Caryn Stevens
Towers-Romero, currently an adjunct professor teaching law classes at Edison College, pulls from years of experience as a lawyer and real estate professional, but makes the material user-friendly and beneficial to a wide audience. For example, she says, few know that "adverse possession" allows people to get free land by improving someone else’s.
"People are always shocked by that," says the 55-year-old Miami native. "Adverse possession is when real property is acquired without compensation. It is accomplished by holding property in a manner that conflicts with the true owner’s rights."
It came about as a way to generate property taxes, she says. For many years Florida land was undervalued, and some landowners simply quit paying taxes on it. Laws were implemented to allow for this "abandoned" property to be taken over in certain circumstances.
In Florida it takes only seven years for the adverse possessor to get the right to claim good title to the land, she says. "That law is still on the books, so watch out if your neighbor starts putting up a fence on that vacant lot Uncle Ed left you," she warns with a smile.
Her book, published in July by Carolina Academic Press, highlights numerous aspects of Florida real estate law. Here are some of her tips:
Roof-proof
Towers-Romero notes that Florida has one of the most protective of all Homestead Laws in the United States.
"By homesteading your property," she says, "not only do you save on taxes, but also you protect your real property from most judgments. Best of all, there is no value limit on the home [that is] homesteaded."
Whether the house is worth $200,000 or $20 million, Florida’s Homestead Law provides protection, she says. The only liens or judgments that could lead to foreclosure would be nonpayment of taxes or assessments, the mortgage on the property or laborers’ liens.
Time Lapse
Who hasn’t seen time shares advertised—and worried about being taken in if they respond to one of the ads?
Time shares are important business in Florida, and Florida gives buyers a window of opportunity to change their minds, Towers-Romero says.
"Florida closely regulates time shares, especially in the area of contracts," she states. "Under Florida law, if you sign such a contract, you can cancel the contract, without penalty, within 10 calendar days after the date of the signature, or the date you receive all the time share documents required by Florida law, whichever date is later."
No deed is delivered prior to the 10-day cancellation period. The cancellation must be in writing and sent certified, return-receipt requested.
Lien on Me
Towers-Romero knows the reason why in Florida, if you owe money on real property, you still receive title to the property. It’s because Florida is a lien theory state.
"What that means is when you borrow money (take out a mortgage on real property), you receive title to the property, and the lender gets a lien on the real property. If there is a default on the mortgage, the lender must go to court to foreclose," she says. "In Florida, foreclosures are judicial in nature. This is good for the borrower, but more time-consuming, costly and complicated for the lender."
Wheel Deal
Mobile homes in Florida can be considered real property or personal property, depending on where they’re situated.
Towers-Romero notes that if you own a mobile home and the piece of land the mobile home is situated on, the mobile home becomes real property. If the mobile home is deemed real property, the interest on the mortgage on the mobile home and the land is potentially tax deductible, and the land and mobile home can be homesteaded.
This is a great way to protect the property and save money on taxes as well. If the land the mobile home is located on is only leased or rented, however, it is then personal property and must be registered as a vehicle.
The Homestead Act and the construction lien laws have been abused by corporate wrongdoers and unscrupulous general contractors, respectively, but the good outweighs the bad, she says.
"The spirit of those laws is to protect, by making sure that someone in financial trouble still has a roof over his head, and that the laborer who does the job gets paid," she says.