#quitclaim deed Florida family property transfer

[lawofficeofryansshipp]

Do I Need A Florida Quitclaim Deed? | 561.699.0399

Florida Quitclaim Deed Lawyers What’s A Florida Quitclaim Deed And When Do You Need It? A Quitclaim Deed, not a “quick claim deed”, is a legal document that transfers the ownership of real property to someone else or to some other entity or trust. In Florida, it’s often used by family members to transfer property ownership to an entity, as gifts or in cases of divorce. It is of high importance to…

[clarkelawpa]

Florida Quit Claim Deed

 Definition of Quit Claim Deed

A quitclaim deed is the simplest way to transfer an interest in real property in Florida. This type of deed is often used between parties s that have an existing relationship, such as family members, divorcing spouses, or business partners.

A key feature of a quitclaim deed is that it does not guarantee a property’s title is free of liens. The grantor simply transfers whatever interest they have in the property to the grantee and no title search is performed. Therefore, the  grantee receives whatever interest the grantor has at the time of the transfer, which could be nothing at all.

For this reason, quitclaim deeds are not typically used in arm’s length real estate purchases. Instead, a title search is performed and the seller then  executes a warranty deed, in which he guarantees clear title to the buyer.

 Requirements for a Quitclaim Deed

To be valid in Florida, a quitclaim deed must meet certain requirements:

Wording of the Deed: The deed must identify the property being conveyed, the grantor (the person transferring the property), and the grantee (the person receiving the property). It should include a clear legal description of the property, not just a street address.

Formalities:

The grantor must sign the deed in the presence of two disinterested witnesses.

The deed must also be notarized with the notary’s stamp and signature. The notary can also act as a witness.

Consideration (the amount paid for the property, even if nominal) must be stated on the deed, though the grantee does not need to sign the document.

Delivery of the Deed: The deed must be delivered to the grantee to be effective. Physical delivery, along with the intent to transfer ownership, is key to completing the transfer.

Recording of the Deed: Recording the deed with the clerk of court in the county where the property is located is highly recommended, though not required. Recording gives public notice of the change in ownership.

Florida Quit Claim Deed Statutes:

Section 689.025, Florida Statutes prescribes the specific language that should appear in a quitclaim deed.

Section 689.01, Florida Statutes requires that deeds conveying real property be signed by the grantor in the presence of two witnesses.

 When Does the Deed Become Effective?

A quitclaim deed becomes effective upon delivery to the grantee, meaning the grantor has physically or constructively delivered the deed with the intention of transferring ownership. However, while the deed is effective once delivered, recording the deed with the county clerk is critical for protecting the grantee’s interest.

Without recording the deed, the grantee may face difficulties in obtaining a mortgage or selling the property. Recording ensures that third parties, such as creditors or potential buyers, are aware of the ownership transfer.

 How to Record a Quitclaim Deed

To record a quitclaim deed, the original signed and notarized document must be taken to the clerk of court in the county where the property is located. The clerk will charge a small fee for recording the deed, which varies by county.  The deed then gets recorded in the chain of title for the property, letting the public know that a change in ownership has occurred.

If there is a mortgage on the property, a documentary stamp tax will usually be assessed on the transfer. Florida’s documentary tax on mortgages is currently  $0.35 per $100 of the mortgage amount. This tax must be paid when recording the deed.

 Quitclaim Deed After Divorce

In divorce proceedings, quitclaim deeds are often used to transfer one spouse’s interest in the marital home to the other spouse. Its important to note that a quit claim deed trasnfer does not affect any mortgage obligations tied to the property.

If both spouses are jointly liable on the mortgage, both remain liable even after the transfer. To fully release a spouse from the mortgage, refinancing or other arrangements with the lender must be made.

Be mindful that many mortgages contain a "due on sale" clause, which may allow the lender to call the loan due upon transfer of ownership. However, in practice, lenders rarely enforce this clause unless the mortgage is in default.

 Quitclaim Deed in Estate Planning

Quitclaim deeds can be a useful tool in estate planning. For example, a property owner can transfer their real estate to a living trust using a quitclaim deed. This allows the property to be held in trust for the benefit of beneficiaries and avoids probate upon the grantor’s death.

Additionally, quitclaim deeds can be used to transfer property into a Florida LLC as part of an asset protection strategy. The owner may then devise their LLC interest to heirs through an operating agreement, keeping the property within the family while potentially shielding it from creditors.

 Contact Florida attorney John Clarke at (954)556-8952 for a free estate planning consultation.

