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Nishad Khan Recognized As One Of Orlando’s Top Attorneys

Nishad Khan Recognized As One Of Orlando’s Top Attorneys

awesome attorneys 2021Each year, Orlando Family Magazine seeks out legal professionals who are revered by their peers, deliver outstanding customer service, and demonstrate tremendous industry knowledge. With his years of experience and commitment to client satisfaction, Nishad Khan is undoubtedly deserving of this representation. With his coveted spot on Orlando Family Magazine’s Awesome Attorneys list, Khan has proven an indispensable asset to his trade.

Throughout his career, Khan’s gained unmatched insight into real estate law. From residential sales to commercial developments, Khan’s expertise knows no bounds. Distressed property sales, asset protection, estate planning, and loan workouts are some other areas he’s versed in, and with his expansive know-how, Khan’s a highly sought-after attorney. Putting his many pearls of wisdom to use, Khan opened his own firm in 2007.

Since its inception, Khan’s practice has helped clients navigate the ins and outs of real estate closings, business law, and real estate acquisitions. Khan’s also done pro bono work, providing legal services to individuals who couldn’t afford legal representation. Equally admirable was when he offered legal counsel to poverty-stricken clients during law school. He represented these clients on matters of human rights violations and political asylum.

When he’s not doing his part to make the legal sphere a better place, Khan’s adorning his cap with more feathers. As a member of the Florida Bar Association, the American Bar Association, and the Orange County Bar Association, Khan is well worth his salt. He also serves on several committees and speaks at real estate events. From his aptitude for legal affairs to his client-driven work ethic, Khan is an attorney of exceptional merit.

 

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Address: 617 E. Colonial Dr., Orlando, FL 32803

Email: Info@NishadKhanLaw.com | Phone: (407) 228-9711 | Fax: (407) 228-9713

 

Nishad Khan- Orlando’s Top Attorneys

buying a houseA Limited Liability Company (LLC) is a business entity. It can have its own income and assets. By definition, it can purchase residential or commercial real estate for any purpose included in the company’s articles of incorporation. An LLC can qualify for a mortgage if its credit rating and debt ratio are approved.

LLCs can be good choices for investors because they combine a corporation’s limited liability characteristics with the operational workability and tax efficiency of a partnership. They shield investors from personal liability and protect assets while offering significant tax benefits. The key benefits of purchasing real estate under an LLC include:

• Profit
• Privacy
• Protection
• Tax Advantages

Profit
Adding real estate to an LLC portfolio can increase the company’s financial profile and add value to the business when purchased for the purposes of leasing to tenants. Some LLCs are created for the sole purpose of buying, leasing, and selling real property.

Privacy
There can be a number of reasons why individuals wish to have their real estate transactions kept private. Celebrities and other high profile individuals commonly purchase real estate using LLCs to keep the general public from finding out where they live or how much they paid for the property they purchased.

Once a deed is recorded, it becomes public information. If an individual has your address, it is simply a matter of looking it up in the court records of the county in which the property is located. Not only can people find out how much you paid for your house, but they can also find out if there are liens against your property. Purchasing under an LLC makes it nearly impossible for strangers to get personal information by looking you up on telephone and name lookup websites.

Protection
Purchasing real estate under an LLC will help protect your assets in the event you are sued. For example, if your neighbor is injured while on your property and sues, the court could award them a judgment against you. If the property is owned by an LLC, your assets will be protected.

Limited liability has exceptions, however. According to Nolo.com, you could be held personally liable under the following conditions:

• You personally injure someone.
• The LLC defaults on a loan or debt you have personally guaranteed.
• You intentionally commit a fraudulent, reckless, or illegal act that harms the company or an individual.
• You don’t deposit the taxes you withheld from an employee’s paycheck.
• You intermingle your personal business with the LLC’s instead of treating the LLC as a completely separate entity.

Tax Advantages
Pass-through taxation allows businesses to avoid direct taxation. Investors report company profit and loss on their personal income tax returns. This generally results in lower tax rates and avoids double taxation.

