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Davie Florida Real Estate Law Blog

What is the purpose of title insurance and why do I need it?

When you're looking to buy a home, which is often the biggest purchase and investment a person makes, you want to make sure you're making smart decisions. For some people, that could mean buying a home in poor condition and fixing it up.

After addressing any major code violations, your home's value could increase substantially. For others, it could mean hunting for a bargain and keeping the external costs associated with home purchases to the lowest amount possible.

Don't forget to update beneficiaries when estate planning

Drafting an estate plan is not just something the elderly in Florida should do. Many young married couples should also consider estate planning. This is because when it comes to estate planning tools, such as a life insurance policy or retirement account, beneficiaries can be named that will receive the funds from those assets should the policy holder pass away. Many of these assets can be very valuable (sometimes they are a person's most valuable assets), meaning it's very important that an appropriate beneficiary is chosen.

Of course, life is rarely static. Sometimes, a married couple with children divorces. Then, later on down the road, one or both parties will remarry. If these individuals do not revisit assets such as life insurance policies or retirement accounts, they may find that the beneficiary they initially listed is no longer suitable for that role.

Give the gift of estate planning this holiday season

The holiday season is upon us, and for many in Florida, the holidays are about spending time with their loved ones. While many people in Florida are focused on gift-giving and other acts of generosity this time of the year, one important gift they can give their loved ones is the gift of estate planning.

Estate planning goes beyond simply writing a will, or a more complicated trust. Of course, it's important to have a plan in place as to how your assets will be passed on to your heirs after you die. However, estate plans can cover not only death, but also end-of-life care and decision-making that takes place prior to death.

What are the steps of the real estate closing process?

Buying a home is an exciting milestone for many in Florida. A home is a place where they will create memories, and being a homeowner is part of the "American dream" for many people. Therefore, after weeks of searching for the right house and agreeing on a price, the last step in purchasing a home is the closing process.

On the day before a person plans on closing, they (or their real estate agent or attorney) will need to assemble all the documents with regard to the home buying process. For example, contracts, inspections, appraisals, proof of homeowner's insurance, and proof of a title search are just some of the documents needed to close on a home.

Buying property with code violations? Look before leaping

One possible ongoing revenue stream for potential investors is acquiring properties for resale or rental. Many times good deals can be found on the local market by investing in properties with code violations.

But savvy investors realize that there are code violations ... and there are white elephant nightmares to avoid at all costs. Here's some advice that real estate professionals on the Trulia Voices page had for someone in another state who wanted to invest in these type of properties.

Blended families can complicate estate planning

Families these days come in all shapes and sizes. For example, many people in Florida may know someone who has divorced and then remarried, or may even be on their second or subsequent marriage themselves. In fact, Pew Research reports that 42 percent of those over age 18 in the United States are part of a step-relationship, whether they are a stepparent or a stepchild. When one throws children into the mix with a second spouse, it creates an interesting dynamic when it comes to estate planning.

One place where people in blended families need to be careful is when choosing a beneficiary for their insurance policies and retirement accounts. This is important because in the end, a beneficiary designation will win over whatever a person might state in their will. So, make sure that your ex is no longer a beneficiary on these important documents, and be sure to include your current spouse, children and stepchildren, if you wish.

How did the residential real estate market fare in 2017?

The year 2017 was a good one for the economy in the United States. People in Florida may have contributed to this by either buying or selling a home. Many of these sales took place in South Florida, which, overall, is seeing a solid housing market.

For example, the Miami Herald conducted a survey on the residential real estate market. The survey revealed that there is an increase in those who are interested in owning a home rather than renting. The survey also found that the real estate market in Miami grew modestly at around 2 percent.

Three misconceptions you may have about your mortgage

Buying a home is often the most expensive purchase that a person will make in their lifetime. While many people have experts check a home’s foundation and plumbing before buying a home, they may not apply the same level of diligence when it comes to their mortgage. Traditional mortgages can last for decades and homebuyers need to understand the details of these complex agreements before they sign anything. Here we will discuss three common misconceptions homebuyers can have about their mortgage and ways that they can protect themselves from problems.

'Snow birds' in Florida face unique estate planning issues

Anxious to stay one step ahead of "old man winter," it's that time of year when people living in northern states start flocking to Florida to spend the winter months living in a more pleasant climate. While these "snow birds" have set up residences in two states, one up north where the summers are cool and one down south where the winters are warm, it should be noted that living in more than one state can present unique issues when it comes to estate planning.

Of course, no one can predict when they will pass away. However, those who reside in different states at different times of the year should be aware that state laws may differ when it comes to estate taxes, probate proceedings, will execution and other estate planning issues.

Airbnb and Newgard partner to create new apartment in Florida

Airbnb is an up-and-coming service that allows homeowners and renters to lease out their homes on a short-term basis to vacationers. Many people in Florida have found it useful, both as travelers looking for an affordable place to stay, as well as homeowners and renters looking to earn some extra money. Now, the Financial Times is reporting that Newgard Development Group, which is a real estate developer in Florida, is partnering with Airbnb to launch apartments in the state.

The building will be located in Kissimmee, Florida, and will contain 300 units. It will be known as "Niido powered by Airbnb." It is set to open next year and some features that will be highlighted include secured storage areas and keyless entries. Apartment tenants will be permitted to use Airbnb to sublet their units for as many as 180 days annually.

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