[legaldocumentsnews]

Using A Quit Claim Deed For Transference Of Property

When you are looking to get a property transferred to you by right, you need to use a transfer document that can make you the new owner of the property. There are mainly two different types of documents that are used for this purpose, namely a warranty deed and a quitclaim deed. A warranty deed provides with the warranty that the property that you are looking to acquire is owned by the seller and he or she has the right to transfer the ownership to you. A quitclaim deed makes no such claim and it is mainly used to transfer properties like a home, a piece of land or any other type of real estate among members of the same family. Please visit this site to get a quitclaim deed example.

How the quit claim deed works

The reason for which quitclaim deeds are used so frequently is that they provide with a fast and easy way to carry out real estate transfers. By getting a printable quit claim deed, you can perform the transfer within a matter of a few hours. It is essential to remember that the quit claim deed actually helps a person to transfer his or her own interest in the specific property. The person choosing to transfer the interest cannot do so with a property or a part of a property that he or she does not own. This is one of the things that you must remember about the quit claim deed when you are looking to get one.

Collect a quit claim deed form for your own use

If you are wondering where I can get a quit claim deed form, you would be pleased to know that there are currently numerous online websites that allow their users to download and collect quit claim deeds for their own use. This can help you to get on with your transference of property quickly.  

For more information about getting a quit claim deed in Florida and quit claim deed in Montana, please visit this website.

Read another blog about quit claim deeds here at - https://quitclaimdeeds.wordpress.com

[alfredrserrano]

Title fraud is on the rise. Here’s why it won’t stop anytime soon.

(Illustration by Nate Kitch)

When family members of Lycienne Prince Barber were about to sell their dead relative’s two duplexes in Biscayne Park, they made a startling discovery. During the prerequisite title and lien searches on the properties, they found that a 55-year-old man named Hencile Dorsey, whom Prince Barber’s relatives never met, had filed two warranty deeds transferring ownership of the properties to his own name in February and March of this year.

Neighbors in the small village told Prince Barber’s relatives that Dorsey had gained access to the duplexes to change the locks and was planning to rent out the properties, according to Chelsea Silvia, a real estate attorney representing the deceased woman’s cousins. Her clients sued Dorsey in Miami-Dade Circuit Court, alleging the deeds under his name were fraudulent.

“When you are dealing with the death of a relative, estates can get messy,” Silvia said. “The last thing you expect to deal with is a fraudster appearing out of nowhere, spawning thousands of dollars in legal fees just to sell a property that is rightfully yours.”

Dorsey, who is facing five other pending criminal title fraud cases in addition to these two, declined to comment for this story. 

From alleged one-man bandits like Dorsey to organized crime rings, the title fraud racket is booming in South Florida, a fertile ground for scams involving real estate assets of the deceased. Gary Singer, a Fort Lauderdale real estate attorney who owns a title company, said he encounters some type of title-related fraud multiple times a month.

“It’s very widespread, and everybody needs to be on the lookout for it,” Singer said. The region has all the ingredients to till property-pirating schemes. Title pirates, as Singer and other experts in title fraud call them, have a large pool of victims to prey on in Florida’s elderly population, for starters. In many cases, the owner of  a home targeted by title pirates is an older person who is severely incapacitated or has died. The next of kin is usually in another state, or there are no longer any living relatives to handle the estate.

Florida law also makes the state hospitable for title pirates because county recorders’ offices are legally barred from verifying if a person on the deed is the true owner.

“There is so much money to be made from title fraud, and it’s not that hard to do,” Singer said.

Pillaging for booty

Victor Petrescu, a Miami-based lawyer who specializes in litigating fake title claims on behalf of lenders, said title pirates cash in on the scam by renting out properties or fraudulently selling homes to unsuspecting buyers until the bogus ownership claims are dismissed in civil court and title is conveyed to the rightful owner.

A deed only requires that the document be notarized and signed by two witnesses, but county recorders’ offices all over Florida are not required to verify if the signatures and the notary stamp are legitimate, Petrescu explained.

“You take it to the county recorder, pay a nominal fee of like $15 and the deed is recorded,” he said. “When you pull the chain of title, this other person will now appear as owner of the property.”

In recent years, Petrescu has seen a rise in title fraud involving individuals and groups with no connection to the owners of the properties they are laying claim to.

In 2016, Petrescu represented a client who was locked in a legal tussle with members of the Moorish Science Temple of America over 11 properties in Seminole County. His client was a lender that had acquired the parcels via foreclosure proceedings.

“They started filing quitclaim deeds because they believed they had a right to the land,” he said, noting the temple members were squatters and not renters. Petrescu added that they also attempted to resell the homes while litigation was pending over the title claims.

