Florida Realtors Updates FR/Bar Contracts and Riders
Florida Realtors and the Florida Bar work together to keep FR/Bar contracts current and useful, and the latest update has just received final approval from both groups. Members will have time to study the changes before it replaces current forms on Nov. 1. The AS IS contract, Residential contract and seven Riders were updated, and three new Riders were created.
ORLANDO, Fla.
1081 Siena Oaks Circle E
The home is located at 1081 Siena Oaks Circle E in the Siena Oaks neighborhood in Palm Beach Gardens.
This 2 story home is CBS construction and has 4 bedroom, 2.1 bathrooms and a 2 car garage. It is located on a corner lot with a large fenced back yard. The kitchen has white cabinets and stainless appliances and opens to the family room. The home has vinyl flooring on the first floor and a spacious living area with cathedral ceilings. The master bedroom is also on the ground floor and has a large ensuite bathroom with double sinks a tub and separate shower. The low HOA fees in Siena Oaks cover lawn maintenance, basic cable and internet, tennis courts and a community pool.
![Exterior Front](https://cdn.resize.sparkplatform.com/fl/1024x768/true/20210821204940304928000000-o.jpg)
This data is courtesy of: Rinker Realty
Housing sales data for Jupiter and Palm Beach Gardens for July 2021
The Realtors association of the Palm beach and Greater Fort Lauderdale has released the housing sales data for July of 2021. No big surprises here as the housing sakes remain extraordinarily strong.
Risk Rating 2.0 Changes to Flood Insurance
BIG changes are coming to the National Flood Insurance Program and this will have a HUGE affect on Florida Real Estate and in particular along the coast. I recently attended a seminar on this new system intended for insurance agents and here are some of my “take aways”
There will no longer be a “Preferred Risk” policy. This is the $500/yr policy for those NOT required to have a policy by their lender. All policies will be individually rated for risk and the cost associated with that risk.
The Flood Insurance Rate Maps (FIRM’s) will ONLY be used to determine IF your lender will require you to have a flood policy.
The whole notion of a Base Flood Elevation (BFE) is going away. This is crazy. Your policy risk and premium will no longer be determined based upon open and available information being the BFE is 9′ and my first floor is 10′ so I’m good. Or my first floor is 12′ so I’m great. Elevations will be considered for ALL properties. From October onward, “Standardized rating tables will no longer be used, rates will be calculated using an algorithm.” Just exactly what that algorithm is, no one will tell you. Seriously. What they say will affect the pricing of new policies includes:
193 Porgee Rock Place Jupiter FL
The home at 193 Porgee Rock Place in Jupiter FL is located in the Rialto community.
Beautifully appointed Georgio model in the resort style community of Rialto! This 4BR 2.1BA 2CG single story CBS home offers impact windows and doors, split floor plan, LED hi hat lighting, wainscoting, plantation shutters and crown molding throughout. The Kitchen features stainless appliances including cooktop/double convection oven, convection microwave and island with breakfast bar. Master en-suite offers dual vanities, walk in closet with built ins, roman tub, and oversized walk in shower. Second full bath also offers dual vanities and walk in shower. Other features include a covered rear porch and fenced in yard with privacy. Freshly painted interior and exterior. Amenities include pool, clubhouse, tennis, fitness center and basketball all for a low monthly HOA fee.
![193 Porgee Rock Place Rialto](https://randrflorida.com/wp-content/uploads/2021/08/193-Porgee-Rock-1030x687.jpg)
This data is courtesy of: Illustrated Properties LLC
#Rialto
Definition of some common acronyms use in real estate
I was surprised to read an article on first time buyers and some of the items they could not define BUT the darn article did not define them so here goes…
- Deed – This is the instrument that transfers ownership of the property from one party to another.
- Note – This is the evidence of the debt incurred (loan) by the Buyer to purchase the property. It is NOT recorded in the public record.
- Mortgage – This is document which pledges the property as collateral should the note not be repaid and placing conditions on the maintenance of the property such as it being insured and the taxes being paid. It IS recorded in the public record.
- Appraisal – This is a valuation of the property typically ordered by the bank. What’s the collateral worth?
- Assessment – This can be many things but it typically from a condominium or an HOA for something like concrete restoration that was not budget for. Or, it can be from a public body for something like a road or sewer extension.
- Principal – This is the amount you owe to the lender. At the start of the loan it say starts out at 100k and then as you make payments each month a portion of the payment goes to interest and a portion to paying down the debt or the principal.
- Escrow – Again in a real estate transaction it could be many items. A buyer will place funds into escrow, with the Escrow Agent, when they first go to contract to show that are serious buyers and in the event of a default by them it goes to the seller. Or it could be the money which the buyer will place with their lender so that the lender can pay things like the annual tax bill and insurance bill.
- HOA – Home Owners Association.
- COA – Condominium Owners Association.
- Earnest money – The money placed with the Escrow Agent noted above.
- Amortization – The changing amount of principal and interest in the monthly payment tot he lender. It is NOT the same every month. Google loan amortization table and you can play around with it.
- ARM – An Adjustable Rate Mortgage is one which the interest paid on the loan periodically adjusts to some published rate plus a “spread”.
- PMI – Purchase Mortgage Insurance
- FRM – Fixed rate mortgage
- PITI – Principal + Interest + Taxes + Insurance = Monthly Payment.
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