Before setting up an LLC for the purpose of purchasing real property, you should consult experienced legal and tax professionals.

llc agreementA limited liability company can be described as a type of business entity, which has become a preferred choice for small business owners. Unlike corporations, limited liability companies do not require adherence to the strict meeting requirements and other formalities that are required when operating a Florida corporation.

Further, limited liability companies are designed to shield the owners from any personal liability associated with the limited liability company’s debt; however, there are certain caveats to this, which is why it is important for you to seek legal counsel and speak with a business law attorney to ensure that your limited liability company is set up correctly.

It is important to note that not many people are familiar with the processes involved in registering a limited liability company. Considering that every state has its own laws, it is important to seek guidance from Orlando business law attorneys. They will be able to clarify anything that you do not understand.

Below are five things to know about forming a limited liability company:

1. Select the name of your company

In Florida, any limited liability company name must also contain, “Limited Liability Company, LLC, or L.L.C.” Further, if you are incorporating a professional LLC, the name must include the term “Chartered, Professional Limited Liability Company, P.L.L.C., or PLLC.”

The name of your limited liability company should be distinct from those of other businesses or entities that are already listed in the records of Florida’s Department of State. The best way to ensure this is to conduct a preliminary search for your chosen name in the business name database found in the Department of State, Division of Corporations, before you complete and submit your Articles of Organization. To reduce your chances of receiving a rejected filing, you can also seek help from any Orlando business law firm.

A business attorney Orlando will take you through the entire registration process and help you avoid taking any steps that are prohibited.

2. Appointing of a registered agent

Anyone registering a limited liability company in Florida must have a registered agent. This is a legal entity or person who will accept service of process if your limited liability company is sued.

Also known as an agent for services of process, a registered agent must have the following qualifications:

• A business entity with an active Florida entity filing or an individual
• The appointed registered agent must sign the Article of Organization to affirmatively accept his or her obligations, as a registered agent, under Florida Statutes

The registered agent must have a physical street address in Florida, a post office box address will not be accepted.

If you need assistance incorporating a limited liability company, Orlando business law attorneys can help you with the preparation and filing of your organizational documents. Orlando business law attorneys may also offer registered agent services for your limited liability company.

business registration3. File articles of organization

This is another important step to know when filing for a limited liability company in Florida. It involves filing Articles of Organization with the Florida Division of Corporations. The Articles will likely include the following elements:

• The name of the limited liability company
• The street address of the limited liability company’s principal office
• The mailing address for the limited liability company if it differs from the principal place of business
• The purpose of the limited liability company
• Names and addresses of the managers or the authorized representatives of the limited liability company
• Name and address of the registered agent of the limited liability company
• The desired effective date of the limited liability company
• The signature of at least one of the persons who are acting as an authorized representative
• The signature of the registered agent, which confirms the agent’s acceptance of the registered agent obligations
• A valid email address for any correspondence

Sometimes the requirements might vary depending on the type of your business. Given this, it is recommended that you consult with Orlando business attorneys to verify all information before submitting your application.

4. Preparation of an operating agreement

Although a limited liability company operating agreement is not mandatory in Florida, it is highly recommended to have one. An operating agreement is an internal document that basically stipulates how your limited liability company will be run. It is designed to clearly delineate the respective rights and obligations of the members and the managers.

A business attorney in Orlando is the best person to help you draft an operating agreement.

5. Pass Through Taxation

When incorporating your limited liability company, you will need to determine how the limited liability company will be taxed. Generally, unless otherwise specified, limited liability companies are structured as pass-through taxation entities. In other words, any profits and losses will not be taxed against the limited liability company, and instead, will “pass-through” the entity and flow directly to the members of the limited liability company.

