REFINANCE TODAY – EQUITY IN HOMES CAUSING A REFINANCE AVALANCHE

South Florida homeowners are once again reaping the rewards of high property values, causing many homeowners to be eligible to either refinance their homes, or take out equity lines, for a cash out.

Refinancing allows a new loan to replace an old one. The reason to refinance are either to obtain a better interest rate or terms then exist on the current mortgage, or, to take cash out against the property.

An example of a refinance is:

Current Loan balance:                                   $250,000.00                    Interest rate:  5.75%                         Payment: $1458.00

Fair Market Value of home                            $450,000.00

Equity:                                                                $200,000.00

New Loan                                                            $$360,000.00               New Interest rate:  3.75%               Payment: $1667.00

Cash to homeowner borrower at closing:                     $110,000.00

In this example, the borrower is paying $209.00 dollars more a month however gets $110,000.00 at closing paid to them for their own use.  They can either pay credit cards, debt, buy a car, buy another property. Or merely keep it in the bank for future needs.

If you feel your home has equity, or are unsure, call us.

At the Law Offices of Jacqueline Salcines, PA, attorney Jacqueline Salcines is not only a realtor, but holds a dual degree in both accounting and law and can provide both tax and legal advice.

The first consultation is always free of charge.  Or email attorney Jacqueline Salcines directly your real estate question at J.Salcines@salcineslaw.com

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FLORIDA 33146
TEL: 305 | 669 | 5280
DIRECT EMAIL:  J.SALCINES@SALCINESLAW.COM
 
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FORECLOSURE 5 YEAR STATUTE OF LIMITATIONS AFTER BEAUVAIS

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So, the Third District Court of Appeal has finally reached a decision in the Deutsche Bank v.  Beauvais case, and it is not favorable to borrowers.  the Court sided with Lenders in prolonged foreclosure cases.  In essence, the Opinion by the Court of Appeals allows lenders to pursue foreclosure cases, even after the 5  years after nonpayment have expired.  The Third DCA now agrees with the Fifth DCA finding that a missed mortgage payment after an initial failed foreclosure lawsuit stats the five-years all over again.

This ruling will allow lenders to pursue foreclosures and sides with the Supreme Court in Singleton v. Greymar Associates.

Singleton is a landmark ruling that allows lenders to bring foreclosure suits even after courts dismiss earlier foreclosure suits with prejudice.  It holds that new defaults AFTER unsuccessful foreclosure suits creates grounds for re-filing, or re-suits.  It also makes no distinction between foreclosure cases where lenders accelerated their loans to collect full payment and other, and allows lenders to maintain separate actions for defaults occurring even after acceleration.

The ruling in essence means borrowers who win in foreclosure must make payments under their loan contracts, or lenders can move to foreclose after any subsequent breach.

If you are unsure whether your foreclosure can be defended, or are facing foreclosure and require the assistance of a knowledgeable attorney, call the Law Offices of Jacqueline A. Salcines, PA.

We are happy to explain the Court’s decision in length and see if you are protected under the new ruling.

For more information, call to  speak to real estate attorney Jacqueline Salcines, PA, today. She holds a dual degree in both accounting and law and can provide both tax and legal advice.   The first consultation is always free of charge.  Or email attorney Jacqueline Salcines directly your real estate question at J.Salcines@salcineslaw.com

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FLORIDA 33146
TEL: 305 | 669 | 5280
DIRECT EMAIL:  J.SALCINES@SALCINESLAW.COM
 
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Homeowners Protection Act for Borrowers With Private Mortgage Insurance (PMI)

PMI or Private Mortgage Insurance, protects lenders against certain risks when borrowers default.  Charges for PMI are added to your loan payments. If is not the same as property or casualty insurance, such as a homeowners, floor or wind insurance – which protects you against damage to your property.  PMI protects only the lender.  Cancellation or termination of PMI does not affect any obligations you may have to maintain other types of insurance.

For loans closed Before July 29, 1999 – under certain circumstances you may be able to cancel PMI. You need to call your lender for guidelines or follow state law.

If your loan closed after July 29, 1999, you have the right to cancel PMI when:

  1. The date the principal balance of y our loan is first scheduled to reach 80% of the original value of the property; or
  2. The date the principal balance actually reaches 80% of the original value of the property. Original value means at origination of your loan, the lesser of appraised value or sales price.

