There are new FinCEN reporting requirements for certain case sales in Florida and the thus the Far Bar As-Is was just updated with this:

“FinCEN REAL ESTATE REPORTING OBLIGATION. Section 1031.320 of Chapter 31 of the Code of Federal Regulations (“CFR”) requires that certain residential real estate transactions without institutional lender financing, where at least one buyer/transferee is a legal entity, limited liability company, corporation, partnership, trust, trustee or other non-natural person, must be reported to the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) beginning March 1, 2026 (a “FinCEN Report”). If this transaction requires completion of a FinCEN Report, then Seller and Buyer shall, no later than the day prior to Closing, provide Closing Agent with all information and documentation necessary to enable Closing Agent to complete the FinCEN Report. Such information and documentation includes, without limitation, full legal names, dates of birth, residential street addresses, and the IRS taxpayer identification number of the beneficial owners of the parties, as further defined and described in the CFR. Each party agrees to promptly provide and consents to Closing Agent’s collection and report of said information to FinCEN. Buyer shall pay all costs and fees charged by Closing Agent to prepare and file the FinCEN Report.”

When will Turtlefest be held in Juno Beach in 2026?

This year Turtlefest in Juno Beach, which is the annual even of Loggerhead Marinelife Center · 14200 US Highway 1 · Juno Beach, FL 33408 · USA will be held on February 21 & 22. Stop by R&R Realty in the Plaza Le Mer next door to pick up one our free maps of the area and perhaps grab a gelatto next door at Mattie’s.

Happy New Year! The Realtors Association of the Palm Beaches just released their December 2025 housing sales numbers and these are also the defacto year end numbers as well. I see the trend as going int he right direction. The key metric looking ahead is the months suuply of inventory which for houses has decreased from 4.8 to 3.7 months, and for condos and town houses has gone from 7.7 to 5.4 months. This is GREAT news! The median sales price has gone down just 3% for houses and 4.3% for condos. Not great but not a cliff either. While the number of closed sales have increased from 2024 by 10.1% for houses and 11.9% for condos. And the dollar volume has gone up 11.2% for houses and 15.3% for condos. Bottom line is that we are selling 10.1 or 11.9% more units for 3% or 4.3% less money. Fewer units for sale is why we see a lower months supply of inventory and less inventory allows for prices to go up. Supply and demand.

The answer to this question has expanded over the years. If you have a question feel free to contact me with the form below. Last June of 2025 the form was changed once again in response to a change to FS 718.503. The answer here is for the typical sale of a condominium to/from a private party as developers as new condominiums sold by a developer have different rules and those are in the form…

For YEARS this disclosure REQUIRED the Seller to provide the Buyer with the following documents, IF the Buyer requested them:

• CURRENT COPY OF THE DECLARATION OF CONDOMINIUM
• ARTICLES OF INCORPORATION
• BYLAWS AND RULES OF THE ASSOCIATION
• A COPY OF THE MOST RECENT ANNUAL FINANCIAL STATEMENT AND ANNUAL BUDGET
• FREQUENTLY ASKED QUESTIONS AND ANSWERS DOCUMENT
• CONDOMINIUM GOVERNANCE FORM

It now includes language that the Seller must provide the Buyer, IF requested, the above items AND…

• A copy of the inspector-prepared summary of the milestone inspection report as described in s. 553.899, if applicable.
• The association’s most recent structural integrity reserve study or a statement that the association has not completed a structural integrity reserve study.
• A copy of the inspection report described in s. 718.301(4)(p) and (q) for a turnover inspection performed on or after July 1, 2023. (A turn over inspection report is for a rental community converted to a condominium by a developer.)

And then it was changed for the new laws suurounding things like the Structural Integrity Reserve Study and now FS 718.503 has been changed once again to include things like meeting minutes. The new form ALSO has a place for the Buyer to request these AND MORE:

• Minutes of Condominium Association Board meetings for the 12 months preceding the Effective Date.
• Agendas for all Condominium Association Board meetings for the 12 months preceding the Effective Date
• Minutes of Condominium Association member meetings for the 12 months preceding the Effective Date.
• Agendas for all Condominium Association member meetings for the 12 months preceding the Effective Date.
• Insurance Declaration Pages for general liability, hazard/windstorm, and any required or existing flood policies held by the Condominium Association
• If Paragraph 9(a)(iii) (Milestone Inspection Report), 9(b)(iii) (Turn Over Inspection Report), or 9(c)(iii) (Stuctural Integrity Reserve Study) is checked and the referenced document is actually received by the Seller prior to Closing, then such document (i.e. the inspector-prepared summary of a milestone inspection report, a turnover report, or a structural integrity reserve study report)

THIS AGREEMENT (The Contract between the parties) IS VOIDABLE BY BUYER BY DELIVERING WRITTEN NOTICE OF THE BUYER’S INTENTION TO CANCEL WITHIN 7 DAYS, EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL HOLIDAYS, AFTER THE DATE OF EXECUTION OF THIS AGREEMENT BY THE BUYER AND RECEIPT BY BUYER OF (the above requested Documents).