In a nutshell, the process of registering a limited liability company in Florida is simple and straightforward; however, if you are looking to shield yourself from any personal or tax liability, it is wise to closely work with Orlando business lawyers to ensure that the entity is set up correctly. Nishad Khan P.L. is glad to offer any legal assistance with properly setting up your limited liability company.

husband and wife estate planningThe daily lives of most business individuals involve working hard to provide basic needs for themselves and their families. A majority of businesses are managed based on short term goals with no clear plans for the long-term. One misconception that business owners have is that estate planning is reserved for personal assets like houses, land, cars etc. Therefore, it is commonly seen that the few who have an estate plan in place, fail to factor in their businesses and how to handle the disposition of the businesses in the event of death. If 2020 has shown us anything, it is that life is full of uncertainties; therefore, death can come at any time. If and when that time comes, your beneficiaries will have to claim a share of your business. Without a clear succession plan in place, it is likely that endless disputes will likely arise.

A business is a valuable asset just like land, houses, or cars. Therefore, it is important to ensure that while you review your assets, you consider any business in which you have an ownership interest in as well. Many people avoid the discussion around estate planning because of the fear of death. However, you need to note that estate planning allows you to have a say on the distribution of your property in the event of death or incapacitation. If you are looking to learn more about corporate estate planning, please reach out to an Estate Planning Attorney in Orlando from Nishad Khan P.L. to have all your questions answered.

Tips for estate planning

Have a Buy-Sell agreement drafted by an Estate Planning Attorney Orlando in place

The owners of the business know best what it takes to run the business. When you die, and your beneficiaries inherit your ownership interest in the business, your business partner might have a hard time coping with new people coming in to take part in running the business. The same case applies where a business partner passes on, and his or her beneficiaries come on board by inheriting the deceased partner’s ownership interest in the business. A buy-sell agreement drafted by a competent Orlando Estate Planning Attorney and entered into between the owners of the business can help resolve any potential disputes which might arise at a later date. The salient provisions of buy-sell agreements are to restrict a lifetime transfer of business ownership to a third party and will include provisions on how the business partners will deal with the business in the case of death of one of the owners of the business. With such an agreement, you have the opportunity to eliminate possible disputes from family members who are interested in taking over your position in the business and possibly interfering with the remaining owners in the management of the business.

Life insurance

business insuranceAny business with clear future plans should have life insurance. Most times, once a business partner dies, the proceeds from the business life insurance policy is what surviving owners of the business will use to compensate the estate of the deceased owner. If you intend to commence your estate planning process, our Estate Planning Lawyer in Orlando will refer you to a reputable insurance company for assistance with a life insurance plan that may be best suitable for your circumstances.

Use of an irrevocable trust

In place of a buy-sell agreement, you can use an irrevocable trust as part of your estate planning. As the name suggests an irrevocable trust cannot be terminated unless permission is granted by the relevant parties, e.g., all of the beneficiaries of the irrevocable trust, or by the court. In the case of the death of a business owner, an irrevocable trust will direct how the business is to be managed by the trustee. The irrevocable trust could be structured so that the business assets are sold and/or divided among the trust beneficiaries upon the death of the business owner. Alternatively, the irrevocable trust could be structured so that the business continues to exist, for the benefit of the trust beneficiaries, and such business is to be managed according to the provisions within the trust.

In the absence of an irrevocable trust or a buy-sell agreement, your loved ones might be forced to open a probate matter with the court to determine how the business should be divided among your beneficiaries. The probate process can be lengthy and quite costly, which can, in turn, eat into the assets, so it is best to address how to handle your business in the event of your death sooner rather than later.

The creation of an irrevocable trust requires one to work diligently with an Estate Planning Lawyer in Orlando. Our Orlando Estate Planning Lawyer has an in-depth understanding of how to properly draft a trust instrument and an Orlando Estate Planning Lawyer can offer you all the assistance you require to ensure your estate planning endeavors are in order.

Contents of an estate plan

When an estate plan is mentioned, most people will only think about wills. Our Estate Planning Lawyer Orlando can guide you on several other estate planning instruments like:

Power of Attorney
Directions on guardianship
How assets are to be transferred in the event of death, etc.

vacation rentalThere are a lot of benefits to investing in vacation real estate, but it’s important to avoid the pitfalls. They can stop you from realizing your dream of having a great getaway home for you and your family that also pays for itself. Here are some tips to consider before you sign on the dotted line.