In these cases, PMI can only be cancelled by calling your lender, making a written requests and having them coordinate an appraisal.

If your loan closed on or after July 29, 1999, PMI will also automatically terminate if your are current on your loan payments and on the earlier of (1) the date the principal balance of your loan is scheduled to reach 78% of the original value or (2) in accordance with investor guidelines.

PMI automatic termination does not apply to mortgages secured by two to four unit principal residences or investment properties.

For more information, call to  speak to real estate attorney Jacqueline Salcines, PA, today. She holds a dual degree in both accounting and law and can provide both tax and legal advice.   The first consultation is always free of charge.  Or email attorney Jacqueline Salcines directly your real estate question at J.Salcines@salcineslaw.com

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FLORIDA 33146
TEL: 305 | 669 | 5280
DIRECT EMAIL:  J.SALCINES@SALCINESLAW.COM
 
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HAVE YOU APPLIED FOR YOUR HOMESTEAD EXEMPTION?

foreclosure_defense Florida Homestead Exemptions provide significant tax discounts for US Citizens and residents that own property in the United States that are classified as their “homestead”.  Property owners who can provide proof of residency including:

  • Warranty Deed
  • U.S. Passport or Residency Card
  • FPL or Water bill showing you reside in the home

become eligible for such exemptions that can include:

  • Regular Exemption for $50,000.00
  • Senior Citizen Exemption
  • Low Income Exemption

Moreover, the Homestead Exemption not only gives a significant tax discount but also caps the tax increases from year to year at no more than 3% of the prior years tax.  This cap continues year to year as long as the homeowner homestead automatically renews because the owner continues to reside in the property as their “primary residence”.

The deadline for filing is March 1, 2016.

  1. Several locations are available including:
  2. John F. Kennedy Library in Hialeah
  3. West Dade Regional Library  in Westchester
  4. South Dade Government Center in Cutler Ridge/Homestead
  5. McDonald Center in North Miami Beach

Or you can call us to learn all about the exemptions available to property owners.

For more information, speak to real estate attorney Jacqueline Salcines, PA, today. She holds a dual degree in both accounting and law and can provide both tax and legal advice.   The first consultation is always free of charge.  Or email attorney Jacqueline Salcines directly your real estate question at J.Salcines@salcineslaw.com

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FLORIDA 33146
TEL: 305 | 669 | 5280
DIRECT EMAIL:  J.SALCINES@SALCINESLAW.COM
 
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Buying Real Estate in Miami Dade County just got more complicated

A recently announced new program created by the U.S. Treasury Department will soon result in the uncovering of the names of luxury real estate buyers in Miami-Dade County and New York City.

“In Miami-Dade County, the rule will apply to all cash sales worth more than $1 million; in New York City, it applies to sales $3 million or higher. The test program runs from March through August.”  The purpose of the program is to disclose or weed out any money from the black market or illegal funds.

And, the Treasury Department will not be the only federal agency to increase oversight of luxury home sale buyers trying to hide ill-gotten gains. “The Justice Department will start to focus on real estate deals separately rather than include them in bigger transactions; and the Federal Bureau of Investigation (FBI) plans to create a new unit that focuses on money laundering with real estate “a central emphasis.”

The emphasis will be on shell companies which are often LLCs or other partnerships.  This will put more scrutiny on title insurance companies who will not be required to discover the actual identities of cash buyers and report their information.

Under Treasury rules, a “beneficial owner” – one whose name must be sent to the department – are “each individual who, directly or indirectly, owns 25 percent or more of the equity interests.”

Source: The New York Times, Jan. 13, 2017, Louise

For more information, speak to real estate attorney Jacqueline Salcines, PA, today. She holds a dual degree in both accounting and law and can provide both tax and legal advice.   The first consultation is always free of charge.  Or email attorney Jacqueline Salcines directly your real estate question at J.Salcines@salcineslaw.com

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FLORIDA 33146
TEL: 305 | 669 | 5280
DIRECT EMAIL:  J.SALCINES@SALCINESLAW.COM
 

 

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Luxury Real Estate Buyers in Miami Dade County Florida will soon lose their secrecy

20130201-182045.jpg A recently announced new program created by the U.S. Treasury Department will soon result in the uncovering of the names of luxury real estate buyers in Miami-Dade County and New York City.

