mitchg

Closing costs of a purchase and/or loan are a significant closing expense.  While the "standard form" contract allocates these expenses a certain way, generally favoring the buyer over the seller, all of these expenses are negotiable.  Before you sign a contract, you...

After closing, please make sure you receive copies of the signed warranty deed, title commitment, note and mortgage.  A client had a significant title problem with a title company, and it would have been a great help if he had this information in his file. Mitch

At one time, the sales tax on commercial rents equaled the general sales tax rate.  Over time, this sales tax has been reduced, and recently entirely eliminated.  Significant savings for the tenant, and less hassle for the landlord as there is no more tax filing...

Florida law requires the seller to disclose know material defects which are not otherwise readily observable to a buyer, even if the property is sold "as is".  The scenarios regarding whether disclosure is required are endless and often fall into a gray area.  If in...

A client agreed to sell his home for $700,000.00, but the buyer has only $100,000.00 to put down and wants to close quickly.  The buyer has another home outside of Florida, up for sale, with a lot of equity.  We discussed seller financing wherein the mortgage will be...

Most residential mortgage loans are not assumable, with the exception of certain federally backed FHA, VA, and USDA loans.  If the Buyer does want to assume the loan, there can be cost savings and potentially a below market interest rate.  However, the seller must be...

If you have a lump sum of money (typically, $10,000.00 or more) and would like to apply it toward the mortgage, consider asking the lender for a "recast."  if the lender agrees, your reduced principal balance will be recast (re-amortized) over the remaining life of...

If you purchase non-homestead real estate, should title be in your individual name(s), or a business entity such as a corporation, limited partnership, or limited liability company?  There are important tax, liability and title issues that should be reviewed and...

A client recently priced out insurance on a commercial warehouse worth $800,000.00.  With windstorm coverage the premium was $15,000.00, without windstorm the premium was $2,500.00.  The lender reduced the loan amount, waived the windstorm coverage requirement, and...

Clients sometimes want to sell property and finance the purchase with a contract for deed.  In essence, the buyer makes payments to the seller but only receives legal title to the property after all payments under the contract are made.  Not a good plan for the buyer,...