Category: Buyers


Top 4 Real Estate Deal Killers

It’s October, season of carving pumpkins and munching on candy corn. However, there’s something lurking just around the corner or hiding in the front yard creeping up on your customer, and if your customers are not careful – these monsters can jump out and KILL YOUR NEXT DEAL!

To help ensure your customers don’t unwittingly cast themselves as the victims in their own horror movie this season, check out the tips below on some of the biggest KILLERS of a real estate transaction!

Don’t Spend Like a PSYCHO!

After signing the contract for their new home, but before closing, some customers just get into a spending mood! It may be tempting to use a new line of credit to fill the new house with furniture or purchase a shiny new SUV for the driveway, but these transactions can QUICKLY change your lender’s opinion about your credit-worthiness and cause your deal to go down the drain!

Avoid the Home of FRANKENSTEIN.

Some homes look great on the outside and even through the buying process, only for the future homeowners to find out the home has not been properly upgraded throughout the years and is, instead, a mishmash of a lot of parts like Frankenstein’s monster. That home may not pass inspection, and when that happens, the sale is gone. Don’t let your buyers be sad. It’s a good thing to keep their family safe from plumbing, foundation, or electrical issues… as Frankie says – FIRE BAD.

Steer Clear of the INVISIBLE ZOMBIE.

A surprisingly common issue when someone is selling their home is that their legal spouse has gone as invisible as Claude Raine. When people move away from each other without filing the correct legal documents, they may forget that technically BOTH parties still own the home, and there’s been instances where the former spouse cannot be found in time – bringing the closing to a screeching halt.

Don’t Let Liens Drain You Like DRACULA.

Imagine getting excited about your new home, only to find the solar panels that you thought were a nice addition come with a $20,000 lien on the property. Just like Dracula – that sucks! Make sure you ask your title company for a comprehensive title search so that these kinds of liens don’t suck the life out of your customers’ bank accounts!

As you can see, it may seem like there’s danger lurking around every corner, but with a little bit of preparation – and choosing a title company backed with the power of Florida Agency Network – you can help your customers avoid turning their experience into a horror film!

To share this information with others, we have a downloadable PDF

Happy Halloween!

 


What’s in a Name? When It Comes to Your Deed, Everything.

 

couple holding key to new home

We all remember the classic tale of Romeo and Juliet. It was a story of love, tragedy, and (SPOILER ALERT) a SERIOUS lack of communication. While tragic in the end, it’s a great story to recall around Valentine’s Day, and it’s one that can be used to help your customer make sure their story has a better outcome.

Sometimes even a star-crossed couple will make the largest decision of their lives – the decision to purchase a home. While many couples will pool their assets, get a joint mortgage, and take title together, sometimes that’s not possible or one spouse already owns a home before marriage. In pre-marriage ownership scenarios, if one spouse solely owned the home before the marriage, their new, non-owner spouse will need to sign a deed and/or mortgage on the property for the owner spouse to sell it or mortgage it – unless they get a divorce prior to the sale. (Hey, Romeo & Juliet WAS a tragedy after all!)

So, in Florida, even if a spouse is not going to be on the title or a promissory note to repay a mortgage, they still need to sign the deed when selling the property or getting a loan. That’s because, unlike the Capulets and Montagues, today’s couples have something that Romeo and Juliet didn’t – the Florida Constitution.

Article X, section 4, of the Florida Constitution, also known as the Homestead Exemption, is a powerful law that offers many benefits to Florida citizens. You may already be aware of the tax benefits of declaring your “homestead” that are outlined in section 6, but section 4 has some other, lesser known, and noteworthy protections, including:

  1. Exemption of Forced Sales, Even at Death
  2. Restrictions on Wills & Estates
  3. Rules on Alienation or the Voluntary Act of Disposing of a Property

Section 4 helps guarantee that a Florida homeowner cannot be forced to sell their home to repay a debtor in most situations outside of mortgage repayment, mechanical liens, and outstanding property taxes. It also allows tax protection when the couple sells their home and intends to use the profits to buy another home.

To protect as many citizens as possible under these laws, married couples are required to sign the deed to the property when they sell the home. This means that if the Capulets had ever convinced Juliet to leave the Montague she married, she could not have sold their home without Romeo knowing about it. Also, neither she nor Romeo could leave the home to a minor child in their will, without the other party waving at least a portion of their rights.

So, while we are sure that a rose by any other name would smell as sweet, make sure your customers understand why both spouses’ name should be on any deed once married and stay tuned for more tips to help your customers to come as we move further into the year.

Until then, parting is such sweet sorrow…..