Legal Knowledge and Insight

On July 1, 2023, Governor Ron DeSantis signed Senate Bill 264, known as the Interests of Foreign Countries Act, transforming the regulatory landscape of real estate transactions in Florida. This unprecedented legislation limits and regulates foreign principals and entities' sale, purchase, and ownership of certain properties. As the Florida Real Estate Commission (FREC), the Department of Agriculture and Consumer Services (DACS), and the Department of Economic Opportunity (DEO) work towards implementing the law's specifics, uncertainties abound.As such, the involv...

As we delve into Brevard County, Florida's real estate market trends, April 2023 presents various developments. The data, which encompasses single-family homes and townhouses/condos, reflects certain buying trends, pricing, and inventory availability shifts.Brevard County Residential MarketStarting with single-family homes, April 2023 saw a modest decrease in closed sales, down 5.5% from the previous year, with 978 units closed compared to 1,035 in April 2022. This dip also aligned with a significant drop in cash sales by 27.5%.While the drop in sales might raise eyebr...

The real estate market in Brevard County, Florida, has experienced some interesting changes in the first quarter of 2023, according to the Brevard County Residential Report. The report reveals that the number of closed sales for Q1 2023 was 2,471 units, a 9.9% decrease compared to the 2,741 units closed during the same period last year (Q1 2022). There was also a decrease in cash sales of 17.1% during Q1 2023. On the other hand, new pending sales decreased by 8.2%, while new listings increased by 0.3%.One of the most notable changes is the increase in median sales price for...

The County Commission meeting began at 5:03 PM, with Commissioners from Districts 1 through 5 in attendance. The Board of County Commissioners acts as a quasi-judicial body when addressing rezoning and Conditional Use Permit requests. Both applicants and opponents must provide evidence or expert testimony to support their stance, and the Board must decide whether the request aligns with the Comprehensive Plan and Zoning Ordinance.The Commissioners are required to disclose any communication they've had regarding a request, as well as any site visits, inspections, or inv...

Identifying home defects before purchasing a property is crucial for several reasons, especially in Florida where there are specific concerns that homebuyers should be aware of. A home is a significant investment, and it is essential to ensure that it is structurally sound and free from any potential hazards that could pose risks to occupants or result in expensive repairs. Failure to identify home defects before purchasing a property can lead to significant financial losses, as well as legal disputes between buyers and sellers.In Florida, there are several common defects t...

The Brevard County real estate market has seen its fair share of ups and downs in recent years, and the latest trends suggest that the market is continuing to evolve. In February 2022, the market saw a decrease in closed sales, new pending sales, and new listings but an increase in cash sales. Let's take a closer look at some of the latest Brevard County real estate market trends.Closed SalesIn February 2022, closed sales in Brevard County were down by 1.0% compared to last year. The number of units closed was 880, down from 889 in February 2021. However, there was an ...

Key Points:The general rule is that a mortgage may not stay in a deceased person’s name, however exceptions may apply.Generally, if a person dies, title will transfer. If title transfers, it invokes a due-on-sale clause.“Due-on-sale” clauses can be fought with certain exemptions under federal law, including when property transfers to a spouse or child of the borrower on their death and the mortgage was on the family home.The basics: a mortgage represents debt owed by a borrower that is secured (or “collateralized”) by real property that is, almost always, in the borrower’s ...

IntroductionA reverse mortgage is a means for elderly homeowners to pull funds from equity in their home without the need to make regular mortgage payments.[1] In a reverse mortgage, the lender provides funds to the homeowner in lump sum or periodic payments, and the homeowner does not have to repay the balance back unless or until certain events happen, such as their death or the sale of the home.[2]A reverse mortgage lender is essentially taking the risk that the funds they front to the borrower in exchange for a mortgage on the property will be recoverable in the event o...

LGBT couples and families face unique challenges in the probate process.In the LGBT community, the concept of a “chosen family” is prominent.[1] This is because members of the LGBT community are often estranged from their blood relatives and are less likely to have children than the general population.[2] This presents a problem, however, as family members by choice are given less deference by the law than family members by blood.[3]Members of the LGBT community are not unaware of this, and studies indicate that they take greater care in planning their estates.[4] This use ...

IntroductionA lost will is a will that a testator was known to have in their possession but cannot be found after they die.[1]In Florida, if a will is lost, the presumption is that the will was destroyed by the testator because the testator wished to revoke it.[2] To defeat this presumption, the lost will must be established and subsequently admitted to probate.[3] The requirements for establishment are laid out in the Florida Statutes.[4] The relevant provision provides:Any interested person may establish the full and precise terms of a lost or destroyed will and offer the...