1. Choose a location you enjoy.
Part of the reason you’re buying is to have a place you and your family can go and enjoy year after year. The property you purchase has to be big enough to meet your family’s needs and still be within your budget.

2. Avoid timeshares.
Timeshares carry a lot of risk. You have to avoid the scammers that prey on inexperienced buyers. You have to go over any contract’s fine print to make sure you aren’t overpaying for your share before you buy it.

It can be difficult to manage short term rentals. Timeshares historically bring in less income for investors than privately owned properties. The volume of owners trying to get out of their timeshares is huge. There’s a reason for that.

3. Buy instead of build.
Building a vacation home that exactly fits your needs may be tempting, but it will take months before the home is ready for renters. In the meantime, you’ve added construction costs and interest fees to your monthly budget. If your goal is to create additional income, your best bet is to buy an existing home. That will give you an immediate return on your investment.

4. Buy in the U.S.A.
Buying vacation investment property outside the United States can be risky. Every country has its own set of rules and regulations. You are subject to the laws of foreign governments when you buy outside the U.S.

5. Factor in all your costs.
When you purchase rental property, you have to factor in more than just the cost of your monthly mortgage payments. Before you purchase, sit down and list all the expenses that could possibly be associated with the property you are considering.

You are probably already aware of monthly expenses like taxes, utilities, and maintenance, but have you considered repairs and the cost of hiring a management company? If you decide to invest in a beach house, you have to factor in wear and tear caused by the sun, sand, and salt. There may be a lot of competition for renters. You can’t let things slide and still be competitive.

6.Consider the seasonality of your choice.
Buying a vacation investment property on the beach is great, but if the beach is only habitable a few months out of the year, you will have a house sitting empty and not paying for itself the rest of the time.

It’s important to be practical when purchasing this type of investment. You want to buy in an area that attracts tourists and vacationers as much of the year as possible.

Ready to invest in a vacation rental? The Orlando real estate attorneys can help you avoid the pitfalls. Contact Nishad Khan today.

corporationWhen it comes to owning your own business, there are many different ways that you can form your entity. If you are thinking about forming a corporation, while there are many benefits to forming this type of entity, there is some information you should know. Below are some tips to help you understand the process of forming a corporation in Florida.

Choose the Right Name

Before you can begin incorporating a Florida corporation, it is important that you choose a proper name for your corporation. In Florida, your corporation’s name must also contain a word or abbreviation that identifies it as a corporation. In other words, the name must include the term “Corporation, Incorporated, Company, Inc., Co., or Corp.” Further, if you are incorporating a professional association, the name must include the term “Chartered, Professional Association, or P.A.” Your corporation’s name must also be distinguishable from any entity that is already listed in the records of Florida’s Department of State. To reduce your chances of receiving a rejected filing, it is recommended that you work with an Orlando business law firm that can make sure your entity name is not already taken and that it does not contain any restricted words.

Selecting an Incorporator

Before you can move forward with incorporating your corporation, you must determine who will be the “Incorporator”, or the person who is responsible for preparing, signing, and filing the Articles of Incorporation with Florida’s Division of Corporations. It is also important to be cognizant of the fact that each corporation is different, and certain types of corporations may require additional provisions within the Articles of Incorporation in order to deem a properly formed corporation; therefore, in order to ensure that the corporation is being incorporated properly, it is strongly recommended that the Incorporator seek legal counsel from a business attorney in Orlando.

Designating a Registered Agent

A registered agent is an entity or person who is responsible for carrying out the obligations of a registered agent as set forth in chapter 607, Florida Statutes, which may include, without limitation, receiving service of process documents, official notices, or demands on behalf of the organization and ensuring such documentation is forwarded to the principals of the corporation. To be valid, you will need to list the name and office of your registered agent in order to complete your Articles of Incorporation. Also, an appointed registered agent must sign the Articles of Incorporation to affirmatively accept their obligations, as a registered agent, under Florida Statutes. Keep in mind that your registered agent must have a physical street address in Florida, a post office box address will not be accepted. If you need assistance incorporating a corporation, Orlando business law attorneys can help you with the preparation and filing of your corporate documents. Orlando business law attorneys may also offer registered agent services for your corporation.

