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What does it mean when a property is REO,  REO stands for “real estate owned”. And it usually has to do with banks that have property, which they’ve acquired to a foreclosure. They’re taking it back from a borrower and as R E O property or “real estate owned” by the bank. And so that’s what REO stands for. So if you have any questions, give me a call at (727) 847-2288.

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How can a lawyer help with a boundary line dispute? Well, lawyers are high price communicators, and soon as you say, there’s a dispute, well, that means you’re in an adversarial situation. And so you may not have any choice, but to have a lawyer. And hopefully the other side has a lawyer whenever I’m asked about these boundary line dispute. The first thing that I asked the party who calls me, I said, “do you have a survey?” And usually they say, yes, I said, “does the other party have a survey?” And so hopefully they do, if they don’t, well, then it’s very hard to resolve matters. But if there are surveys of the same boundary line and the surveyors do not agree, my suggestion is to have the surveyors, see if they can’t talk to each other to try and reconcile why there’s a difference. And if they can’t, we’ll see about asking the surveyors and the parties to agree, to have a third party surveyor be the arbiter to determine which survey is accurate to, to determine this rather than having to file a lawsuit to make that determination. And that’s very costly, and this is still gonna come down to expert testimony, which is going to be the third parties opinion, and that’ll cost a lot more money to resolve it. If the boundary line dispute comes as a result of either adverse possession or by boundary line by acquisition acquiescence those are really complicated, very factual, driven cases and very expensive cases. And so,  that’s another basis for trying to determine the boundary line. If you have some questions about it give me a call at (727) 847-2288.

 

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What is the procedure for foreign sellers of Florida residential real estate? The buyer, the real estate agent and the closing, the agent are all responsible for withholding 15% of the gross selling price. One, a foreign or a non us taxpayer sells real estate in Florida. And I think that’s pretty well throughout the United States, on IRS regulation. If it is residential real estate and it is value in the price is less than $300,000 then. And the buyer is going to reside on the property, for six months, for the following two years, six months in each of the following two years. And we’ll sign an affidavit that they’re a US taxpayer and that they’re going to stay on the property and the value, and the purchase price is less than $300,000 and they sign the affidavit or form. Then every one’s excused from withholding the 15%, if the 15% is withheld, it is sent to the Internal Revenue Service and the foreign person can then file a tax return to see about getting a refund in the event that they’ve overpaid for their taxes. And that can be controlled by various treaties between the United States and whatever country the foreign person is from, uh, also how much they paid for the property. So, uh, there’s any number of things that they can possibly get their 15% back there’s, it is difficult and that they have to get a taxpayer ID number, which is a difficult task or a cumbersome task,  to do that in order to file the tax return. There’s also a procedure by which they can apply ahead of time to have the transaction exempted, or limit the amount of money that has to be paid depending on the, how much they paid for the property and that they do not have any gain. So, if you’re wanting to sell your property, and you’re not, you’re not a US taxpayer will give me a call and I’ll be glad to work with you as far as getting the sale and seeing what we can do about, not having to report it, or if you have to report it, the process that’s involved. My phone number is (727) 847-2288.

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Does the water front property have riparian rights? Can the buyer build into the waterway for a dock or other structures? Real estate that borders on navigable waters is entitled to riparian rights or littoral rights. They’re basically the same littoral rights gave you a right to build a dock also to your rights are so that your neighbor cannot obstruct your view of the property. Your right to construct a dock is also governed by various governmental entities, as far as getting a permit. I know in Pasco county, they and various canals, they have building setback lines that extend out into the canals so that you have to comply with those. Whenever you build the dock, also you have to get if it’s a commercial dock or a very large dock, you have to get a permit from the department of environmental protection. Also when you construct the dock, you cannot obstruct your neighbors, right to access the channel or use the waterways. Speaking of the water, everyone has a right to public. Everyone has a right to, float their boat or to swim in the water. And that’s something that the right and the public that is held by the state. So someone can float their boat right up next to your dock. And if they can get in the water and it’s navigable, they can use the water and you can’t do anything about it. So those are some of your riparian rights, particularly when it comes to building a dock, you need to be sure you get your permits involved and you don’t want to build something that blocks your neighbor’s view or their access to the channel. If you have any questions about riparian rights, you can call me at (727) 847-2288.

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How do you avoid probate for Florida property? Well, let’s first talk about how the property is titled first. Let’s talk about personal property, such as bank accounts, and also the relationship of the parties. If you’re married,  you just put the assets and your joint names as husband and wife, that would be particularly if you want your husband or wife to receive it upon your death. So that would be the easy answer to most of it. And that would avoid probate when the first spouse passes away. And particularly if you have all the assets titled as husband and wife, if you’re by yourself then the options, as far as bank accounts are concerned, you can set those up as payable on death so that they would pass to the beneficiary, whoever you wanted to go to at your death. The same things with a brokerage account where you have stocks and bonds with Merrill Lynch or any other, ag Edwards or, Raymond James, you can have a designation that says it’s transfer on death or a TOD designation.
I don’t know what this inquiry had to do with real estate, but with real estate if you just have a few people that you wanted to go to equally, we can do what they call a Lady bBrd deed, which is called an enhanced life estate deed. And that’s where you executed deed, conveying the property, who are, you want to receive a debt, your death, but you receive all retain all the rights of ownership during your lifetime. And that way you can sell it, keep all the money. You can change the beneficiary anytime you want. And it doesn’t create a problem for Medicaid. It preserves all your rights as far as homestead property. If  you’re dealing with your homestead property and it’s referred to as Lady Bird, deed, and at that’s how it appeared in a treatise, probably 25 or 30 years ago, where the author named all of his documents after famous people and it’s named after Lady Bird Johnson. So if you have any questions about needing to have a lady bird deed prepared will give me a call at (727) 847-2288.