Real Estate FAQs

Q
Why is title in a home important?
ATitle is the basis of property ownership and gives the owner the rights over the property (possession and the ability of use of property).
Q
Should I care what the title of a property states?
AYes. You want to have a clear title, free of any encumbrances, in order to make sure someone doesn’t have any rights in your potential home.
Q
What is a title search?
AIt is a historical examination of the records of the property. It will give you the piece of mind that the seller has transfer rights, and that there are no claims or encumbrances on the property (title defects, liens, unpaid taxes, judgments, limitations on use, ect.)
Q
Does a title search reveal all issues that title in a home may have?
ANo. There are issues that will require additional research in order to protect your rights in the home. For example, marital status issues when the property was recorded, forgery, clerical recording errors, or plainly defective deeds.
Q
Is there an insurance that can protect me against title defects?
AYes. This is called title insurance and will protect you against obvious and not obvious issues as mentioned above. The insurance will protect your interest in the home.
Q
What types of title insurance exist?
AThere are two types of title insurance policies that will protect you and the lender. These policies are (1) owners title policy, and (2) lenders loan policy.
Q
Is title insurance expensive?
AYou will be surprised how affordable the policy is versus the detrimental risk of not having one. The insurance is a one-time payment, which is paid at closing. The price varies by state.
Q
Is there an expiration date on the title insurance policy?
ANo. You will have title insurance in your property for as long as you or you heirs have an interest in the property.
Q
Who can give me a title insurance policy for my property?
AAn individual or company who has been designated as an authorized agent for a title insurance underwriting company. The Transactional Law Firm of Florida is an authorized title agent for the Attorney’s Title Insurance Fund, Inc.
Q
What type of issues does a title insurance policy cover against?
AThe following is not a comprehensive list, but does list some of the matters title insurance protects you against. • House survey issues; • Wrongly executed deeds; • Fraud; • Liens.
Q
Do I need title insurance if I am paying my house in cash?
ANo. it is not required under Florida law. However, we do recommend title insurance due to the relative inexpensive costs of acquiring it and the piece of mind it will give you.
Q
Can an attorney help me through the purchase and closing of my future property?
AYes. It is recommended that you consider hiring a real estate attorney to make sure you have a smooth purchase and closing process.
Q
How much will it cost me to hire an attorney to represent me in my real estate transaction?
AYou will be surprised how affordable an attorney cost to represent you in your real estate transaction. Costs per attorney vary, but we can assure you that we will work with your budget to provide you a cost effective plan to represent you.
Q
I live in another state or country and will be purchasing a home in Florida, can I still close on the property if I am not physically present?
AYes. You can still close on your property even though you are not present for the closing. We will guide you through the process and it is quite easy. We will use the latest technology to make it feel that you are actually physically present at your closing.
Q
As a seller of property what costs will I have to pay at closing?
A• Clearing title defects costs. Costs associated could include satisfactions, releases, and document recording; • Documentary stamps on the deed; • Attorney fees if applicable.
Q
What is a short sale?
AA short sale involves an approval by your mortgage lender to satisfy the mortgage you owe for less than the total amount you owe on the property.
Q
Should I hire an attorney when purchasing a bank owned property?
AIt is highly recommended, as the bank will have clauses in the contract benefiting themselves. An attorney can make sure your interests are protected.

Immigration FAQs

Q
What type of visas exists if you are visiting the U.S.?
AThe most common nonimmigrant visas to visit the U.S. temporarily are as follows: • Business investor visa • Travel visa • Student visa
Q
What type of visas lead to permanent U.S. residency?
A• Family Visas – If you have a relative who is a U.S. citizen and you want to come to the U.S. • Fiancé Visas – If you are engaged to a U.S. citizen. • Work Visas – If you have a unique skill in a qualified field or industry.
Q
Is there an expiration date on my green card?
AIt depends on the type of green card that you currently hold. • Temporary Green Card – Valid for 2 years • Permanent Residence Visa – Valid for 10 years, if you do not have any criminal conviction and you have maintained your eligibility status.
Q
How do you obtain U.S. citizenship through naturalization?
AThere are several requirements that must be met. Some of the requirements are as follows: • Presence. Be present in the U.S. with a valid green card at least for 50% of the time. • Travel. Cannot be away from the U.S. for more than 1 year and prior to application submission not more than 6 months. • Language Proficiency. Have the ability to read and write in English. • Moral Character. Person of good moral character… • Age. 18 years or older. • Green Card. Hold for at least 5 years before filing the application. • Continuous Presence. Reside in the U.S. continuously from the date of application to the time of naturalization.
Q
As a U.S. citizen do I have special privileges?
AYes. As a U.S. citizen you will have special privileges. Some of the privileges are as follows: • Family Permanent Residency. You may be able to sponsor qualifying relatives to obtain permanent residency. • Passport. May obtain a passport. • Voting. You may vote in local, state and national elections.
Q
As an individual with a student visa (F-1) what do I need to do to have the ability to stay in the U.S.?
AAs a student you will need to find sponsorship through the worker visa (H-1B).

