The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has issued a newly updated Geographic Targeting Order (GTO) which supplements and supersedes all previous orders. The order directs all title insurance companies and its agents to report information about certain residential real estate transactions in Florida. As anticipated the GTO has expanded the types of…
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Title insurance in Florida Who pays for title insurance in Florida? It depends on a few variables. How the buyer presents the offer to the seller (contract), the county in Florida where the home is located, the knowledge of the Realtor® presenting the offer, and how the deal was negotiated. In brief, Real estate agents…
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1031 Exchange in a Nutshell Under Section 1031, a taxpayer may defer capital gains taxes by exchanging property (“relinquished property or RQ”) for like-kind property of equal or greater value (“replacement property or RP”). In phase one of a forward exchange, a Qualified Intermediary (“QI”), on behalf of the taxpayer, sells the RQ. In phase two,…
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Do you qualify as a First Time Homebuyer? As a first time homebuyer, you may have access to loan programs only offered to first-time buyers that have special no or low down payment options, programs that include down payment assistance or that offer more flexibility when it comes to closing costs. In addition, there may…
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Beware of Wire Fraud with Title Company Closings American Land and Title Association, ALTA, says the number of wire fraud scams reported by title companies to the Internet Crime Complaint Center (IC3) spiked 480% in 2016, according to a warning issued to businesses by the FBI. So how does this wire fraud scam work? One…
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Florida Adds Fraud Alert System to Help Homeowners Are you a resident of Baker, Broward, Charlotte, Clay, Duval, Hillsborough, Lee, Manatee, Martin, Nassau Orange, Palm Beach, Pasco, Pinellas, Putnam or St John’s Counties in Florida or do you own property in these counties? Now you can sign up to receive fraud alerts. Property and mortgage…
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A Property Survey can Save you in the Future A new survey will provide an accurate picture of a property being purchased by determining accuracy of dimensions, identifying boundaries and easements, revealing encroachments and any other issues affecting the physical aspects of the property. But too often, buyers and lenders rely on a recertified old…
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What is the Florida Homestead Exemption? All legal Florida residents are eligible for a Homestead Exemption on their homes, condominiums, co-op apartments, and certain mobile home lots if they qualify. The Florida Constitution provides this tax-saving exemption on the first and third $25,000 of the assessed value of an owner/occupied residence. Who can Apply for…
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