How to File Florida Homestead Property Tax Exemption
Under Article VII, Section 6 of the Florida Constitution and Section 196.031, Florida Statute, certain property owners in Florida are eligible for exemptions that can reduce their property tax liability by decreasing the property’s taxable value by up to $50,000. The first $25,000 applies to all property taxes, including school district taxes.
Force Majeure in Residential Real Estate Transactions: How Are Hurricanes Treated and How Might the COVID-19 Pandemic be Treated
Today, we are seeing closing delays caused by the COVID-19 pandemic and in the coming months will likely see delays from hurricanes. This article provides:
An overview of what constitutes Force Majeure;
An outline of the Force Majeure provisions in the Florida Realtors and Florida Bar Residential Contract for Sale and Purchase and the“AS IS” Residential Contract for Sale and Purchase (together, the “FAR/BAR Contracts”);
A discussion of how closing delays caused by hurricanes are handled under the FAR/BAR Contracts; and,
An analysis of how closing delays caused by the COVID-19 pandemic may be handled under the FAR/BAR Contracts.
Mortgage Forbearance and the CARES Act: What It Means for Lenders and Borrowers
Under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act” or “Act”) borrowers may apply for mortgage loan forbearance for those “experiencing a financial hardship during the COVID-19 Emergency.” In this article we will discuss to whom Act applies, what is required of borrowers and lenders when forbearance is requested, what is required of borrowers and lenders when forbearance is entered, and potential long-term consequences of this program for lenders.
eClosings and eNotes
eClosings and eNotes can assist buyers, sellers, agents, lenders, and title agents in performing remote online closings. In this blog we cover the basics of residential real estate notes and how eClosings and eNotes can move closings to a virtual environment.
Remote Online Notarization and Real Estate Closings
Beginning in January 2020, Florida joined a number of other states that allow for Remote Online Notarization (“RON”). Fla. Stat. § 117.021. RON allows for the signing of documents that require notarization to be executed in the presence of a notary who is video conferencing with the signer. However, a notary cannot simply witness a signing using Facetime, Skype, or another similar video conferencing platform and later affix their notary stamp to a document. The notary must take some extra steps to ensure compliance with Florida law, lender and title underwriter requirements.