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:
For instructions on how and where to file, contact the staff at Sarrell, Sarrell & Bender, PL, by telephone at 561-807-7107 or email email@example.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.
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
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
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!
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!
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…
Jordana Sarrell, Esq., LL.M.