Real Estate Law
We represent buyers of real estate, sellers of real estate, and can even act as your title agent. We are members of Old Republic Title National Title Insurance Company. We act in your interest and make sure you are not paying for fees that you shouldn’t be. We calculate the documentary stamps or transfer tax to make sure that you are paying the correct amount. We make sure that your closing goes smoothly and that you are able to close on your property on time. We make sure that there are no liens on the property and help assist you in clearing up any title issues dealing with the property. We go over what seller’s and buyer’s costs are and who should be paying for them.
Legal Title of Property
We also make sure that you obtain title in the correct legal title. If you hold title of a property with more than one person should you hold title as tenants in common, joint tenants with right of survivorship, as part of your revocable trust, or as tenants by the entirety (as husband and wife)? Should you create a ladybird deed to assist you in your estate plan? At Barash-Schatten Law Firm, P.A., we go over the different ways of titling property and how the titling of property will effect you and your successors.
Property and Your Revocable Trust
We can also assist you in transferring your property into your revocable trust. We record the deed to the revocable trust and make sure that homestead is retained when it is transferred into the revocable trust.
You own the property as tenants by the entireties. Your husband or wife passed away. What do you need to file or do to secure your property for you alone to hold the property. First, an affidavit of continuous marriage needs to be filed with the recorder’s office and also, a document called DR-312, that no estate tax is due. If no estate tax is due, and the estate amount is not above the applicable estate tax amount. In the year 2019, the estate tax amount is $11.4 per individual. So, for most people, they need to file the DR-312 to secure title to the property.
Reasons for Homestead Exemption
- Devise/Distribution goes to minor children and the spouse
- Creditors can not reach it unless the creditor is the bank or a secured creditor
- Property Taxes are decreased when the property is homestead
- Can you still maintain homestead if the house is in a revocable trust? Yes, call Barash-Schatten Law Firm, PA to find out
Both the Buyer and Seller pay for closing costs. The Buyer pays for title in Miami-Dade and Broward counties. The Seller pays for title in Palm Beach and Central Florida.
The Seller pays for the real estate commissions, while the Buyer pays for inspection and title fees.