Prepare Your Corporate Bylaws

Although your corporation is not legally required to have bylaws, this document will act as the roadmap concerning the affairs of the corporation. Meaning, bylaws help make the rules of operation clear by delineating the respective obligations of the officers, the board and the members, in operating the corporation. Bylaws can also help to show legitimacy when dealing with banks, the IRS, etc. If you are unsure of how to write draft bylaws for your corporation, an Orlando business attorney can help you.

corporation meetingHold Annual Meetings

While generally, it makes best sense to hold an annual meeting, the failure to hold such a meeting will not affect the validity of the corporation. The purpose of the annual meeting is to elect directors and to transact any proper business relating to the corporation. During this early phase in your organizational setup, you should also be looking for Orlando business lawyers who can offer you guidance on how to properly run an annual meeting.

When searching business attorney Orlando, make sure you choose an attorney who is experienced in dealing with incorporating your type of organization. This is important as the filing requirements and the taxation can vary greatly depending on the type of organizational and tax structure your business is under. Each type of organizational and tax structure offers its own advantages and disadvantages, depending on what your business needs are, which is why it is recommended that you consult with an attorney.

Having an experienced corporate attorney on your team is not only great for the initial setup of a corporation but is advantageous for the long run as well. As your business grows, you will need expert advice on how to properly manage the business. Unlike a general lawyer, corporate attorneys focus primarily on corporate business and are well-versed when it comes to business law. If you have more questions about forming your corporation, contact Nishad Khan P.L. for assistance.

real estate attorneyWhile you aren’t required to work with Orlando FL commercial real estate attorneys as an investor, it just makes more sense to consider it as an option. An attorney who specializes in commercial real estate possesses the knowledge of laws that regulate these types of transactions. Additionally, many of these attorneys maintain an interest in area markets to ensure they can provide their clients with accurate and up-to-date real estate information. By utilizing this expertise, a commercial real estate attorney in Orlando can benefit you in the following ways.

1. Get Help Completing any Necessary Paperwork

While investing in commercial real estate can be exciting and lucrative, it also involves completing paperwork and documents that relate to your venture in a timely manner. If an application isn’t accurately filled out or a deadline is missed, you may end up losing money you have already invested in the transaction. However, an Orlando Florida real estate attorney can help you ensure your documents are properly completed and submitted on time.

2. Gain Insight About the Risks of an Investment

Before buying any piece of property, you’ll have to conduct due diligence on the property and conduct additional research that may help you determine the value of that investment property and may also help you determine whether the property is suitable for your intended use. This includes researching the area market, the potential returns, and the previous ownership of that property. It also includes conducting certain tests and inspections on the property to ensure that the property meets your expectations and also conducting certain research to confirm whether your intended use of the property is permitted within the municipality in which the property is located. Your attorney can help you with some of this research. In particular, they will know how to conduct title searches to determine if there are any claims against the property and they will know how to review the applicable municipal code to confirm that your property use is permitted within the municipality. This type of service can help you avoid buying a property that might otherwise leave you tied up in legal disputes.

experienced  attorney3. Benefit From Legal Representation

Investing in commercial real estate can get tricky, and some situations may require the expertise of a commercial real estate attorney Orlando. Whether you need to evict tenants who may already be occupying the property or you become involved in environmental issues, you’ll need the skills and knowledge of a lawyer to help you present your case. If you have already been working with a commercial real estate attorney, they will be familiar with your situation. That will save time, and it will provide your attorney with a deeper insight into the situation, resulting in more effective representation.

4. Benefit From an Experienced Negotiator

A major component of any real estate transaction is negotiating certain terms within the letter of intent as well as the sale and purchase contract, such as the sale price. While you may be a savvy investor, negotiating may not be your strong suit. Your attorney can take on that role for you. Since he or she is experienced in public speaking and making convincing arguments, he or she will likely be more skilled at negotiating terms to a commercial real estate transaction. This can make a significant financial difference when it comes to negotiating with sellers or other attorneys. Leaving negotiations up to your attorney will likely help you get better deals on every transaction, which in turn will, hopefully, lead to a larger profit margin down the road.