“It ended up delaying my clients’ legitimate sale of the properties, with one deal falling through,” he said. “It took about a year to resolve.”

Once a fraudulent deed is filed, title pirates can make a small fortune dealing in properties they have no legitimate claim to. For instance, by the time a 2014 Florida Department of Law Enforcement (FDLE) investigation zeroed in on Robert Allen Tribble — a man with convictions for credit card fraud, credit card theft and forgery in Georgia — he had allegedly stolen $240,000 from renters and would-be buyers who believed he owned properties he was renting and selling to them. An FDLE report states that Tribble’s scam involved 35 homes in Miami-Dade, Broward, Palm Beach and Martin counties with a taxable value of more than $7.5 million. He allegedly collected mortgage and rent payments ranging from $2,500 to more than $20,000.

Tribble, convicted in November 2018 on five counts of organized scheme to defraud over $50,000, was sentenced to five life terms this past April. He is appealing the sentence on the grounds of double jeopardy.

Dead men tell no tales

Last year, the Broward sheriff’s office conducted Operation Tomb Raider, an investigation that ended with the arrest of seven people allegedly involved in a ring that illegally took ownership of 44 homes from unsuspecting owners and 18 deceased owners. The properties had a total value of $12 million and were mostly located in Coral Springs, Margate, Tamarac, Lauderhill, Parkland and Weston.

Using various shell corporations, the ring used stolen notary stamps and forged signatures to file fraudulent deeds and initiate property transfers without the knowledge of the true owners, according to arrest affidavits. Authorities alleged that ring members sometimes sold the same home to more than one person and collected mortgage payments from both buyers almost simultaneously. The case involved more than 600 counts of felony fraud.

Singer, the Fort Lauderdale lawyer, represented a relative of one of the dead owners, whose Margate home the ring illegally acquired through a fake quitclaim deed. He said his client learned about the fraud prior to Operation Tomb Raider, but the arrests made it easier to clear up the chain of ownership in civil court.

“The problem with this type of fraud is that the burden is on you to prove the deed is fake,” Singer said. “It took about eight months to get the fraudulent deed rescinded.”

Luckily, Singer had a laundry list of evidence that proved it was a fake deed, such as the notary public agreeing to testify that she did not stamp the document and that her signature had been forged.

“She didn’t even know anything about the deed and was willing to assist us,” he said. “There was also a long period of time between the date when the deed was signed and the date when it was recorded. Typically, you file a transfer deed on the same day all parties sign it.”

But criminal investigations are not enough of a deterrent against some title pirates. In July, Miami-Dade state prosecutors filed seven separate criminal cases against Dorsey, the man accused of illegally claiming ownership to the Biscayne Park duplexes. Dorsey is accused of forging deeds transferring title to five other residences in El Portal, South Miami and West Kendall. He’s facing dozens of felony counts of grand theft, organized fraud over $50,000 and unlawfully filing false documents. Dorsey is scheduled for trial in January, and if convicted faces a minimum of 30 years in prison.

Despite his legal troubles, Dorsey is still fighting to maintain his alleged phony claim to Prince Barber’s properties, said Silvia, the lawyer for her cousins.

“As it stands, the fraudulent deeds still appear as legitimate,” Silvia said. “The deeds still have the effect of interfering with clear ownership of the properties. No one will insure a property under those circumstances.”

On May 15, a Miami-Dade Circuit Court judge entered a default final judgement in favor of Prince Barber’s cousins after Dorsey failed to respond to their motion dismissing his claim to the property. But in mid-November, Dorsey, who doesn’t have a civil or criminal lawyer and is under house arrest, petitioned the Third District Court of Appeals to overturn the judgement, claiming he was not properly served court documents relating to the estate’s motion for default.

“We were hoping the criminal case would help, but it has not had any effect,” Silvia said. “Nearly 10 months later, the property has still not been sold, and the buyer is still waiting.”

Fighting fraud

Silvia said title fraud could be easily curtailed if county recorders’ offices were proactive in verifying deeds are  legitimate.

“[The Dorsey] case is a frightening and disturbing portrayal of the recorder’s office inability or refusal to look beyond the face of a fraudulent document,” she said. “Mr. Dorsey recorded deeds for different properties all in a row on the same day. If that doesn’t scream fraud, I don’t know what does.”

A spokesperson for the Miami-Dade clerk of courts recorder’s office said a change in state law would be needed to grant it the authority to approve or deny deeds before they are filed as official county records, and that as it stands, the office’s role is “strictly ministerial with no executive authority.” 

