Month: August 2023
Florida is considered as an open state in the US. The documentation of marriage in Florida is being managed by the state’s Vital Statistics office. Such document is among the most accessed file in the state.
With the implementation of the Freedom of Information Act, residents of Florida have the freedom to request for a copy of any of their personal documents whenever they need it. With this, requesting for marriage records is becoming popular since it became a public document. The most common reason for requesting such document is to use it in updating the family history. The information that can be obtained form a marriage certificate is important in updating the family tree. Another important use of this document is when dealing with government transaction. This document is the proof of one’s marital status and identity. Those who are processing insurance and other financial matters in the government may be required to provide a copy of the said file. Another use of marriage records in the state of Florida is to conduct a background check. People would look into the marital records to make sure that the one’s they are dating is really single.
Back in the old days when the documentation of events is not that strict, a marriage certificate would contain only the complete names of the bride and the groom as well as information about when and where the marriage took place. Now that documentation has a standard process to follow, the marriage certificate would show the bride’s maiden name. The document would also detail the couple’s personal information such as their birth details, job and place of origin. One would know the names of the parents and the witnesses.
Requesting for a copy of the marriage certificate in the state of Florida can be done by personally visiting the office of the Department of Health at the Vital Statistics Section. A $5 processing fee has to be paid in order to conduct the search. Only marriages that have been registered since June 6, 1927 can be obtained from the state office. A request form has to be filled out with the basic details of the file that is being requested as well as the contact details of the one who filed the request.
The county clerk office also releases a copy of the marriage certificate. Records before June 1927 can be obtained in the county where the marriage was registered. Processing fee may vary per county. Another option is to send a mail order to the state office but the wait time can take several days. The Internet is now used to obtain marriage records.
By using the Internet to get a copy of Public Marriage Records, the need to go to any office has been eliminated and the results can be obtained in just seconds instead of waiting for several days. More and more residents of Florida are using the Internet to gain access to the marriage records even without putting much effort into it.
There is the old question that comes up every now and then, –
Should I buy that studio apartment?
They are usually marketed with a very attractive rental return however thats sometimes where the good news ends.
Here is some of the noise that surrounds them-: They wont lend against small inner-city studio apartments, You wont get approval if the floor size is less than 50 sqm, Student apartments are not an option, Some lenders wont lend for apartments in large complexes, Hotel or motel conversions are no good, The location of the unit within the complex is important
While being just noise some of these points are somewhat valid.
The recent credit crisis has put the brakes on a lot of lending overall and small apartments have not been shielded from this
The biggest hurdle is usually lenders mortgage insurance (LMI).
They are the ones imposing all the restrictions that are passed onto the bank.
If you require LMI this is where the hard work starts
Hurdles:
Title. Strata/stratum title is normally acceptable, as are group titles. Mortgage insurers arent usually afraid of company title and will lend, though they may lower their LVR.
Size: While this might not be important to the lender, you can expect the mortgage insurer to have minimum limits on the floor space. Always aim to avoid any apartments with a floor space of less than 50 sqm. It must be 50 sqm of actual living area (not balconies and car space etc). In special cases this may be stretched down to 40 sqm but the property would have to be in a blue-chip capital city area. The Bank may not impose a floor-space limit but notes that LMI might fail the application for that very reason.
Location in the development/complex. One important factor may be whether its in a good location in the development or if its at the dark shaded noisy rear corner of the complex.
Changing from commercial or industrial to residential. Hotel conversions, holiday lettings and serviced apartments (commercial) lettings rather than residential units fall under completely different lending requirements (possibly commercial). So if they are being converted you may not get finance until the conversion is complete providing it meets all councils ordinances and general lenders requirements, most lenders will proceed but there may be a reduced LVR or restrictions on LMI. The biggest reason is youre reliant upon the performance of the management company looking after the apartments.
Number of apartments in a development: There might be a limit on the number of apartments within the one development that you can put up for mortgage insurance.
The bank may limit lending on six apartments in any one development or limit lending for no more than 25 per cent of a development
Do you want an investment apartment loan? Contact Us Here and let us help you out.
