What is FIRPTA? It is an acronym for the Foreign Investment in Real Property Tax Act. It was enacted back in 1980 and requires withholding and remittance of 10% of the amount realized by the foreign seller of a US real property interest. Read the rest of this entry
Wills – Trusts – Estates…WHAT?!
Let’s see if this helps… Read the rest of this entry
What is a title examination, or title search?
Title examination is the most important phase of a real estate transaction. The examination determines whether the title is marketable. It informs the Purchaser and the Lender if the property being conveyed is free and clear of any liens, encumbrances or judgments that may have arisen during prior ownership. It’s a close examination of all public records that involve title (deed) to a piece of real estate. The person conducting the search looks at past deeds, wills, and trusts to make sure the title has passed correctly to each new owner. The examiner tries to verify that all prior mortgages, judgments, and other liens have been paid in full. Read the rest of this entry
Over the past few weeks we have discussed some of the most common types of deeds used to transfer ownership of real estate in Florida. One of the most common deeds is that of a “Quitclaim” Deed; it is not “Quick Claim,” or Quit Claim.” The proper legal term is “Quitclaim”, one word. Read the rest of this entry