Title
What title insurance covers
- Protects owner and lender against defects in title
- Covers fraud, record errors, undisclosed liens and undisclosed heirs
- A single payment at closing, at rates set by the state rather than by the agent
- Coverage lasts as long as you or your heirs hold the property
FIRPTA
Foreign sellers and withholding
- Applies when a foreign seller sells U.S. property
- Generally 15% withheld on the sale price, not the gain
- The buyer withholds and files Form 8288 within 20 days
- A withholding certificate applied for before closing may reduce or eliminate it
Closings
What delays a closing
- Title defects, liens or ownership problems
- Missing or incomplete documents
- Last-minute financing changes
- All three are found early or discovered late. Start title work early
Insurance
Homeowner's versus HO6
- Homeowner's covers the structure
- HO6 covers a condominium interior
- Your lender will specify what is required
- Confirm coverage before closing
Remote
Closing from abroad
- Remote online notarization is available in Florida
- Sign securely from outside the United States without a consulate appointment
- Identity verification is required
- Plan extra time for international wires
Corporate
Opening a company
- Choose the entity that fits your objectives
- Formation documents prepared in full
- Registered agent and compliance
- Structure affects tax and liability
Custom
Who pays for title insurance
- In most Florida counties the seller pays for the owner's policy
- In Miami-Dade, Broward, Sarasota and Collier the buyer customarily pays
- It is custom, not law, and the contract controls
- Whoever pays usually chooses the closing agent
Taxes
Miami-Dade documentary stamps
- Statewide the rate is $0.70 per $100 of the sale price
- Miami-Dade charges $0.60, plus a $0.45 surtax on anything that is not a single family residence
- The tax is calculated on total consideration, including any mortgage assumed
- Recording fees are $10 for the first page and $8.50 for each page after
Tell us what you're closing.
Give us the property, the parties, and the date you need to close. We will tell you what the transaction requires and what it will cost.