Many homeowners do not want to short sale their properties but unfortunately are being forced to. In a recent TBWS Daily Show Frank Garay pointed out an individual named Jarred who worked for Chase Servicing was told by his boss that servicing companies are “not in the modification business, they are in the foreclosure business”. An answer often suspected but never actually acknowledged within the industry.

 “Get it right the first time, that’s the main thing” – Billy Joel Quite frequently individuals convey property post closing from their individual names to a corporation or limited liability company of which they are the beneficial owners. Another common practice is for spouses to transfer property between themselves. Typically, when these paper transactions are recorded, no documentary stamps are collected. Unfortunately, the State of Florida has cracked down on this practice and has taken the position that a transfer of real property between spouses or from an individual to their limited liability company or corporation is subject to Florida’s documentary stamp tax under Section 201.02 (1) of the Florida Statues.

The Most Versatile and Beneficial way for Canadian Citizens to hold Title to Real Estate in the State of Florida TITLE CONCERNS. Transferring funds to purchase a home or condominium is a simple process for Canadian buyers, however, many foreign buyers often overlook the consequences of their purchase. The acquisition of U.S. real estate by a Canadian citizens poses significant issues including but not limited to U.S. estate tax, capital gains tax, incapacity issues, complex Florida probate rules and creditor protection issues. Proper cross-border planning for Canadian Citizens must address all of these issues. A deep analysis is required to find the best solution. There is no simple answer or one size fits all. However, as a general rule, the vast majority of concerns can best be addressed by creating and taking title in a Canadian Florida Land Trust which is considerably more advantageous then owning property in a buyer’s individual or corporate name or even a Canadian Trust.