Sellers (and Buyers) should also note this language regards sprinkler retrofiting:

• If, pursuant to Sections 718.112(2)(n), F.S., the Condominium Association has voted to forego retrofitting its fire sprinkler system or handrails and guardrails for the condominium units, then prior to Closing Seller shall furnish to Buyer the written notice of Condominium Association’s vote to forego such retrofitting.

I’m digging deep into back when I learned this for the test but here goes. How does one calculate the tax proration shown on a settlement statement?

First step is to look up the property on the property appraisers web site. Note the total ad valorem and non ad valorem charges for this year AND last.

Ad valorem (taxed by value) taxes IN FLORIDA are collected in arrears and are based upon the calendar year. The tax bill we get in November of say 2025 is for ad valorem taxes from 01/01/2025 – 12/31/2025.

Step 1 – For the Far Bar As-Is it states that: “In all cases, due allowance shall be made for the maximum allowable discounts and applicable homestead and other exemptions.” Thus, take the non ad valorem amount and deduct 4% for the taxes being paid in November. 10,000 becomes 9,600. Now divide 9600 by 365, so $26.30 per day. For the next step you need to count the calendar days from 1 Jan to the day BEFORE Closing. If the Closing date is say 09/03/2025 then 31+30+31+30+31+30+31+31+2 = 247. The non ad valorem portion of the tax proration is (9600/365)*247=6,496.44. This is the easy number. The Seller owes the Buyer this amount for the ad valorem taxes.

Step 2 – Calculating the non ad valorem portion of the pro ration is a bit more complex but NBD. Non ad valorem charges are TYPICALLY, but not always, paid in advance and are based upon the fiscal year of the authority placing that charge of the tax bill. Most (MOST) municipalities, and folks like the local water improvement district, collect these charges IN ADVANCE and based upon a fiscal year of 10/01-09/30. So lets say the non ad valorem charges are $500 and ALL from say West Palm Beach, which collects these in advance based upon the 10/01-09/30 fiscal year. The tax bill mailed in November of say 2025 is for non ad valorem services from 10/01/2024-09/30/2025. Thus, the proper way to calculate this prorations for our 3 September 2025 Closing is to use the non ad valorem charge from the 2024 tax bill and calcualate what the Buyer owes the Seller (Note here that for a closing after 1 October the Seller would owe the Buyer for this time and it would be based upon the 2025 tax bill) for the remainder of September being (30-2) 28 days. The 4% discount for early payment applies to this as well. So, ($500*0.96/365)*28 = $36.82. The Buyer owes the Seller this amount, for this example date, for the non ad valorem portion of the tax bill.

So, for this example it’s 6,496.44-$36.82 = 6,459.62 shown as a charge to Seller and a credit to the Buyer. Thus, the Buyer will have these funds in November when they get the tax bill to pay.

So, after the BIG settlement we all need to know this. Your real estate works hard for you. It is work, and we all work to put food on the table. Prior to seeing properties the Consumer (the prospective Buyer for this discussion) will be asked to sign an agreement to pay the agent representing them for their work. That agreement contains a line similar to this one: “A seller or listing broker may agree to pay some or all of the above compensation. If a seller or listing broker agrees to pay Broker for services Broker performs for you, Broker will reduce the amount you owe accordingly.”

OK, so to know the answer to if, and if so how much, the Seller or Listing Broker will compensate your agent, your agent must ask the Listing Broker the question: What box was checked on the listing agreement between yourself and the Owner? Was it 10 (a), (b) or (c):

10) Compensation to Buyer Brokers: Brokerage commissions are not set by law and are fully negotiable. Seller approves the following (check all that apply; if no option is checked then option (c) is deemed to be selected):

• (a) Seller authorizes Broker to offer compensation to buyer’s broker in the amount of______% of the purchase price or $_______________. (This amount will be paid from Broker to buyer’s broker from the compensation amount agreed to in paragraph 8.) This compensation will be set forth in a separate written agreement between Broker and buyer’s broker. (Use Form CABB-1)
• (b) Seller authorizes Broker to offer compensation to buyer’s broker from Seller in the amount of: ______% of the purchase price or $_______________. This compensation will be set forth in a separate written agreement between Seller and buyer’s broker. (Use Form CASB-1)
• (c) No compensation will be offered to buyer’s broker.

The answer to this question will let them know what form (CASB-1 or CABB-1) to use to memoralize that answer, Basically, what box was checked on the Listing Agreement the Seller signed with the Listing Broker and how much are they offering.

Also NOTE that the Realtors Code Of Ethics was updated and now includes:

Standard of Practice 3-2
If compensation is offered or advertised by the listing broker, any change in offered compensation must be communicated as soon as practical. After a REALTOR® has submitted an offer to purchase or lease property, the listing broker may not unilaterally modify the offered compensation. (Amended 1/14, Amended and effective June 5, 2025)
REALTORS® are prohibited from delaying or withholding delivery of a buyer’s/tenant’s offer while attempting to negotiate compensation. These ethical obligations in no way restrict the REALTORS®’ or clients’ ability to negotiate compensation in the clients’ best interest, including in offers to purchase or lease. (Adopted and effective June 5, 2025)