Law Office of Ryan S. Shipp, PLLC

January 2018 Archives

What unmarried couples should consider when buying property

Florida residents who are in a long-term relationship may find that its not uncommon for unmarried couples to buy homes together. In fact, a report from the National Association of Realtors found that 16 percent of first-time home buyers in 2017 were unmarried couples. That is the highest level since 1981. However, there are steps that may need to be taken to reduce any possible consequences should the relationship go bad.

How to find adequate housing in the current market

According to the Commerce Department, there were 667,000 new homes sold in September 2017. This surge, which was the highest figure since October 2007, could influence how Florida residents and others approach buying their next home. Newer homes are popular among those who aren't able to find affordable existing properties. However, builders are increasingly trying to create more expensive homes, which may further price out those who have a limited budget.

Tax bill expected to alter market for high-end homes in Florida

An interview with a chief economist from PNC Financial Services has revealed insights about how the Republican federal tax law changes could influence the residential real estate market. The economist explained that the $750,000 cap on mortgage interest deductions and the $10,000 cap on state and local tax deductions would increase the ongoing costs of homeownership for high-end, luxury properties.

How to benefit from HECM reverse mortgages

Florida residents who are looking to buy a home with an HECM reverse mortgage may benefit from understanding the new rules surrounding this type of loan. In the past, a buyer could reduce the mortgage insurance premium by drawing less cash. However, there is now a flat fee of 2 percent of the property's value regardless of how much cash is drawn.

Avoiding legal complications as a landlord

As a Florida landlord, you know there are various complications that could eventually lead to legal or financial trouble. You would be wise to make every effort to protect your interests, which includes understanding common mistakes and avoiding them.

Tenants may not know about sinkhole dangers

Under Florida law, landlords don't have to tell tenants about the potential for sinkholes to develop under their rental properties. One couple didn't find out about the sinkhole risk that they faced until they were already three months into their lease. After asking their landlord, they found out that the house had been underpinned and were told that it was safe. However, the tenants said that the house and driveway had cracks in it and that the foundation was shifting.

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