5. Learn About New Opportunities

Real estate attorneys Orlando rely on networking to maintain a familiarity with the real estate market in the local area. This means they will be among the first to learn about new investment opportunities that you might find appealing. When a warehouse comes up for lease or a new commercial development project is seeking investors, your attorney may be able to inform you of these opportunities before they become known to the public. As a result, in this circumstance, you will be able to take advantage of promising deals before those properties become widely available. In some cases, you might be able to buy a property before listings for it are made publicly available.

Whether you’re new to real estate investing or you’re a seasoned investor, consulting an Orlando real estate attorney can help you protect your investments. Orlando real estate lawyers at Nishad Khan, P.L. can help you protect your interests and ensure you’re not spending more than necessary on any real estate transaction. In that way, the firm may be able to help you get more value out of every commercial real estate transaction.

real estate during covidReal estate is a tough business. The current COVID-19 crisis has not made it any easier. For your real estate company to thrive in 2021, it is advisable to establish a plan. A plan is not an inflexible and dogmatic document that can never be changed or adjusted to deal with unfolding realities. It is instead a guide, a set of priorities, a means of leading your company down the path of prosperity.

Your real estate plan should be goal-driven. Here are few tips to get you started:

1. Incorporate the realities of the new normal

The pandemic has devastated the economy of the nation and has turned peoples’ lives upside down. You can no longer take anything for granted in real estate transactions. From the first meetings with potential clients to showing houses to dealing with the financial and legal issues involved with closing, you should anticipate and plan for restrictions, lockdowns, and social distancing rules.

If you require the services of government departments and offices at the state, local, or federal level, you may discover that the people you need are not available or that some functions have been suspended.

In these instances, you may need legal advice. Orlando real estate attorneys can give you the insight and expertise required to resolve any issue that may come up. Orlando real estate lawyers can also help you determine what alternative measures may be available if you cannot get documents signed or notarized in the usual way.

real estate marketing plan2. Review your 2020 plan

You should dig out your 2020 plan and see how you did. You should ask yourself whether you reached your goals. It will be easy to blame COVID-19 for shortcomings. However, you should provide a thorough assessment of your plan before coming to such a conclusion. Did the pandemic really cause you to fail or were your goals unrealistic? These are the crucial questions to answer before developing your plan for the new year.

3. Review your marketing plan

Marketing is one of the most important functions of your business. Before the pandemic, you could hold in-person events to promote your business. This is no longer possible. Your marketing methods need to expand beyond in-person marketing initiatives and re-direct money and energy into alternative marketing methods. This could include direct mail marketing, such as sending postcards to keep in touch with old clients and to reach out to potential new ones, which is safe and effective. Digital marketing is also a good investment. The pandemic has driven more and more people to the virtual sphere, and so you are likely to find a large audience online.

real estate staff4. Hiring staff

If you are a one-person show, you are not alone. Many real estate brokers work successfully alone. However, if you are planning an expansion of your business you may need to hire an assistant or a transaction coordinator to help you manage the load.

In the wake of the pandemic, new laws and regulations have sprung up that may affect the way you conduct business. Real estate lawyers in Orlando FL can answer any questions you may have about such matters. If you have overseas clients, things can get a bit tricky when dealing with embassies and overseas notaries. You may find that the people you need are not available to you or that your client must abruptly pull out of a real estate deal for reasons that are beyond their control. Your real estate attorney Orlando can help you navigate such exigencies so that it does not unduly affect your company.

As many industries are shifting to new ways of doing business, real estate is no exception. No one knows how long the current state of things will last or if we will ever go back to the habits and practices of the pre-pandemic world. Creating a strategy that will allow you to thrive in current conditions is a prudent business decision.