More Hoops?? You Are Kidding
Here are some extras hoops you may have to jump through for finance:
-More thorough valuation inspections and reports.
-A lower LVR (70 to 80 per cent max, though some, usually non-bank lenders, only go to 60 per cent) a higher deposit required.
-Reduced maximum mortgage amount.
-More expensive LMI if even available.
-Reduced consideration of the rental income to allow for longer vacancies.
-A call for additional or cross-collateral security(see earlier post here).
-Downright refusal of application at worst!
The fundamentals of real estate remain important, not necessarily the fact that theres a studio apartment. There are plenty of studio apartments that have doubled their value over 10 years. The unit my have great rental returns low vacancy and be located very well so a bit of hard work and research at the start may pay off long term!
So Where Now->
Will your apartment qualify for finance?
Keeping Good Records
One of the ingredients of good accounting practices is keeping proper records. No matter how small or large a business, it is essential to have a filing/storage system in place to store all financial records. Financial records include receipts, invoices, bank tellers, cheque stubs, withdrawal slips, bank statements etc. With the advent of online banking, emails and other forms of online communication, more businesses are storing their accounting information in virtual form. More invoices and receipts are now sent by emails to reduce carbon print, whilst more payments are been carried out online than ever before.
Despite the advancement in technology to aid accounting communication, it is essential that all form of records is kept safely for easy access. This is crucial for accurate financial reporting and business decision making. If a business stores more information on IT systems than files, then a back-up system is important for added security of data. Filing systems must be easily accessible preferable in chronological order. It might also be necessary to keep records of incoming paper-format financial information on a system as back-up.
For taxation purpose documents – paper or computer generated must be kept for a minimum of five years after the end of the accounting period of the business.
Accounting Systems
Accounting services vary from business to business; some companies prefer to outsource their accounting to an accounting firm or freelancer accountant. Another option is to hire staff to carry out all financial functions in-house whilst some small business owners choose to perform these accounting functions themselves.
The accounting system a business chooses must be able to meet the needs of the business. A small business might be better off hiring an accountant, rather than invest in a system there will be no time to operate. A large organisation might be able to afford a good accounting package, but the system will be of no use if there is no competent staff to operate it. For effective accounting, businesses must ensure they match their accounting needs with the appropriate system including outsourcing options.
Monitor Information
A business account is like the flip chart at the end of a patient’s bed which shows the vital signs of that business. To keep the business vitals in good condition, businesses should constantly appraise their financial status to ensure a good book balance.
Most medium to large organisations carry out a monthly, quarterly or regular form of management accounting exercise. These reports are for internal use and it enables the business to identify its financial position on a consistent basis. Though meant for internal purposes, it is an effective way to monitor performance and plan for the future.
Legal Requirements
Businesses must satisfy legal accounting requirements whilst in operation. It is also important that they meet the need of the various stakeholders in the company. These stakeholders have a legal requirement to certain financial information, which must be presented in an acceptable format.
Accounts Statements must also be prepared and filed with the relevant Government bodies – in the UK these are HM Revenue & Customs, Companies House and the Charity Commission. They must be in the right format and submitted by the deadlines set by the authority concerned. Failure to file accounts in the right format and at the right time may result in a financial penalty, except in extreme circumstances.
It is therefore essential that an appropriate book-keeping system is in place to ensure information is captured accurately and efficiently. It is also crucial that businesses have “best practice” policies in place to ensure accounts personnel complies with legal requirements.
Account Personnel
Competent accounting personnel are as valuable as the information they provide. Most businesses require the assistance of experienced accountants to collate and file their accounts. Medium to large companies generally recruit their own personnel to look after their company accounting processes. With the credit crunch hitting businesses profit margin, a lot of businesses are outsourcing their accounting services to external firms. Some of the main advantages of outsourcing are the reduction in staff related costs and the wide range of expertise gained from reputable accounting firms.
Whatever product or service a business provides, ethical accounting practices will ensure a business is able to identify its financial position and plan according to ensure its survival and longevity.