“In Miami-Dade County, the rule will apply to all cash sales worth more than $1 million; in New York City, it applies to sales $3 million or higher. The test program runs from March through August.”  The purpose of the program is to disclose or weed out any money from the black market or illegal funds.

And, the Treasury Department will not be the only federal agency to increase oversight of luxury home sale buyers trying to hide ill-gotten gains. “The Justice Department will start to focus on real estate deals separately rather than include them in bigger transactions; and the Federal Bureau of Investigation (FBI) plans to create a new unit that focuses on money laundering with real estate “a central emphasis.”

The emphasis will be on shell companies which are often LLCs or other partnerships.  This will put more scrutiny on title insurance companies who will not be required to discover the actual identities of cash buyers and report their information.

Under Treasury rules, a “beneficial owner” – one whose name must be sent to the department – are “each individual who, directly or indirectly, owns 25 percent or more of the equity interests.”

Source: The New York Times, Jan. 13, 2017, Louise

For more information, speak to real estate attorney Jacqueline Salcines, PA, today. She holds a dual degree in both accounting and law and can provide both tax and legal advice.   The first consultation is always free of charge.  Or email attorney Jacqueline Salcines directly your real estate question at J.Salcines@salcineslaw.com

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
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NEW RESIDENTS IN THE UNITED STATES CAN HAVE THEIR INCOME ABROAD SUBJECT TO U.S. TAXES

As soon as a foreigner has been in the United States for 183 days in your first calendar year, their income is subject to U.S. Tax filing.  However, it is not just the income they earn in the United States, but also the income they earn abroad, be it Venezuela, or another foreign country.

The United States Treasury has been demanding more and more disclosure from foreign banks, which has resulted in full disclosure of foreign income.  Voluntary disclosure programs that started in 2009 in the wake of the criminal cases targeting UBS, resulted in partial amnesty of offshore income.   This disclosure then led to more scrutiny by the United States and resulted in the taxing of foreign income.  For example, if a foreigner sells their home abroad before coming to the United States and puts that money in a bank account at home, they have to disclosure the account and any interest income collected on it.

For many foreigners that have suffered devaluations in their own home currency, this can result in a huge loss of income.  If there is more than one exchange rate, the IRS allows taxpayers to use the one that more properly reflects the foreigners true income.

For this and other tax implications on real property and investments in the United States, call our firm.

Attorney Jacqueline A. Salcines, Esq. is both a real estate lawyer and accountant with extensive experience representing buyers  and sellers in their real estate property needs in Florida.  As an attorney, accountant and title agent for Old Republic National Title Insurance, Inc., we provide a complete array of closing services.  Consult with attorney Jacqueline Salcines, PA today with regard to:

  • Review of Contract for Sale and Purchase
  • Review of Contract Addendums
  • Review of Condominium Riders
  • Title search and examination
  • Lien letters
  • Incorporation for purchase
  • Quit Claim Deeds
  • Tax implications on purchase
  • Survey requests
  • Estoppel requests
  • Lien negotiation
  • IRS/Federal tax lien on property negotiations
  • Seller docs
  • Preparation of Purchase Money Mortgages and Notes

Meet with our real estate attorney today and put us to work for you.  The first consultation is always free of charge.  Or email attorney Jacqueline Salcines directly your real estate question at J.Salcines@salcineslaw.com

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
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TAX ON FOREIGN INVESTMENT IN U.S. REAL ESTATE (FIRPTA TAX) INCREASES TO 15% EFFECTIVE FEBRUARY 16, 2016

 THE FOREIGN INVESTMENT IN REAL PROPERTY ACT (FIRPTA)

SET TO INCREASE TO 15% ON FEBRUARY 16, 2016

FIRPTA, which stands for:

Foreign

Investment in

Real

Property

Act

was enacted in 1980 to ensure that foreigners, who are not required to pay income taxes or file income tax returns in the United States, paid their income taxes upon selling real property in the U.S.

Big changes are in store for 2016 under the FIRPTA law.  Effective February 16, 2016, the withholding increases from 10% to 15%.  That is a huge difference especially for property sales occurring in the early party of the year.  Sellers in 2016 will need to wait until 2017 to file their taxes and presumably obtain their FIRPTA refunds.

