https://www.fleitasarcalaw.com/ Mon, 14 Apr 2025 17:21:26 GMT en-us https://www.fleitasarcalaw.com/blog/how-do-you-calculate-ltv-or-loan-to-value-ratio/ https://www.fleitasarcalaw.com/blog/how-do-you-calculate-ltv-or-loan-to-value-ratio/ Mon, 14 Nov 2022 16:47:46 GMT A lender calculates the LTV by dividing the mortgage amount into the sales price or the appraised value of the property. Lenders use this number to determine the amount of the mortgage that they are going to give you when you decide to purchase a home.

]]> A lender calculates the LTV by dividing the mortgage amount into the sales price or the appraised value of the property. Lenders use this number to determine the amount of the mortgage that they are going to give you when you decide to purchase a home.

]]> https://www.fleitasarcalaw.com/blog/environmental-site-assessments/ https://www.fleitasarcalaw.com/blog/environmental-site-assessments/ Mon, 14 Nov 2022 16:46:54 GMT Depending on the property-type obtaining an Environmental Site Assessment is highly recommended. Typically, properties that would require an environmental site assessment would be gas stations or a dry cleaner. Another consideration is whether you are getting a loan. Generally, depending on the property-type, a lender will require an environmental site assessment prior to closing.

]]> Depending on the property-type obtaining an Environmental Site Assessment is highly recommended. Typically, properties that would require an environmental site assessment would be gas stations or a dry cleaner. Another consideration is whether you are getting a loan. Generally, depending on the property-type, a lender will require an environmental site assessment prior to closing.

]]> https://www.fleitasarcalaw.com/blog/documentary-stamp-taxes/ https://www.fleitasarcalaw.com/blog/documentary-stamp-taxes/ Mon, 14 Nov 2022 16:42:35 GMT In Florida, Documentary stamp taxes are due at a rate of 70 cents per 100 dollars of transferable value (the sales price), with the exception of Miami-Dade County, whose documentary stamp tax is 60 cents per 100 dollars. Documentary stamp taxes on promissory notes are 35 cents per 100 dollars.

]]> In Florida, Documentary stamp taxes are due at a rate of 70 cents per 100 dollars of transferable value (the sales price), with the exception of Miami-Dade County, whose documentary stamp tax is 60 cents per 100 dollars. Documentary stamp taxes on promissory notes are 35 cents per 100 dollars.

]]> https://www.fleitasarcalaw.com/blog/mechanics-liens/ https://www.fleitasarcalaw.com/blog/mechanics-liens/ Mon, 14 Nov 2022 16:40:43 GMT Liens are claims on real estate that are used to secure debt. Failure to pay that debt can result in the mechanics lien or foreclosing on the lien and taking your property.

]]> Liens are claims on real estate that are used to secure debt. Failure to pay that debt can result in the mechanics lien or foreclosing on the lien and taking your property.

]]> https://www.fleitasarcalaw.com/blog/differences-between-a-line-of-credit-and-a-term-loan/ https://www.fleitasarcalaw.com/blog/differences-between-a-line-of-credit-and-a-term-loan/ Mon, 14 Nov 2022 16:39:45 GMT With a line of credit the borrower has recurring access to the funds and can borrow and repay the funds as he or she needs them. A term loan is funded fully at the time of the closing and the borrow repays it over a set schedule over a period of time.

]]> With a line of credit the borrower has recurring access to the funds and can borrow and repay the funds as he or she needs them. A term loan is funded fully at the time of the closing and the borrow repays it over a set schedule over a period of time.

]]> https://www.fleitasarcalaw.com/blog/what-happens-at-the-closing/ https://www.fleitasarcalaw.com/blog/what-happens-at-the-closing/ Mon, 14 Nov 2022 16:38:23 GMT At a traditional sit-down closing, the buyer and their representatives, and the seller and their representatives sit at a table. Documents are executed, and money’s exchanged. Once that happens, the transaction is officially closed.  With the advancements in technology, a traditional “sit-down” closing is now rare.  Now a days, the Buyer and Seller go to…

]]> At a traditional sit-down closing, the buyer and their representatives, and the seller and their representatives sit at a table. Documents are executed, and money’s exchanged. Once that happens, the transaction is officially closed.  With the advancements in technology, a traditional “sit-down” closing is now rare.  Now a days, the Buyer and Seller go to their respective representatives, execute the transaction documents, and then documents are exchanged via courier.

