Mon, 07/18/2011 - 14:19
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.
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Fri, 09/09/2011 - 16:17
Both realtors and attorneys are still falling for internet scams.
If you receive an unsolicited email from someone outside the country indicating they are interested in one of your listings sight unseen, do yourself and the attorney you work with a favor and do not respond. Over the past twelve months I have been contacted by countless realtors who received unsolicited emails from prospective purchasers wanting to buy property in Southwest Florida.
Almost all initial contacts start the same. The individual is interested in MLS#12345 (or whatever the listing may be). The purported buyer then wants to offer extremely close to the full price. The last individual offered $489,000.00 on a $499,000.00 listing. The next step is to ask for the name and address of an attorney where the funds can be deposited. Typically, the email advises that because of the time differences they cannot contact the attorney during business hours.
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Mon, 08/22/2011 - 11:55
“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.
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Thu, 05/12/2011 - 12:45
Given the demise of real estate prices in recent years and the potential for resurgence, it is surprising so little is known about Real Estate I.R.A.’s. With historically low prices in Southwest Florida coupled with the recent gains of the stock market, individuals may wish to consider moving a portion of their qualified retirement plans from Wall Street to the beaches of Florida through investing in real estate. Many Individuals are simply unaware how easy it is to transfer funds tax free from an existing retirement account into a Self Directed IRA. There are numerous facilitators we have worked with that our office can direct you to (see Penscotrust.com as well as theentrustgroup.com) to serve, among others, as Custodians for your Self Directed IRA
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Thu, 04/28/2011 - 01:00
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.
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Tue, 01/25/2011 - 12:16
I am certain most everyone is familiar with the age old adage “if it sounds too good to be true…” yet buyers purchasing foreclosures are falling for this trick every day. Just because the lender/seller is offering to provide a free title policy does not mean the buyer is protected! Many times there is a reason for it. Would you put the fox in charge of the hen house? Yet every day countless buyers are getting slaughtered with excessive closing fees, useless title policies and many times deeds signed where there is a complete lack of visible authority of the individual signing.
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Thu, 01/13/2011 - 09:52
FIRPTA ia an acronym for the Foreign Investment Real Property Tax Act. It’s purpose is to assure that capital gain, if any, is paid before funds can be removed outside the taxing jurisdiction of the United States. As a matter of law, 10% of the gross sales price must be withheld by the purchaser of property acquired from a foreign person, unless there is an exemption from the tax. When applicable, FIRPTA withholding tax is paid directly to the I.R.S. within 20 days of the real estate transfer unless a withholding certificate is applied for prior to or up until the date of closing.
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Thu, 12/23/2010 - 02:00
The Seven Essentials Every Seller Should Know
The payment of income or capital gain tax on the sale of property can be voluntary thanks to Section 1031 of the Internal Revenue Code which is one of the most underutilized sections of the tax code. Perhaps the problem lies with calling the procedure an exchange as this creates a lot of misunderstanding and would be better utilized if this was re-labeled as a 1031 rollover because that is precisely what happens. The gain is rolled over to a new property. There are an unlimited number of times an individual can successfully rollover gain and postpone tax. The ultimate goal is to make this tax disappear by one of two ways:
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Mon, 12/13/2010 - 15:23
Florida Land Trusts are simple to create and are an excellent planning tool for residents and non residents alike. In fact, I submit they are the best solution for foreign buyers. One reason they are seldom used is that few people are familiar with Florida Land Trusts including Realtors, title companies and ironically many attorneys. Most states do not have a land trust statue. In fact, only Florida and Illinois are the exception. Initially, land trusts limited trustees of a land trust to banks or specifically licensed trust companies. Subsequently, the Florida legislature, expanded this role to individuals, corporations, partnerships and Limited Liability Companies. Furthermore, anyone can be the beneficiary and owner of the land trust.
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