Le marche de Miami est en pleine ébullition et les opportunités d'investissement pour les étrangers ne manquent pas. C'est un marche qui fait rêver tant par son dynamisme que par son exotisme. Il est toutefois important avant de se lancer dans l'aventure de bien connaitre les tenants et aboutissants d'un point de vue fiscal car si les étrangers sont soumis au même régime de taxation sur les plus-value que les américains (15 % de la plus value si détenu pour plus d'un...Continue Reading!
Title Information Category
...47% of the total for sale single family homes were sold in the month of November as compared to 52% in the previous month... Read full article on my December Newsletter at: https://ewm.box.com/s/bfuvffffwjtg9vhwzsds Continue Reading!
Yes! The Federal Government has come up with guidelines that are designed to make short sales shorter! The new Home Affordable Foreclosure Alternatives Program (HAFA), which officially launches in April of 2010, provides financial incentives to lenders to make the short sale process easier. For example, under HAFA, lenders are being asked to provide pre-approved short sale terms prior to listing and an approval letter 10 days from the date the offer is received. This program will take all those...Continue Reading!
The REO lender cannot require, as a condition of sale, that the buyer purchase title insurance from a particular title company. The buyer of REO property has a right to choose the closing and title company and pay for buyers own title policy. Section 9 of RESPA prohibits a seller from requiring the home buyer to use a particular title insurance company, either directly or indirectly, as a condition of sale. In fact, a clause in a purchase agreement that...Continue Reading!
The Florida Department of Revenue (DOR) issued a ruling late Tuesday stating that doc stamp taxes owed on a short sale should be based on the sale price paid by the purchaser and not on the sale price PLUS any amount forgiven by the home seller's lender. DOR's ruling is effective immediately. A problem arose because Florida law did not clearly explain doc stamp fees on a short sale; consequently, local governments were making their own decisions and charging different...Continue Reading!
The Title Insurance Committee of The Florida Bar’s Real Property, Probate, and Trust Law Section just alerted me about a recent opinion given by the Florida Department of Revenue (DOR) in response to a “short sale” question. I was surprised by the DOR's opinion and so I though it was worth "blogging" about. The DOR was asked how to calculate documentary stamp tax on a “short sale” real estate transaction. The DOR responded, “On a “short sale” of real property documentary...Continue Reading!
Reissue Rates are discounts off the standard premium charged on title insurance policies and are available in Florida. In fact, Florida has a mandated Reissue Rate for buyers and borrowers in the following instances, provided that you provide the title agent with a copy of the previous owner’s title insurance policy: (1) a mortgage refinancing; (2) the purchase of unimproved land; and/or (3) the purchase of a property from a seller that purchased that property within three years of your purchase The...Continue Reading!
In case you haven't heard, effective October 1, 2007, the Florida Legislature modified several title insurance statutes that specifically affect your buyers and sellers because they change the way the HUD-1 Settlement Statement (the "HUD") is completed. This "new" way of completing the HUD is a result of new definitions that were given to title related terms. They are: "Closing Services", defined to include (1) services performed by the Title Agent, (2) preparing the documents for the closing, (3) conducting the...Continue Reading!