]]> https://www.fleitasarcalaw.com/blog/what-is-a-1031-exchange/ https://www.fleitasarcalaw.com/blog/what-is-a-1031-exchange/ Mon, 14 Nov 2022 16:36:05 GMT Under section 1031 of the Internal Revenue Code, certain types of properties can be exchanged and taxes on the sale can be deferred.

]]> Under section 1031 of the Internal Revenue Code, certain types of properties can be exchanged and taxes on the sale can be deferred.

]]> https://www.fleitasarcalaw.com/blog/what-is-a-closing-statement/ https://www.fleitasarcalaw.com/blog/what-is-a-closing-statement/ Mon, 14 Nov 2022 16:34:41 GMT A closing statement is a document that details all the costs related to a real estate transaction. It is typically prepared by the closing agent and is signed by both the buyer and the seller.

]]> A closing statement is a document that details all the costs related to a real estate transaction. It is typically prepared by the closing agent and is signed by both the buyer and the seller.

]]> https://www.fleitasarcalaw.com/blog/what-is-a-re-issue-credit-on-title-insurance/ https://www.fleitasarcalaw.com/blog/what-is-a-re-issue-credit-on-title-insurance/ Mon, 14 Nov 2022 16:28:00 GMT A reissue credit is available if certain conditions are met. It is a significant savings on the title insurance premium.

]]> A reissue credit is available if certain conditions are met. It is a significant savings on the title insurance premium.

]]> https://www.fleitasarcalaw.com/blog/what-is-a-survey-and-what-is-the-purpose-of-a-survey/ https://www.fleitasarcalaw.com/blog/what-is-a-survey-and-what-is-the-purpose-of-a-survey/ Mon, 14 Nov 2022 16:26:54 GMT A survey is a sketch of the property performed by a surveyor. It will determine if there are any overlaps, encroachments, or boundary issues with the subject property.

]]> A survey is a sketch of the property performed by a surveyor. It will determine if there are any overlaps, encroachments, or boundary issues with the subject property.

]]> https://www.fleitasarcalaw.com/blog/what-is-an-estoppel-letter/ https://www.fleitasarcalaw.com/blog/what-is-an-estoppel-letter/ Mon, 14 Nov 2022 16:24:08 GMT In the context of homeowners associations and condominium associations, an estoppel letter is a document that provides the buyer with the details of the assessments charged by the association.  It prevents the association from later claiming sums that are not reflected in the estoppel letter.

]]> In the context of homeowners associations and condominium associations, an estoppel letter is a document that provides the buyer with the details of the assessments charged by the association.  It prevents the association from later claiming sums that are not reflected in the estoppel letter.

]]> https://www.fleitasarcalaw.com/blog/what-is-debt-service-coverage-ratio-dscr/ https://www.fleitasarcalaw.com/blog/what-is-debt-service-coverage-ratio-dscr/ Mon, 14 Nov 2022 16:22:50 GMT The debt service coverage ratio is generally described as the relationship between the Borrower’s annual net operating income as it relates to the mortgage payments in a year. For example, a property with net operating income of $125,000 and mortgage payments equaling $100,000 has a debt service coverage ratio of 1.25.

]]> The debt service coverage ratio is generally described as the relationship between the Borrower’s annual net operating income as it relates to the mortgage payments in a year. For example, a property with net operating income of $125,000 and mortgage payments equaling $100,000 has a debt service coverage ratio of 1.25.

]]> https://www.fleitasarcalaw.com/blog/what-is-portability/ https://www.fleitasarcalaw.com/blog/what-is-portability/ Mon, 14 Nov 2022 16:21:43 GMT When somebody owns a property in Florida and then sells that property and reestablishes their homestead within two years, they’re entitled to port their tax savings from their prior home to their new home.

]]> When somebody owns a property in Florida and then sells that property and reestablishes their homestead within two years, they’re entitled to port their tax savings from their prior home to their new home.

]]> https://www.fleitasarcalaw.com/blog/what-is-the-difference-between-a-title-company-and-a-real-estate-attorney-handling-my-closing/ https://www.fleitasarcalaw.com/blog/what-is-the-difference-between-a-title-company-and-a-real-estate-attorney-handling-my-closing/ Mon, 14 Nov 2022 16:20:57 GMT A title company facilitates the purchase and the sale. They cannot provide legal advice. The attorney, on the other hand, can provide legal advice and will represent your interests.  Given that a real estate purchase and sale is typically one of the most important events in a person’s life, it is strongly recommended that you…

]]> A title company facilitates the purchase and the sale. They cannot provide legal advice. The attorney, on the other hand, can provide legal advice and will represent your interests.  Given that a real estate purchase and sale is typically one of the most important events in a person’s life, it is strongly recommended that you higher a competent attorney to represent you in the transaction.

