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
Can I Homestead Property if I Live on the Property For 6 Months of the Year?
Video Summary
Can I homestead property if I live on the property for six months out of the year? The answer to the question is not how long you reside there is whether or not you’re a resident of state of Florida and that is your permanent residence. It doesn’t matter how long you reside there, it only matters if it’s your permanent residence when they’d be assigned for homestead exemption. You state that you are not receiving any benefits as a result of being a resident of any other state and therefore you are a permanent resident of Florida. Many times people may own a home here in Florida and they decide to get in their motor home and the drive all over the United States, so they’re not here but for a few months and not very long at all. However, that’s still their homestead property and that they are not getting any benefits from any other state and they’re permanent resident of the state of Florida and that’s their home address. One thing that I need to caution you on is if you are married, you cannot have one spouse have a homestead in one state. And you have homestead and the state of Florida that will not work and you are not entitled to homestead and could be fined if you do obtain a homestead. And the property appraiser finds out about it. If you have any questions, will give me a call at (727) 847-2288.
- Published in Real Estate, Videos