A Clear Answer To Confusing Questions About Florida Deeds And Transfer Taxes
Mesa, AZ (PRWEB) June 13, 2007 -- In response to numerous inquiries, Just A Minute, LLC. has posted information on their website about transferring real estate in Florida into the name of a Limited Liability Company. Many Florida property owners have voiced a concern as to the amount of tax they would be required to pay when transferring a Florida property to their LLC.
According to co-owners of Just A Minute, LLC Juli Walsh and Kari VanNoy, a 2005 Florida State Supreme Court case offers clarity. The case in questions is Crescent Miami Center, LLC vs. Florida Department of Revenue, 903 So. 2d 913 (Fla. 2005). The Florida Supreme Court issued a unanimous decision in the case, deciding that "a transfer from or to a party or parties, to or from a wholly owned transferee company, absent any exchange of value, is not subject to the Florida documentary stamp tax on deeds."
Walsh and VanNoy explained the decision this way:
"What this means is you can now (as of May 2005) transfer property from an owner to a single member LLC (or from a husband and wife to an LLC in which the husband and wife each own one-half of the membership interests) with no transfer tax."
"The freedom to transfer real property from personal ownership to an LLC or a Trust without paying a steep transfer tax is very important in protecting property or an estate and ensuring a smooth transfer of title to a designated individual or company," says VanNoy. Just A Minute, LLC encourages clients to transfer property in this way. The deed transfers they prepare also protect owners and companies from the "Due on Sale Clause" in many mortgages. Many mortgage companies write into their contract a clause stating the entire loan must be paid when a property is sold. This certainly makes sense. "What many people don't know," says Walsh, "is that if a mortgage company sees a transfer of the property to anyone but you (including a trust or an LLC); they can require full payment of the mortgage."
Simplifying legal information for clients is one of the services provided to clients by Just A Minute, LLC. They also handle all necessary paperwork for businesses to protect assets and company liability.
About Just A Minute, LLC
For over ten years, owners Kari VanNoy and Juli Walsh, both paralegals, have been building their mission to educate and protect small business owners. They created Just A Minute, LLC to assist busy entrepreneurs and small business owners with their corporate and company minutes and resolutions to keep their company assets safe, secure and protected. To learn more about how they help busy executives stop playing catch-up and start getting ahead with their company paperwork, visit www.justaminutellc.com.
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This press release has been reprinted from PRWEB per the terms and conditions of the copyright notice.
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