]]> https://www.fleitasarcalaw.com/blog/what-is-the-difference-between-the-promissory-note-and-the-mortgage/ https://www.fleitasarcalaw.com/blog/what-is-the-difference-between-the-promissory-note-and-the-mortgage/ Mon, 14 Nov 2022 16:18:26 GMT The promissory note is the obligation to repay. It’s the I-O-U. In Florida, the mortgage is the lien on the real estate collateral that secures the note.

]]> The promissory note is the obligation to repay. It’s the I-O-U. In Florida, the mortgage is the lien on the real estate collateral that secures the note.

]]> https://www.fleitasarcalaw.com/blog/what-is-title-insurance-and-must-i-have-it/ https://www.fleitasarcalaw.com/blog/what-is-title-insurance-and-must-i-have-it/ Mon, 14 Nov 2022 16:16:43 GMT Title insurance protects you from any defects with title to the property. Essentially, there are two types of policies. A loan policy, which protects lenders. And an owner’s policy that protects the owners. Loan policies are usually required by all Lenders.  Owners policies are optional, but highly recommended.

]]> Title insurance protects you from any defects with title to the property. Essentially, there are two types of policies. A loan policy, which protects lenders. And an owner’s policy that protects the owners. Loan policies are usually required by all Lenders.  Owners policies are optional, but highly recommended.

]]> https://www.fleitasarcalaw.com/blog/what-isnt-covered-by-title-insurance/ https://www.fleitasarcalaw.com/blog/what-isnt-covered-by-title-insurance/ Mon, 14 Nov 2022 16:10:37 GMT Title insurance will not cover any defects that are listed as exceptions on your title policy. Please reach out to our office for a more detailed explanation for the standard exceptions and exceptions listed on the title policy jacket.

]]> Title insurance will not cover any defects that are listed as exceptions on your title policy. Please reach out to our office for a more detailed explanation for the standard exceptions and exceptions listed on the title policy jacket.

]]> https://www.fleitasarcalaw.com/blog/what-is-the-foreign-investment-in-real-property-tax-act-firpta/ https://www.fleitasarcalaw.com/blog/what-is-the-foreign-investment-in-real-property-tax-act-firpta/ Mon, 14 Nov 2022 16:06:03 GMT When a foreign person sells United States real property, that is a taxable event. The buyer is responsible for withholding. The rate of withholding generally is 15% (10% for dispositions before February 17, 2016).  Generally, FIRPTA withholding is not required  if the buyer  acquires the property for use as a residence and the sales price…

]]> When a foreign person sells United States real property, that is a taxable event. The buyer is responsible for withholding. The rate of withholding generally is 15% (10% for dispositions before February 17, 2016).  Generally, FIRPTA withholding is not required  if the buyer  acquires the property for use as a residence and the sales price is not more than $300,000. The Buyer or a member of the Buyer’s family must have definite plans to reside at the property for at least 50% of the number of days the property is used by any person during each of the first two 12-month periods following the date of transfer. For this exception, the Buyer must be an individual.  There are other exceptions to FIRPTA withholding; however, notification requirements must be met.

]]> https://www.fleitasarcalaw.com/blog/when-do-i-get-the-deed/ https://www.fleitasarcalaw.com/blog/when-do-i-get-the-deed/ Mon, 14 Nov 2022 15:55:46 GMT The deed is executed at closing, and the original is delivered to the county recorder’s office. Once recorded, the deed is returned to the closing agent, and the closing agent then delivers the deed to the buyer.

]]> The deed is executed at closing, and the original is delivered to the county recorder’s office. Once recorded, the deed is returned to the closing agent, and the closing agent then delivers the deed to the buyer.

]]> https://www.fleitasarcalaw.com/blog/why-should-a-buyer-have-an-attorney-perform-a-lien-search-on-a-property-being-purchased/ https://www.fleitasarcalaw.com/blog/why-should-a-buyer-have-an-attorney-perform-a-lien-search-on-a-property-being-purchased/ Mon, 14 Nov 2022 15:54:06 GMT As opposed to a title search, a lien search is a search of unrecorded matter that could affect title to the property. Without a lien search, you would not know of any building violations, any open permits, or any unpaid utility charges. It is very important prior to purchasing any real estate in Florida to…

]]> As opposed to a title search, a lien search is a search of unrecorded matter that could affect title to the property. Without a lien search, you would not know of any building violations, any open permits, or any unpaid utility charges. It is very important prior to purchasing any real estate in Florida to obtain a lien search on that property.

]]>