue arise and the title agent is not under any obligation to ensure that they are dealt with. The standard FARBAR AS IS contract specifically places the onus on the buyer to make an inquiry as to whether there are any inactive/open/expired municipal or county permitsduring the inspection period. What does this mean? It means that if the buyer doesn't conduct a permit inquiry during the inspection period, any inactive/open/expired permits are not required to be closed to finalized the sale. Moreover, if the buyer discovers inactive/open/expired permits, within the inspection period, the seller is only required to facilitate the closing of those permits and not required to spend any money in the process. Permits, when not dealt with, however, in some situations amount to a greater problem such as a municipal or county code violation leading to monetary fines. So a prudent real estate attorney representing a buyer will ensure that the contract specifically includes language requiring any inactive/open/expired permits be closed at the seller's sole expense. Or a seller's attorney will leave the contract in its current form as it benefits the seller. It is always important to have a real estate attorney with you every step of the way from negotiating a contract through closing to ensure you are completely protected. After all buying real estate will likely be the biggest and most important purchase of your life!
Back to Blog
SUPER LAWYERS RISING STAR7/6/2017 Managing attorney, Jordana Stern Sarrell, Esq., LL.M., has been awarded the distinct honor of being chosen as a Florida Super Lawyer Rising Star in the area of Real Estate Law for the second year in a row.
Back to Blog
Same Sex Marriage & Real Estate7/6/2017 Same Sex Marriage & Real EstateIn January 2015 the Supreme Court of the United States issued an historic and groundbreaking ruling in Obergefell v. Hodges which held that the fundamental right to marry is guaranteed to same-sex couples by both the due process and equal protection clauses of the fourteenth amendment of the U.S. Constitution. So what does this mean with respect to real estate in Florida? Well…
|