So if a deed is properly filled out and has a notary stamp, the office is required to file it, legitimate or not. Silvia said a few counties, like Pinellas, are enacting rules to prevent title fraud.

“Unfortunately, Miami-Dade is a breeding ground for real estate fraud,” she said. “It goes unchecked unless clients like ours choose to fight.”

The post Title fraud is on the rise. Here’s why it won’t stop anytime soon. appeared first on The Real Deal Miami.

from The Real Deal Miami https://therealdeal.com/miami/2020/01/07/title-fraud-is-on-the-rise-heres-why-it-wont-stop-anytime-soon/ via IFTTT

[cmcguirerealtor]

Buying a House in Florida: What do you need to know?

According to the State of Florida, one thousand people a day make a move. Here are some quick tips about buying a house in Florida, which may differ significantly from the process in your home state or country.

 Much like California, Florida has often been the land of investor dreams, and investor heartache.

A potent mix of retirees, snowbirds, job seekers and foreign investors have swung home prices to ridiculous highs and stomach-churning lows more than once in the past. In just a few years before 2008, home prices in some Florida markets more than doubled, but after 2008 they fell 60%.

  Investment Prospects

Aside from being a great place to live permanently or have a holiday home, Florida’s property market also looks ripe for investment. After all, the underlying fundamentals of what made people want to own a property in Florida have not changed. Furthermore, the state’s population is expected to grow from around 18.5 million today up to 27 million by 2030, which would place greater pressure on housing demand.

 Some Florida property experts believe that we are now at the start of a new upward cycle in Florida, with property prices rising, making it a potentially good time to invest in the market.

 Greater demand from tenants has also pushed rental values higher across much of Florida; an attractive proposition for buy-to-let investors. This has helped to boost housing activity as some landlords achieve high rental returns.

 In the years that strong economic growth has returned to Florida, it’s not surprising that home prices have again climbed briskly in almost all local Florida markets. Does this mean that investors can just dive back into the warm Florida waters, certain of a good return on their efforts? Note first that job growth, the most important driver of demand for housing in all of these markets is impressively high. The national average increase over the past year was only 1.8%.

 In addition, with a few exceptions, the rate of growth is well above the rate of six months ago. The acceleration of growth suggests that demand for housing will stay strong for a while.

 However, jobs are not the only thing that affects real estate markets in Florida. Another major factor is the constant flow of retirees into the state; they only show up in the job stats indirectly, more assistants at doctor’s offices, more checkout clerks at Publix. A second factor is the flow of South American money mainly into the Miami area which varies according to foreign political circumstances. On top of that, and most difficult to measure, is pre-retirement investing, future retirees who figure they might as well buy now and rent the place out until they move. This last phenomenon often kicks in sharply when home prices rise.

 With these uncertainties in mind, let’s see if there’s a sensible way to invest in these 21 markets.

 Look first at those markets where home prices are already higher than they ought to be. That’s the case in our first group. See how much home prices are higher than the "income" price; for Miami, it’s 39%. The income price is not a precise measure, but when actual prices are more than 20% over the income price, a market is in the over-priced territory.

 In these markets, the risk of a boom followed by a bust is sharply higher. Unless you’re making a long-term investment and don’t mind riding out a bust, your best strategy is to keep a short time horizon. Rehabs for quick resale and apartments (which are much less affected by a downturn) are good possibilities. In Orlando and Cape Coral, where the ratio of home prices to annual rents is still below 20, single-family rentals are also a possibility, but be sure your rent is no more than about 25% above the average monthly rent; that’s where the largest concentration of renters is found. In a downturn you won’t find many takers above that rent level.

 Our second group contains markets that aren’t yet over-priced, but where home prices are shooting up 15% in Panama City in the past year, for example. In these markets, you can invest in rehabs, apartments, single-family rentals, and single-family splits into multiple units, but you’ll have to act fast which isn’t how you want to make investment decisions. You’ll do best renting out no more than 25% above the average monthly rent, a good way to stay disciplined about how much you pay.

 In our third group are markets where home prices are rising well (indicating good demand for housing) but not too fast. Note that in Naples, Crestview and Sebastian the home-price/rent ratio is well over 20. This means you should avoid single-family rentals unless you split them into multiple units. Other than that, all types of investments are good possibilities. Except for Naples, where prices are high and the economy is volatile, these are probably the best long-term bets for cautious investors.

There’s more to decision-making than these general stats, but understanding the special economic circumstances of a market can help you make a successful investment.

