Recent Blog Posts

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Will the Tax Benefit from 1031 Exchanges Be Limited or Eliminated?

By Norma Echarte | Published March 7, 2023 | Posted in Uncategorized | Tagged Tags: 1031 exhange | Comments Off on Will the Tax Benefit from 1031 Exchanges Be Limited or Eliminated?

Many people gain a substantial tax benefit by using the proceeds from one property sale to fund the purchase of another property within 180 days. These tax-deferred transactions, known as 1031 exchanges, require strict adherence to IRS rules. If you’re considering a 1031 exchange, you should consult an attorney with experience in this area. You Read More

Florida Multifamily Real Estate Market Remained Hot in ‘22

By Norma Echarte | Published February 7, 2023 | Posted in Real Estate | Tagged Tags: multifamily homes | Comments Off on Florida Multifamily Real Estate Market Remained Hot in ‘22

In a year where a variety of economic pressures threatened multifamily real estate markets around the United States, South Florida remained a hotbed both in terms of high sales and low vacancy rates. Indeed, higher interest rates and lingering business struggles associated with the COVID-19 pandemic have seemed to intensify the influx of people moving Read More

What is Covered in a Florida Condominium Governance Form?

By Norma Echarte | Published January 7, 2023 | Posted in Real Estate | Tagged Tags: community board, condiminium governance form, condo | Comments Off on What is Covered in a Florida Condominium Governance Form?

Whether you own a condominium unit or serve as a condo board director, you should have a strong grasp on the rules that govern key matters. Though each community is unique, there are many common elements associated with the successful operation of condominium complexes, regardless of their size or location. Some aspects of condominium governance Read More

Using Mediation and Arbitration to Resolve Disputes over Escrow Funds

By Norma Echarte | Published September 7, 2022 | Posted in Real Estate | Tagged Tags: binding arbitration, escrow, mediation, non-binding arbitration, real estate closing | Comments Off on Using Mediation and Arbitration to Resolve Disputes over Escrow Funds

Numerous circumstances can trigger a dispute over the disposition of escrow funds. A buyer might claim that they are entitled to recover their earnest money because the seller failed to make agreed-upon repairs in advance of closing, or the seller could believe they are entitled to funds deposited into an escrow account because the buyer Read More

How LLCs Registered in the U.S., but Owned by Foreigners Are Treated Under FIRPTA

By Norma Echarte | Published August 8, 2022 | Posted in Real Estate | Tagged Tags: FIRTA, Foreign Investment in Real Property Tax Act, Foreign LLC, LLC, multi-owner LLC | Comments Off on How LLCs Registered in the U.S., but Owned by Foreigners Are Treated Under FIRPTA

When someone not from the United States sells or otherwise disposes of property they own here, they usually must withhold 15 percent of the amount realized in the transaction and remit it to the IRS within 20 days of the closing. This is mandated by the Foreign Investment in Real Property Tax Act of 1980 Read More

How Does the Financing Contingency Work in a Property Sale Contract?

By Norma Echarte | Published July 7, 2022 | Posted in Real Estate | Tagged Tags: approval deadline, FAR/BAR Contract, loan approval | Comments Off on How Does the Financing Contingency Work in a Property Sale Contract?

Home sales are usually financed in part by lenders, such as banks and mortgage companies. For this reason, contracts for the purchase of homes require deposits at the time of signing, but are generally contingent on the buyer obtaining financing for the purchase. The Florida Realtors/Florida Bar Residential Contract for Sale and Purchase (the “FAR/BAR Read More

What Happens During the Inspection Period of a Real Estate Transaction?

By Norma Echarte | Published June 7, 2022 | Posted in Real Estate | Tagged Tags: inspection period | Comments Off on What Happens During the Inspection Period of a Real Estate Transaction?

If you offer to buy a home or commercial property and the selling party accepts your offer, the next step is for you and the seller to negotiate and sign a sales agreement. Generally speaking, once it is signed, the sales agreement will immediately create a binding obligation for the seller, but not the buyer. Read More

Title Insurance in a Florida Real Estate Transaction

By Norma Echarte | Published May 7, 2022 | Posted in Real Estate | Tagged Tags: defects, real estate property, title agent, title insurance | Comments Off on Title Insurance in a Florida Real Estate Transaction

If you plan to purchase a home or commercial property, it’s important for you to understand what title insurance is and why it plays such an essential role in making the purchase possible. The buyer will want to purchase the property free and clear of any defects in the title, such as a break in Read More

New FAR/BAR Contract Has Changes for the Miami Area

By Norma Echarte | Published April 7, 2022 | Posted in Real Estate | Tagged Tags: contract review, FAR/BAR Contract, loan approval | Comments Off on New FAR/BAR Contract Has Changes for the Miami Area

Most Miami-Dade residential property transactions use the Florida Realtors/Florida Bar Contract for Sale and Purchase — the “FAR/BAR contract” for short. This is a fillable form that can be prepared by real estate brokers, attorneys, investors or actual parties to a deal. The FAR/BAR contract uses commonly understood language that is meant to make sales Read More

When Is FinCEN Applicable to a Cash Real Estate Deal?

By Norma Echarte | Published March 7, 2022 | Posted in Real Estate | Tagged Tags: all-cash purchases, covered transaction, FinCEN, geographic targeting orders | Comments Off on When Is FinCEN Applicable to a Cash Real Estate Deal?

Purchasing real estate anonymously through a shell company has been a popular method of money laundering, especially in high-end housing markets. To combat the problem, the federal Financial Crimes Enforcement Network (FinCEN) has imposed data collection and reporting requirements on title insurance companies involved in certain transactions in targeted geographic areas, including Miami-Dade, Broward and Read More

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