• Home
  • Attorney Profiles
    • Jordana Sarrell
    • Steven A. Sarrell
    • Adam J. Bender
  • Areas of Practice
    • Association Law
    • Real Estate Transactions
  • Blog
  • Testimonials
  • Home
  • Attorney Profiles
    • Jordana Sarrell
    • Steven A. Sarrell
    • Adam J. Bender
  • Areas of Practice
    • Association Law
    • Real Estate Transactions
  • Blog
  • Testimonials
SARRELL, SARRELL & BENDER
  • Home
  • Attorney Profiles
    • Jordana Sarrell
    • Steven A. Sarrell
    • Adam J. Bender
  • Areas of Practice
    • Association Law
    • Real Estate Transactions
  • Blog
  • Testimonials

REAL ESTATE LAW BLOG

    Author

    Jordana Sarrell, Esq., LL.M.

    Categories

    All
    Homestead Exemption
    Permits
    Real Estate Contracts
    Real Estate Law
    Real Estate Taxes
    Same Sex Marriage
    Third Party Purchasers
    Title Insurance
    Title Review
    Wire Fraud

    Archives

    March 2018
    January 2018
    December 2017
    October 2017
    September 2017
    July 2017

    RSS Feed

Back to Blog

FLORIDA 2018 HOMESTEAD EXEMPTION DEADLINE IS QUICKLY APPROACHING!

1/29/2018

 
The property appraiser is currently accepting new applications for the homestead exemption for 2018 and the deadline to file is March 1, 2018. In order to qualify for the homestead exemption you must be living in the property as your primary residence as of January 1 of 2018. 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


For instructions on how and where to file, contact the staff at Sarrell, Sarrell & Bender, PL, by telephone at 561-807-7107 or email jordana@sarrelllaw.com

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.
2 Comments
read more
Back to Blog

The New Tax Bill and its Effect on Real Estate:

1/9/2018

 
The new tax bill affects homeowners in several ways. Here are some of the highlights of how the tax bill can affect a homeowners. Feel free to contact the attorneys at SSB Law to answer any more questions you may have.

* Eliminates home equity deduction; interest home equity lines of credit will no longer be deductible whereas interest was deductible on equity lines up to $100,000.

* Reduces mortgage interest deduction limit to $750,000. While the deduction limit pertaining to mortgage interest drops to $750,000 of debt on your primary residence, it remains $1 million for homes purchased before Dec. 15 of this 2017.

* Retains current law treatment of capital gains from home sales.

* Doubles the standard deduction. The new law increases the standard deduction to $12,000 for single The new law increases the standard deduction to $12,000 for single filers and $24,000 for joint filers. filers and $24,000 for joint filers.

* Limits deduction for state and local income tax, real property tax, and sales tax (in the aggregate) to a maximum amount of $10,000. This only affects Floridians for our property taxes since we do not have state income tax.

* Does not reinstate the deduction for mortgage insurance premiums
1 Comment
read more
Back to Blog

October 12th, 2017

10/12/2017

 
TITLE PROBLEMS THIRD PARTY PURCHASERS FACE AT FORECLOSURE AUCTIONS
AS WRITTEN BY JORDANA SARRELL, ESQ., IN THE FALL OF 2017 ISSUE OF ACTIONLINE, THE FLORIDA BAR'S REAL PROPERTY AND PROBATE SECTION'S QUARTERLY PUBLICATION
Picture
Picture
Picture
0 Comments
read more
Back to Blog

FORECLOSURE SALES - TO BUY OR NOT TO BUY?

7/12/2017

 

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! 
  1. Establish the Chain of Title 
    1. Is the deed vesting title in borrowers executed properly?  Spousal joinder or non-homestead language; properly witnessed, etc.
    2. Verify the legal description and title owners 
      1. Verify the legal description matches across the board (the deed, mortgage, Lis Pendens in foreclosure action, the judgment, etc.)
      2. conduct a name search in the public records to search for judgments against homeowners that does not attach to the legal description (IRS liens, Domestic Support Obligations, other monetary judgments)
    3. Ensure you are buying a FIRST mortgage!  Florida follows this basic recording law to establish lien priority: "first in time first in right"
    4. Are all prior mortgages properly satisfied?  
  2. Review the Foreclosure Docket!
    1. Are the proper defendants named?
      1. Borrowers
      2. Junior Liens: judgments against homeowners for credit cards, domestic support obligations, second mortgages, HELOCs, etc. 
      3. Howeowner's Association or Condo Association 
      4. IRS Liens
      5. "Unknown Spouses"
      6. County/City (code liens)
      7. Unknown Tenants or Known Tenants
    2. Is the borrower dead or alive?  If dead, is there a probate and the estate and Personal Representative of the Estate served?  If no probate, were the unknown heirs of the estate named and had an Administrator Ad Litem appointed to protect their interests?
    3. Have all parties been properly served?  Personal, substitute or constructive service?
    4. Has the original promissory note been deposited in the court registry?  If not, was a count to re-establish the lost note pled?
    5. Is the foreclosure being contested?  If yes, then you may have issues arise after the sale.
  3. Have you checked the real estate taxes?  There may be a few years of delinquent taxes you will be responsible to assume if you purchase property!  
  4. HOA/CONDO Liens: are they recorded?  Does the Declaration of Covenants, Conditions and Restrictions limited a third party purchaser at a judicial sale's liability?  
  5. Other Miscellaneous Judgments and Liens exist?
  6. The Final Judgment of Foreclosure: 
    1. Contains proper legal description 
    2. Establishes the lien of the bank foreclosing is superior to all other interests named and said interests are eliminated by virtue of the judgment
    3. Upon issuance of the Certificate of Sale the right to redemption expires
    4. Upon issuance of the Certificate of Title, the purchaser is entitled to possession by way of a writ of possession
  7. The Foreclosure Sale:
    1. Was a Notice of Sale Published? 
    2. Is the Sale online?  Are you properly registered with the deposit in the court registry? 

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!  
0 Comments
read more
Back to Blog

Permits: The Real Deal

7/11/2017

 
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!
4 Comments
read more
Back to Blog

Same Sex Marriage & Real Estate

7/6/2017

 

​Same Sex Marriage & Real Estate

​​​In 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…
  1. In Florida when a married couple takes title to property, title is taken as “husband and wife”, “wife and wife” or “husband and husband” which automatically defaults to the protective status of “Tenants by the Entireties” (“TE”).  TE status means that upon the passing of one spouse, title will automatically transfer to the surviving spouse without the need for a probate administration.
  2. TE status also provides greater creditor protection when the property is your homestead meaning that the only judgments that can be enforced against your homestead are: debts arising out of the property itself (mortgages, construction liens, etc.), taxes or domestic support obligations (child support or alimony).
  3. In Florida, you cannot encumber or transfer your homestead without the consent of your spouse and the Florida constitution provides strict guidelines for the devise of homestead property when survived by a spouse or minor children. 
For more information on how the landmark Supreme Court decision affects your rights in a same sex marriage, please call our firm to discuss.
0 Comments
read more