RP Title and Escrow, LLC Blog

Realtors Guide to Oil, Gas, And Mineral Rights in Florida

Posted by on Oct 27, 2016 in RP Title and Escrow, LLC Blog | Comments Off on Realtors Guide to Oil, Gas, And Mineral Rights in Florida

Realtors Guide to Oil, Gas, And Mineral Rights in Florida

In Florida, oil, gas, and mineral rights can be as valuable to their owners as they are in Texas and the other significant oil-producing states. However, mineral rights may have little value in Florida if the property where these rights are located is not zoned for drilling or mining, e.g., the land is zoned for residences, retailers, service providers, industry, offices, parks, or governmental uses, or if acreage has been purchased by owners who wish to own a country estate, an equestrian estate, a secluded retreat, or who wish simply to preserve the land in its natural state. For purposes...

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Title Commitment – Easy Guide

Posted by on Mar 18, 2014 in RP Title and Escrow, LLC Blog | Comments Off on Title Commitment – Easy Guide

What information is found in the Title Commitment? Upon opening escrow and the completion of the title search, you will receive a Commitment for Title Insurance, and copies of those matters as disclosed in Schedule B Section 2-Exceptions (NOTE: If you do not receive these documents with the Commitment for Title Insurance, request them from your Escrow Officer). The Commitment for Title Insurance has three schedules: Schedule A and Schedule B Section 1-Requirements and Schedule B Section 2-Exceptions. Below is a brief description of some of the matters reflected in the referenced...

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Is Your Transaction Subject to FIRPTA

Posted by on Mar 18, 2014 in RP Title and Escrow, LLC Blog | Comments Off on Is Your Transaction Subject to FIRPTA

The Foreign Investment in Property Tax Act (FIRPTA) Among the many documents which are presented and processed during escrow is a certificate of non-foreign status. The reason for this document is to protect the property buyer from liability for the IRS withholding tax which applies if the seller is a foreign person. If the Seller is a US Citizen or a US Resident then FIRPTA does not apply. If the Seller is not a US Citizen or a US Resident then the Buyer may have to withhold 10% of the sale price at the closing. Although the taxable gain of a transaction is earned by and thus taxable to the...

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