As you start planning for the coming year, you should keep an experienced real estate lawyer Orlando by your side. The real estate attorneys in Orlando FL at Nishad Khan P.L. can help you.

things to avoid

 

Orlando Real Estate Lawyers at Nishad Khan provide information if you are thinking about Selling Your Home and what Things to Avoid Doing.

homestead exemptionFor those who purchase real estate in Florida with the intent of permanently residing in Florida, the state’s homestead tax exemption offers some great incentives. A financial tool allowing homeowners in the Sunshine State to reduce their real estate tax burden, it is something you should certainly learn more about if you own and permanently reside on Florida property. If you’re ready to do so, here is how an experienced Orlando real estate attorney such as Nishad Khan P.L. can be of assistance.

Explaining the Florida Homestead Exemption

Simply put, the Florida homestead tax exemption is a tool that can possibly reduce your home’s taxable value by up to $50,000. Based on your home’s assessed value at the time that you purchase the property, Florida homestead tax exemptions are offered within certain value limits. For example, for the first $50,000 of assessed value, $25,000 of the assessed value is exempted from the real property tax calculation. Between $25,000-$50,000, full real property taxes will be due and owing. However, for the amount between $50,000-$75,000 of the assessed value, another $25,000 will be exempted, subject to any school levies on taxes. Finally, for any assessed value over $75,000, you will once again pay full real property taxes, unless you qualify for certain other tax benefits, such as being 65 years of age or older, disabled, or perhaps a military veteran. Since you may have questions as to how your home’s value has been assessed, don’t take anything for granted regarding homestead exemptions in Florida, since there are thousands of dollars at stake. Instead, consult with a real estate lawyer the residents of Orlando trust to give them excellent advice on this topic.

property ownerWho Can Apply for this Exemption?

Since most people who own property in Florida naturally want to be eligible for this exemption, it is crucial you understand the eligibility requirements for your particular property. Generally, there are three specific criteria you must meet to be considered eligible for the exemption, which is:

• The property should be owned by a “Natural Person”
• The property should be used as your permanent residence and you should intend to permanently reside on the property
• You must live at the property as of January 1st of the applicable tax year for which you are seeking the homestead tax exemption

If you have questions as to whether you are eligible for the Florida homestead exemption, discuss your concerns with an Orlando real estate lawyer.

How to Get the Exemption

To get the exemption, you are required to fill out and submit an application by March 1st of the year in which you seek to claim the homestead tax exemption. The application form entitled “DR-501” may be submitted online or mailed to your local County Property Appraiser’s Office. In addition, you will need to provide proof of your Florida residence by providing certain documents, which may include, a Florida driver’s license, a bank statement, a utility bill, an executed declaration of domicile, a voter ID card, or some other form of acceptable documentation. If questions have arisen as to your eligibility for the exemption, don’t assume you have no alternative but to accept this decision. Rather, hire an Orlando real estate attorney and let them examine the details of your case.

Keeping the Exemption

Once you are approved for the Florida homestead tax exemption, you of course want to do everything necessary to keep it. In Florida, so long as you continue to permanently reside on the property, you won’t have to reapply for the homestead tax exemption each year. Instead, unless you cancel the exemption or move to another property, it is automatically renewed each year. However, if you are no longer eligible for the exemption due to a change in the property’s ownership or other circumstances, you are responsible for informing your local Property Appraiser’s office of these changes. Failure to do so may result in revocation of your homestead exemption and may further subject you to additional sanctions as imposed by your local Property Appraiser’s office.

Since Florida homestead tax exemptions can save you thousands of dollars each year, make sure you know how to properly apply for the exemption. Since varying amounts of documentation will be needed to gain a homestead tax exemption, work with an experienced and knowledgeable attorney who handles these cases on a regular basis. To do so, schedule a consultation today with a real estate lawyer Orlando trusts such as Nishad Khan P.L. to learn more.

The Orlando Real Estate Attorneys at the Law Offices of Nishad Khan P.L. serve clients with Residential, Commercial, and Investment Real Estate Transactions. Let our expertise in Central Florida Real Estate help you.