Florida Investment Blog

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.

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.

In Florida, if you do not have a signed lease or if your lease has expired, the landlord has the right to raise your rent. Check your local ordinances periodically for notice requirements that the Landlord must follow prior to increasing your rent.

In Florida, if your lease is from year to year, not less than 60 days. If your lease is from quarter to quarter, not less than 30 days. If your lease is from month to month, not less than 15 days and if your lease is week to week, not less than 7 days notice.

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.

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.

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.

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…

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

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.