Bankruptcy FAQs

Q
What is bankruptcy?
AIt is a legal proceeding that can help an individual who is having financial difficulties recover. Federal law governs bankruptcy. Should you want to stop all your creditors from contacting you, this may be a good option to get your financial life back in order.
Q
How can bankruptcy help me?
ABankruptcy can help restore your financial life. Here are some of the benefits: • Stops foreclosure on your home. • Stops creditor harassment and wage garnishment. • Discharge of debts (possibly eliminate the payment of most of your debts).
Q
What are the different types of bankruptcy?
AThere are several types of bankruptcy. Choosing the right one depends on your particular situation. • Chapter 7 – Liquidation proceeding of a debtor’s non-exempt assets to pay creditors. • Chapter 11 – The choice for large business entities seeking to restructure the debts owed. • Chapters 12 – The choice for family farmers and family fisherman to restructure debts, avoid liquidation and foreclosure. • Chapter 13 – Debtor may keep property, but has to pay debts owed over a 3 to 5 year period.
Q
Can I file for bankruptcy multiple times under Chapter 7 and Chapter 13?
AIt depends. Depending on the type of bankruptcy option you choose different rules apply. • Chapter 7 – If you have discharged your debts under chapter 7 in the last eight years or under a chapter 13 in the last six years, then you will not receive a chapter 7 discharge. • Chapter 13 – If you have discharged your debts under chapter 7 in the last four years or under a chapter 13 in the last two years, then you will not receive a chapter 13 discharge.
Q
If I file for bankruptcy what property I’m I able to keep?
ADepending on what option you qualify for under the bankruptcy code you can keep your property. • Chapter 7 – You can keep property that is exempt from creditor claims. • Chapter 13 – You can keep property if you meet the plan requirements in bankruptcy law.
Q
If I file for bankruptcy will I lose my home?
AIt depends. Remember that when you file for bankruptcy you will receive relief and protection over exempt property. Exempt property will include the equity in your home. However, if your home is not exempt, you may still be able to keep it as non-exempt property under chapter 13 bankruptcy. Further, you need to keep in consideration the fact that your home is mortgaged, thus giving the lender/creditor a security interest in your property. This essentially means that if you don’t pay your mortgage payments the lender/creditor still has a right to take the property from you during, as well as after you have filed for bankruptcy.
Q
When I file for bankruptcy do I have to go to court?
AIt depends. You will have to go to court to meet with the bankruptcy trustee. This court meeting is called “meeting of creditors.” The meeting is fairly short and simple. You will be asked about your financial situation and any pertinent questions related to the bankruptcy forms you filed. If there is something that you want to contest in the meeting, then you may have to appear in front of a judge in a hearing about the matter.
Q
What happens to my credit score after I file for bankruptcy?
AIf your bankruptcy petition is approved, you won’t see a dramatic change in your credit score. Consider the fact that if you are filing for bankruptcy you probably are behind on many of your bills, so your credit score was already affected. However, bankruptcy can appear on your credit report for roughly ten years.
Q
If I am married, can I file for bankruptcy alone?
AYes, but you may reconsider because your spouse is still liable and responsible for debts that were jointly attained.
Q
When I file for bankruptcy will my creditors stop harassing me?
AYes, but it may take several weeks. In the bankruptcy process there is a term called “automatic stay.” Automatic stay prevents creditors under your bankruptcy filing from calling you. The process of informing creditors about your filing by the court may take several weeks. However, you and your attorney may take actions in your own hands and contact the creditors about your filing, thus putting them on notice to stop calling you. If the calls continue then the creditor puts themselves at risk of court sanctions for such behavior.
Q
I am overwhelmed by my student loans, can I include them in my bankruptcy filing?
AIt depends, but generally student loans are not discharged in bankruptcy. In order to have your loan discharged you must show that payment of the debt “will impose an undue hardship on you and your dependents.” The courts use a variety of tests to determine whether you meet the standard. However, even if you are able to show an undue hardship you may still be required to file an adversary proceeding to hopefully obtain a court order stating that your student loan is discharged.

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