Although you can apply for early discounts, they are rarely approved.  Once FIRPTA has been withheld, then it will likely stay withheld until such time as the foreign seller files their income taxes.

There are some exemptions to FIRPTA withholding including:

  • The amount realized does not exceed $300,000.00 and the buyer will the an owner occupant.  This requires a specific affidavit regarding owner occupancy.
  • Seller applies for a withholding certificate with the IRS using form 8288-B. This can take longer than 90 days however and therefore it is necessary to plan ahead so it does not stall your closing.

There is also a distinction as of February 16, 2016:

  • If the property sells for $300,001 to $1 million, and it will be owner occupied, then the FIRPTA rate is 10%.
  • If not owner occupied, then 15%
  • For properties selling over $1 million, the FIRPTA rate is 15% whether or not the buyer will occupy the property

Attorney Jacqueline A. Salcines, Esq. is both a real estate lawyer and accountant with extensive experience representing buyers  and sellers in their real estate property needs in Florida.  As an attorney, accountant and title agent for Old Republic National Title Insurance, Inc., we provide a complete array of closing services.  Consult with attorney Jacqueline Salcines, PA today with regard to:

  • Review of Contract for Sale and Purchase
  • Review of Contract Addendums
  • Review of Condominium Riders
  • Title search and examination
  • Lien letters
  • Incorporation for purchase
  • Quit Claim Deeds
  • Tax implications on purchase
  • Survey requests
  • Estoppel requests
  • Lien negotiation
  • IRS/Federal tax lien on property negotiations
  • Seller docs
  • Preparation of Purchase Money Mortgages and Notes

Meet with our real estate attorney today and put us to work for you.  The first consultation is always free of charge.  Or email attorney Jacqueline Salcines directly your real estate question at J.Salcines@salcineslaw.com

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
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“AS IS” CONTRACT V. A REGULAR CONTRACT IN FLORIDA

 FLORIDA REAL ESTATE and TITLE ATTORNEYS

Practicing real estate law and having clients send me offers to review on a weekly basis, often I am asked whether it is a safe bet to enter into an “AS IS” contract?  Will the buyers deposit be protected if there is anything that comes up at inspection?  The answer is YES.  Well, allow me to be clearer. Always with the smart backing of a knowledgeable real estate lawyer and realtor will the buyer/seller be 100% protected.

The distinction between a Florida “AS IS” real estate contract and a regular Residential Contract for Purchase and Sale is simple really.  In an “AS-IS” contract, the buyer has the right to inspect the property however, if anything comes up during inspection, particularly large ticket items such as roof replacement or plumbing or electrical work, the seller is NOT required to make any concessions. That is, the seller is not required to either repair, replace the item or make a credit for the cost of the repair or replacement.  The buyer can then elect to close with the items, or obtain a full report for the cost, and make an informed decision with his attorney and realtor as to moving forward with such items of disrepair.

In a Regular FAR BAR or FAR Contract for Purchase and Sale of Real Estate, the seller is required to correct items in the inspection report or give credits for such repairs.  The seller can not simply deny such repairs.

Not all sellers like to enter into any type of contract that is not AS IS.  However, with a well versed realtor and attorney protecting them, there should be no fear in doing so.

At Jacqueline Salcines, PA we are both real estate lawyers and accountants  with extensive experience representing buyers  and sellers in their real estate property needs in Florida.  As an attorney, accountant and title agent for Old Republic National Title Insurance, Inc., we provide a complete array of closing services.  Consult with attorney Jacqueline Salcines, PA today with regard to:

  • Review of Contract for Sale and Purchase
  • Review of Contract Addendums
  • Review of Condominium Riders
  • Title search and examination
  • Lien letters
  • Incorporation for purchase
  • Quit Claim Deeds
  • Tax implications on purchase
  • Survey requests
  • Estoppel requests
  • Lien negotiation
  • IRS/Federal tax lien on property negotiations
  • Seller docs
  • Preparation of Purchase Money Mortgages and Notes

Meet with our real estate attorney today and put us to work for you.  The first consultation is always free of charge.  Or email attorney Jacqueline Salcines directly your real estate question at J.Salcines@salcineslaw.com

