What is the Uniformed Transfers to Minor Act?
Video Summary
What is the uniform transfers to Minors Act? That is a statute which allows an account, it can be stock, a bank account to be established in the name of a custodian for the benefit of a minor, and the account is to be held for the minor until they reach age 18. Under certain requirements or provisions, the account can be held until they’re age 21. The account can be established by a grandparent and they can serve as the custodian for the minor, the income from the account, whether it be stock or a bank account, will be reported under the minor’s name rather than in the custodian’s name or the trustee’s name. For the minor, it is a, uh, convenient way I put that, uh, sometimes in wills where you wish to leave a relatively modest amount to a minor, that you designate their one of their parents or your child to hold the money under the uniform transfers to minors act for particular for a minor. And that way it doesn’t require a trust provision and is a, a simple way to have the money held until the minor reaches age 18 or possibly 21. If you want the money to be held longer than that, then you would need to, uh, put it into a trust. So if you have any questions about the uniform transfers to minors act, well, give me a call at (727) 847-2288.
- Published in Estate Planning, Videos
Are You Required to Fill Out a Sellers Disclosure Form?
Video Summary
Are you required to fill out a Seller’s Disclosure Form? The answer is no. You’re not under Florida law. Whenever a seller is selling residential real estate, they’re required to disclose to the buyer any matters that may readily affect the value of the property, which are not readily observable. So that is the duty of the seller. To do that, most of the standard real estate contract also makes out a contract provision that you are disclosing any matters that may material affect the property. And a realtor will also require you to fill the seller’s disclosure form out since they want to be protected and not have a buyer accuse them of not disclosing matters that they knew about and that they can rely upon the seller’s disclosure. a seller’s disclosure is not required on vacant property or commercial property. That is a Buyer Beware and no seller disclosure is required and do not suggest the seller of commercial or vacant property, complete a seller disclosure form and further caution them about reviewing the contract and make sure it’s not one of the standard residential contracts that required disclosure since that may impose additional liability on them that they ordinarily would not have. If you have any questions about selling your property and disclosing matters, will call me (727) 847-2288.
- Published in Real Estate – Selling, Videos
Does Florida Have Land Contracts Like They do in Michigan?
Video Summary
Does Florida have land contracts like they do in Michigan? And the answer is no. Whenever you sell property in an installment basis, you must file a judicial mortgage foreclosure action. And in order to eliminate the interest of the purchaser’s, interest in the property, that’s whether you called it a land contract agreement for deed, or no mortgage. The Florida Supreme court has a rule that even unrecorded agreements, and when they’re on an installment, sales basis, , with real property, you have to file the poor closure action. Florida is one of, I believe, seven States that has a judicial foreclosure proceeding versus a nonjudicial proceeding, which allows you to foreclose or take back your property without going through court. I received this question, periodically from people who are in the Midwest and Michigan, which are nonjudicial foreclosure States. But, in Florida you cannot have a land contract. If you do, it still has to be foreclosed, which is, I understand the primary purpose and using a land contract. So if you have any questions on how to sell your property on installment basis, give me a call at (727) 847-2288.
- Published in Real Estate – Selling, Videos
Should You Purchase Insurance on Vacant Land?
Video Summary
Should you purchase insurance on vacant land? And to the question is you should buy liability insurance for vacant land. Just to give you peace of mind that if someone would attempt to Sue you for any injury that they suffered on your land, that you would have coverage. It should be very inexpensive to obtain. You may even be able to get it included on your homeowners insurance as far as vacant property. So I suggest you talk to your insurance agent before you are liable for injury for people on your land. They have to show that you were somehow negligent as far as maintaining the property and particularly if they’re trespassing or whatever, or there’s an attractive nuisance as far as children’s concerns such as a water body, things such as that. Also if there is anything that’s dangerous about the property, chemicals or anything such as that, then you may have some liability as far as that’s concerned and not safeguarding it. They give you peace of mind, I suggest that you go ahead and obtain liability insurance, which should be at a very modest cost. So if you have any questions about your vacant property, give me a call at (727) 847-2288.
- Published in Real Estate, Videos
Can Real Estate Titles be in a Child’s Name?
Video Summary
Can real estate be title in the child’s name? Yes. That is a question I get asked often is that while I want to transfer this, uh, this property so that my grandchildren or my child is the owner of it, and it’s usually for estate planning purposes. I caution whoever wants to do that, that once you titled it in the child’s name, then if the property, if you want to sell the property, then you may be put in a position to have the child have to set up a guardianship. If the net proceeds will be more than $15,000. And then your guardianship is expensive and cumbersome and you won’t have access to the money if you do put a child’s name. So if you put it in the child’s name and you don’t sell the property until after the child reaches age 18, it’s not a problem. And then the child can sign. If the proceeds are less than $15,000, then the natural guardians can sign for the child. However, the money is supposed to be held for the child until they reach age 18. So the answer is yes. However, I caution you not to do it. Give me a call if you have any questions. My phone number is (727) 847-2288.
- Published in Estate Planning, Videos