  Special Considerations When Buying Condominium or Other Property Governed by a Homeowner’s Association

 One of your first questions should be whether the home you’re interested in is within a deed-restricted community, as is common in Florida. If so, you’ll need to learn not only about the property itself, but the restrictions, requirements and obligations applicable to the community as a whole, contained in “governing documents” including the declaration, articles of incorporation, bylaws, and rules and regulations.

 As a homeowner in a deed-restricted community, you may face restrictions on everything from keeping pets to renting out your property. You will likely need to pay periodic dues and possibly special assessments.

You’ll also want to know what the community association takes care of (such as landscaping and storm water runoff systems, which they may be required by state law to handle) and what you will be responsible for (perhaps walls you share with neighbors, or air conditioners on the roof of the building).

 Buying process

Buying a property in Florida involves a straightforward and secure process:

Once a price is agreed, the purchaser may have to pay a small goodwill deposit before making a formal offer in the form of a purchase contract

When signed, this is binding, though contingency clauses allow either side to withdraw in defined circumstances

A further deposit of around 10% is then paid into an escrow account

A title insurance company scrutinizes the public records and ensures the     property against any third-party claims

The buyer and seller appoint a settlement company to complete the transaction

The buyer pays the balance owing and both parties sign all the final documents

The transfer of ownership is registered with the local authority after completion

  Buying costs

Allow between 3% and 5% for buying costs, although this will be more like 2% if you do not need to take out a mortgage on the property.

 Special Considerations When Buying Oceanfront Property

Florida has an unusual amount of coastal land and has passed various laws regarding its use. If you are buying oceanfront property, you’ll want to look into these laws, which may range from prohibitions on interfering with natural vegetation such as sea grapes to law against using ocean-facing lights at night during the turtle-nesting season.

 Who Pays for Title Insurance in Florida

Title insurance protects your ownership of the property from the claims of third parties, including those relating to obligations of previous owners. The insurance is issued at closing; one policy protects the owner’s interest and another protects the lender’s interest if you are taking out mortgage financing for the purchase.

 Exactly who pays the premiums is assigned in the contract. However, it’s customary in Miami-Dade and Broward counties for the buyer to choose the title company and pay for the title insurance. Often, in other counties, the parties will agree that the seller pays for the owner’s policy and the buyer pays for the lender’s policy. The rates are established by state law.

  Deciding How to Take Title: Warranty Deed, Special Warranty Deed, or Quitclaim Deed?

The standard deed used to transfer property in Florida is what’s called a warranty deed (or a standard or general warranty deed). That’s good for you, in that it contains the seller’s promise that the title is good and free of encumbrances.

Other types of deeds can also be used to transfer property in Florida, however, and you might want to avoid them.

With a special warranty deed, promises as to title do not go all the way back through the chain of title to previous owners of the land but apply only to the seller. Special warranty deeds are often used for purchases from a buyer at a foreclosure sale. An attorney can help you analyze the risks associated with this type of deed.

The type of transfer with the least protection is through a quitclaim deed. The seller makes no representations as to title or even ownership. Rather, the seller simply says that the transfer includes all interests of the seller in the property—and you have to hope that (or better yet, research whether) the seller has any lawful interest in the property at all.

  Closing Process for a Florida Home Purchase

By custom in Florida, the closing, at which you formally assume ownership of the property, can take place at any location. Most often, an attorney or a title company, if it is issuing title, handles the closing.

The closing agent prepares the forms, which include documents required by the lender (such as the promissory note and mortgage), standard documents used to transfer title (such as the deed), and so on.

The closing agent will explain to you the nature of each document, but cannot give you legal advice, unless the closing agent is also your attorney. If you do not understand what you will be signing, or if your transaction involves more than a standard warranty deed and note and mortgage from an institutional lender, be sure to hire an attorney to represent you.

 Sources: 

https://www.nolo.com/legal-encyclopedia/buying-a-house-in-florida-overview-of-the-process.html

https://www.forbes.com/sites/ingowinzer/2019/02/05/how-to-invest-in-florida-real-estate/#4d2fada119eb

https://www.everythingoverseas.com/usa/the-florida-property-market-and-buying-process/

[lawofficeofryansshipp]

Quitclaim Deeds In Florida

Quitclaim Deeds In Florida Quitclaim Deed Basics A Florida quitclaim deed is a legal document that allows real property to be transferred without any guarantees of title. In Florida, it’s a straightforward and affordable way to transfer whatever title the property owner has to the recipient, also known as the grantee. This type of deed is commonly used in Florida to add or remove family members…