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
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WHO IS BUYING REAL ESTATE IN SOUTH FLORIDA – MORTGAGE RATES INCREASE NATIONWIDE

RESIDENTIAL AND COMMERCIAL CLOSINGS

With the recent increase in mortgage interest rates nationwide, it is unclear how the housing market will be effected until months to come. What is clear, however, is that Miami’s residential and commercial real estate markets are booming compared to just a few years ago when the majority of sales were distressed.  A rebound in housing prices has partly driven an increase in mortgage debt per borrower, which is expected to jump by about $9,000.00 up to an average of $192,500.00 by the end of 2016. “This is a clear indicator that housing prices are recovering and consumers are gaining access to mortgage mortgage loans”. said Steve Chaouki, EVP and Head of Transunion’s Financial Services Business Unit.

While we are a long way away from returning to pre-recession levels in terms of open mortgages,  more than 1.5 million “boomerang buyers” are predicted to re-enter the mortgage market over the next three years.  “Boomerang Buyers” are those that were hit hardest by the recession and housing crisis, and were among the participants of the foreclosure and mortgage debacle.  Transunion estimates that 2.2 million buyers who had either loan modifications or short sales over the past 5 years, will re-enter the market and purchase property over the next five years.

Yet obtaining financing in this day and age has been very tedious and complicated, specially for buyers who have either a foreclosure or bankruptcy on their credit profile.  Closing either a residential or commercial loan can turn into a long and complicated matter if proper measures are not observed or followed. Worse yet, not being fully represented in a loan closing by your own real estate attorney can result in a failed venture. While there is no requirement to engage a business attorney to represent you in a loan closing or to act as the settlement agent for the transaction, by engaging a real estate lawyer you can ensure that you have a fiduciary working for your best interests.

The Value of Hiring a Real Estate Attorney for a Loan Closing

Residential Loans

The procedure for closing a residential loan varies, but the outcome is generally the same. All the financial details that come with the purchase of your property and the receiving of the title have to be settled before the loan is made. By retaining an experienced real estate attorney to represent you in the closing process, you can ensure that you are purchasing a property which is free and clear of title defects and satisfies your investment objective.

You should prepare for your closing by consulting with your real estate lawyer to help you review all your closing documents to be sure everything is in order. Some of the primary closing documents are as follows:

  • The Mortgage Note
  • The Mortgage
  • The Settlement Statement, commonly referred to as the HUD

Throughout the closing process your real estate attorney will review all the documents and explain each closing document to you before you sign them. And, if you have any questions, your attorney will answer them.

Commercial Loans

By their very nature, commercial loans frequently require increased attention and more paperwork than residential loans. Here are some of the requirements that you may need.

  • Operating Statements for the past 3 years reflecting income and expenses of operations, including cost and timing of scheduled capital improvements;
  • Certified copies of all Leases;
  • A Certified Rent Roll;
  • Estoppel Certificates signed by each tenant;
  • An ALTA lender’s title insurance policy with required endorsements;
  • Copies of all documents of record which are to remain as encumbrances following closing, including all easements, restrictions, party-wall agreements and other similar items;
  • A current Plat of Survey prepared in accordance with 2011 Minimum Standard Detail Requirements for ALTA/ACSM Land Title Surveys certified to the lender, Buyer and the title insurer, including items 1 through 4, 6(a), 7(a), 7(b)(1), 8 through 10(a), 11(a) and 14 from the Surveyor’s “Optional Survey Responsibilities and Specifications” referred to as “Table A”;
  • A satisfactory Environmental Site Evaluation Report (Phase I Audit) and, if appropriate under the circumstances, a Phase 2 Audit, to demonstrate the property is not burdened with any recognized environmental defect; and
  • Site Improvements Inspection Report.

At the Law Offices of Jacqueline Salcines, PA, we are ready to go to work for you.  We have extensive experience and knowledge in the area of real estate, both residential and commercial.  With dual degrees in law and accounting, Attorney Jacqueline A. Salcines, Esq. is ready to put her knowledge and experience to work for you.

Call us today to set up an appointment to discuss your purchase or sale. We are here for you!

Main office 305 | 669 | 5280. Or email the attorney directly: J.Salcines@Salcineslaw.com

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL. 305 669 5280
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