If you are going through the process of buying or selling property in the state of Florida, it is important that you understand how the law works. There are many considerations to take into account, and you may be able to benefit from tax exemptions by understanding more about the law.
Property owners in Florida often have many questions regarding buying and selling property. The following are some of the most frequently asked questions.
What tax exemptions could I benefit from as a homeowner in Florida?
If you own a property in the state of Florida, you can benefit from a $25,000 reduction from the real value of your home. This will result in an estimated reduction of $650 in estate taxes each year.
How can I protect my assets from creditors?
If the property in question is your primary residence, you will likely benefit from a homestead exemption. This means that you will be protected from most nonlien creditors.
How is my real estate deposit protected?
If you are buying a newly built home, it is important to learn more about the law regarding deposits. As the buyer, you have the choice whether to give the deposit to the builder or whether to place it in escrow. You should put your decision in writing. You should consider many different factors relating to the building project before making your decision.
If you are buying or selling a home in Florida, an experienced attorney can provide much-needed advice and guidance. It's best to always have an attorney on your team when buying or selling a home.