Homestead Exemption does not transfer from property to property. The sellers’ exemptions will not carry over beyond the year of the sale: you MUST apply for your own exemptions.

Florida’s Portability law allows property owners to transfer their “Save Our Homes” benefit earned on a previous Homestead property to their new Homestead property.  If you are applying for a new Homestead Exemption AND you held a Homestead Exemption on a previous property within the last 2 tax-years anywhere in Florida, you should also submit a Portability application with your Homestead application.

Note:  a Portability application transfers any tax savings you have earned, but it does NOT transfer your Homestead Exemption from one property to another.  You MUST first apply for a Homestead Exemption in order to be eligible for Portability.

 Challenges Buyers Encounter

Before making an offer on a property be sure to contact a Title Insurance expert. If you delay this process you might have to go with the recommendation of your Realtor or your lender which indisputably will cost you more in closing costs.

Know your rights as a buyer in Sarasota, Collier, Miami-Dade & Broward County

Don’t relinquish your right to select your own Title Insurance Company. You are not obligated to utilize your real estate agent or lender’s in-house title insurance company. Keep in mind not all title companies have the same fee structure, do your homework and research title companies despite of what your Realtor or Lender might tell you.

Avoid getting smashed with extra charges at the closing table by an “in-house” operation. Shop around for your title insurance company just as you would your mortgage. Compare quotes and ask for any additional fees in writing. Ask about discounts for which you may be eligible, such as re-issue credits for owner’s policies and surveys.