| This actually happened to my grandmother. She and husband #1 owned a place. He died. she re-married when it was her homesteaded property. She did NOT change her will. She died and her spouse had a life estate in the property. I’m no lawyer but what we learned is Florida law provides protection for a surviving spouse. What happens if a property survey shows an issue under the Florida Far Bar As-Is V 6 (2021)This comes up quite often in Florida, the Buyer orders a land survey and it shows an ‘encroachment’. Now, if there is a loan in use then the lender typically will NOT accept a lenders title policy with an exception for encroachments and thus the title agent needs a survey so that they can certify that there are none, or, the Buyer ‘just wants one.’ The title agent orders it but often it is done very late in the process, like right before Closing. So, it arrives and it shows say that the fence in on the subject property here but on the neighbors property there, or the fence is on a utility easement, or a shed is in the utility easement. What happens? These are the sections of the Contract to look at…   First, the property line example. Was the fence installed by the Seller or their predecessor in the chain of title? Basically, is it the neighbor’s fence? If it’s the neighbor’s fence and the Buyer or Title Agent want it moved then call a lawyer. If it ‘goes with’ the subject property then it is the responsibility of the Seller to move it. If (IF) it is a cash sale, so an exception to the title policy, or the Title Agent can and will call it a minor encroachment and certify it for the Lenders Title Policy then it may stay where it is as long as the Buyer and Seller agree. If it is built in an easement then the question is: Does the easement language allow it to be there? Was it permitted and if so did the plan submitted with that permit show it in the easement? If so, this would be an indication that it is OK to stay. If not then it’s the same answer as above. Flood Insurance and the Far BAR As-IS contract V 6 – 2021I did a post on this a while back and with Risk Rating 2.0 being implemented and the changes made to the FAR BAR AS-IS in 2021 I thought I would revisit it. First, this is one of the updated sections which covers this and probably the often concerned…  The struck language is (was) just a notice. First question: Is the Property located in a Special Flood Hazard Area (SFHA) or…? If it is NOT in an SFHA then this paragraph is not applicable. This is a problem as one could be in an area where only Citizens will write a wind policy but it’s not in a SFHA. Doesn’t sound to bad. But with Risk rating 2.0 this could still be several thousand in flood premiums. If it is in an SFHA (such as Zone AE or V) then the next questions is: “the lowest floor elevation for the building(s) and/or flood insurance rating purposes is below minimum flood elevation OR (caps added) is ineligible for flood insurance coverage through the National Flood Insurance Program OR (caps added) private flood insurance as defined in 42 U.S.C. 4012, Buyer may terminate this Contract…within 20 (assuming this line is left blank) days from the effective date”. Honestly, this needs to be reworded. First of all, the Elevation Certificate (EC) is typically ordered with the survey and this is typically not ordered until a week or so before Closing. I doubt this EC happens within the 20 days after the Effective Date window. IF YOU HAVE CONCERNS ABOUT FLOODING, FLOOD INSURANCE, OR THE , THEN GET THIS DONE ASAP. The first part ‘and the lowest floor elevation for the building(s) and/or flood insurance rating purposes is below minimum flood elevation…’ I’m no lawyer but I would question if this “minimum flood elevation” is to be interpreted that if the lowest floor elevation is below the Base Flood Elevation (BFE) set for the SFHA that the Buyer may withdraw? Or, is it that the minimum flood elevation is the lass than the Base Flood Elevation plus 1′ that the Buyer may withdraw. Base Flood Elevation plus 1′ are what new, or substantially renovated, properties must be built to. The second part looks to be straight forward. Is the Property in-eligible for flood insurance coverage? This question as it turns out is NO LONGER so clear in the new NFIP Flood Insurance Manual . The FAQ document for this states… “When Risk Rating 2.0: Equity in Action is implemented, will repetitive loss properties continue to be covered with an NFIP policy? What I would recommend doing is IF a home is located in an area where flood insurance is required by the Lender (SFHA) or if it is an area that is only covered by Citizens for wind (as Citizens now requires flood insurance) then I would use the Homeowners/Flood Insurance addendum to the Far/Bar contract which add this:  So you can get a policy but it sets a $$ threshold. Note that the areas which are located inside a Coastal Jupiter and Palm Beach Gardens House sales for February 2022Some interesting numbers this month which show what I already know. THERE’S NO INVENTORY. Look at the number of Closed Sales and the dollar volume and note the dramatic difference between this time last year compare to now. Both are down dramatically and this reflects the simple lack of inventory. Juno Beach Artfest 2022The Juno Beach Artfest by the Sea returns this weekend March 12th and 13th from 10 AM to 5 PM on Ocean Blvd from Donald Ross Rd north to Marcinki. Stop by the office across the street in the Plaza La Mer at 865 Donald Ross Rd and pick up one of our free maps of the area, maybe even grab a gelato next door at Mattie’s or a bite to eat at one of the restaurants in the Plaza. Technically speaking you are supposed to park at FP&L (700 Universe Blvd, Juno Beach, FL 33408) and bus yourself in but folks do sometimes park here. Please just do NOT park right in front of our businesses. Those are for customers.  Dates and Community Rating System Discounts for Palm Beach County
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