Is Florida Going to be Your Primary Residence?
If so, don’t miss out on huge tax savings! If you qualify for homestead exemption, you are entitled to a deduction of $25,000 off of your property’s assessed value. This can result in saving several hundred dollars in taxes! If your home is worth at least $75,000 you will receive an additional $25,000 deduction on your property’s assessed value. You may also qualify for additional homestead exemptions if you are 65 years or older or have a disability. But most importantly, by filing for homestead exemption, this means that the assessed value of your property cannot increase more than 3% per year. This tax savings can now be transferred to a new Florida residence in case you move. For more details about homestead exemption, please visit your county’s property appraiser’s website.
IMPORTANT ANNOUNCEMENT – In order to file for Homestead Exemption you MUST be a permanent Florida resident and occupy the property as of January 1, of the tax year you are qualifying for or have beneficial interest under a 98 year lease or life estate.
DEADLINE FOR FILING HOMESTEAD EXEMPTION IN ALL COUNTIES IS MARCH 1.
Where And How
To File For Homestead Exemption
You may file online*, by mail, or in person with your county’s PROPERTY APPRAISER:
SARASOTA COUNTY MANATEE COUNTY
CHARLOTTE COUNTY DESOTO COUNTY
*Note: filing online will require more information and documentation than filing in person.
Underwritten by First American Title Insurance Company and Chicago Title Insurance Company.
CORPORATE OFFICE
1605 Main Street, Suite 500
941.552.5211
SARASOTA
1605 Main Street, Suite 101
941.552.5211
BRADENTON
4400 Manatee Avenue W, Bradenton, FL 34209
941.748.6300
LAKEWOOD RANCH
8325 Lakewood Ranch Blvd, Lakewood Ranch, FL 34202
941.487.5300
SIESTA KEY
5100 Ocean Blvd, Sarasota, FL 34242
941.444.2866
PALMER RANCH
8660 S Tamiami Trail, Sarasota, FL 34238
941.441.0052
VENICE
110 Nokomis Avenue N, Venice, FL 34285
941.441.2500
ENGLEWOOD
1200 S McCall Road, Englewood, FL 34223
941.473.7750
PUNTA GORDA
101 Taylor Street, Punta Gorda, FL 33950
941.639.0000
Tips for a Smooth Closing
• When dealing with a property in which any owners are deceased, a thorough investigation should be conducted to ensure the party with whom you are dealing has the authority to deal with the property. If they do not, it can result in costly, timeconsuming delays.
• FIRPTA issues should be resolved well before the closing to avoid delays. Keep in mind that if FIRPTA defines the seller as a “foreign person,” it may require a buyer to withhold up to 15% of the seller’s gross proceeds unless an exemption is available or a withholding certificate is provided before closing.
• A buyer should read all homeowner and condominium association documents before executing a Purchase and Sale agreement or immediately after, and consult with an attorney if they have questions. These documents contain key information on how the property can be used.
• The state of Florida does not require an attorney to facilitate real estate transactions.
• Buyers who are financing should stay in touch with their lender throughout the process. Federal law now requires the lender to provide certain documents to the buyer before the closing.
• If financing and the property you are buying or selling is your primary residence, your spouse must sign closing documents, even if he or she doesn’t officially hold title.
• Make sure you have signed the contract with your full and legal name. If you are not the person listed on the most recent deed of record, you will need to provide documentation and reason why.
• Provide proof of homeowners’ insurance to your lender, and ensure the lender’s name and address are correct and the policy is written for the required amount. It is extremely important to secure hazard/flood insurance as soon as possible, especially during hurricane season. If a named storm enters near the area, insurance writing will be suspended, which will delay the closing.
• A municipal lien search will be required which we will order on your behalf. A municipal lien search is different than a title search. It reveals open permits, municipal liens that are not public record and violations that may exist on a property, to name a few.
• If you are using a power of attorney, it must be approved by the lender (if applicable), closing agent and underwriter.
As a leading title company on the Gulf Coast, our team at MSC Title is committed to ensuring a smooth and stress-free closing experience with our unparalleled customer service. We provide accountability and availability from our processors and closing staff to deliver our clients timely, straightforward answers to your questions. With 17 offices throughout Sarasota, Manatee, and Charlotte counties, we can accommodate your closing in one of our 125 partner offices throughout Florida or across the nation.
With a team of title and escrow professionals possessing over 150 combined years of experience and backed by two of the strongest title underwriting companies in the industry, First American and Chicago Title, MSC Title is dedicated to exceeding your expectations.
CUSTOMARY SELLER EXPENSES
• Documentary stamp taxes on deed – 70 cents for each $100 paid for the property
• Real estate agent commission
• Estoppel/approval fees charged by homeowners’ association
• Payoff fees to seller’s lender(s)
• Cost to correct title-related issues
• Cost to fix any survey-related issues, such as encroachments
• Overnight shipping and wire fees
CUSTOMARY BUYER EXPENSES IF FINANCING OBTAINED
• Recording fees for the deed and mortgage are $10 for the first page and $8.50 for each additional page
• Documentary stamp taxes on any mortgage are 35 cents for each $100 borrowed
• Intangible tax on the mortgage is 20 cents for each $100 borrowed
• Lender’s title insurance policy and endorsements to lender’s title policy
• Any other lender-related expenses
* Additional expense for buyers: Survey of property to be purchased, except for condominiums
EXPENSES THAT CAN OFTEN BE NEGOTIATED TO EITHER BUYER OR SELLER
• Owner’s title insurance policy
• Title search fees
• Municipal lien search fees
• Closing fees
