Archive for the 'Title News' Category
Port Orange Short Sales Tax Information | Port Orange FL Real Estate
April 20th, 2008 Categories: Daytona Beach Real Estate News, Port Orange Real Estate, Port Orange Short Sales, Title News
Important Tax information shared by Sue Rogers, Manager and Licensed Title AGent of True Title, Inc., 1265 W. Granada Blvd., Ste 1, Ormond Beach, FL 32174.
On December 20th, Bush signed into law a measure that will change the tax effects for a homeowner in foreclosure. These are critical changes that may change your client’s outlook on a deal (in fact…maybe you lost a deal last year because of this tax burden…it may not be too late to call that client back and revive the deal!)
In a nutshell: If a homeowner who was in foreclosure worked out a short sale agreement with their lender, the amount of debt that the lender “wrote off” is considered as ordinary income to the seller. That means if you negotiated a $50,000 reduction in the payoff to help get the property sold, that seller would have to claim that $50,000 as taxable income on their tax returns (resulting in a potential tax bill between $7,500 and $17,500). Some sellers decided NOT to sell on a short sale for this very reason…but that’s where this new law comes in!
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“Title Fires” Extinguished in Port Orange FL By The Pros
August 28th, 2007 Categories: Daytona Beach Real Estate News, Port Orange Real Estate, Title News
Last week was an interesting Title Week in the beautiful City of Port Orange! 
One interesting challenge for the week revolved around a local Port Orange church closing on a refinance transaction. When any non-profit organization sells or mortgages their real property (meaning real estate) the title issues leap to the surface and determining who is authorized to sign on behalf of the church is often a title nightmare. We were able to examine the By-laws and work through the lengthy process involving Trustees and Board Members, congregation approvals, etc.
A second issue arose when a customer wanted to refinance property she was given by her father who since passed away. (She never recorded her deed until after her father died!) This can be a HUGE problem.
Please know that in the State of Florida, the moment a fully executed original deed exchanges hands, you have established delivery and the title to that property passes from the seller to the buyer. If the deed is not recorded in the Public Records, there is no notice of the transfer which may cause serious title issues.
Two more title fires extinguished by the Pros at Professional Title!
Did you know that many things that you do or that happen to you may affect the title to any real property you own, have owned, or might own in the future?? Some judgments attach to real property for up to 20 years!
The second you purchase ground, or come into title in any way, you may be carrying baggage that might attach to that piece of ground for a very long time. Please feel free to contact Cyndi Parker at Professional Title in Port Orange FL at any time if you have questions or concerns regarding your property.
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