Can HOA step in if landscaping not up to par?.
Buyer’s Closing Fee
Here’s one that surprises many Buyers. They show up to a closing and add up all the fees being paid to a Closing Agent they didn’t hire and have some sticker shock. I’ve seen some Closing Agents charge upwards of several thousand dollars to the Buyer to Close their loan. OK, here’s the way it works. In Palm Beach County it is ‘normal and customary’ for the Seller to choose the Closing Agent and the Title Agent. The standard Contract states that whoever chooses these two pays for their fees EXCEPT now the Buyer may be charged. The applicable section is:
“Seller shall designate Closing Agent and pay for Owner’s Policy and Charges, and Buyer shall pay the premium for Buyer’s lender’s policy and charges for closing services related to the lender’s policy, endorsements and loan closing, which amounts shall be paid by Buyer to Closing Agent or such other
provider(s) as Buyer may select; or”
There’s no easy way around this. The Closing and Title Agent are chosen by the Seller. They are typically referred to the Seller by the Listing Agent and often have an affiliated business relationship with the listing agent or the company that agent works for. One can either limit or cap these extra fees in the Contract, which is something that is almost never done, or the Buyer can and SHOULD request an estimate of the Closing agent and Title Agent fees while still in the as-is contingency period. Unfortunately they don’t come up until well after this in most cases.
Juno Beach Florida FEMA Flood Map changes and Flood Insurance
I received this very informative letter (Juno-Beach-Flood-Ltr-2016) from the town of Juno beach outlining the recent changes made to the FEMA flood maps and the how the town administers them. The maps are now available and should be adopted this summer of 2016. 1000 properties in tiny Juno Beach will be affected by these map changes and most people have no idea it’s happening. Any property with a federally backed mortgage on it (Fannie Mae, Freddie Mac, HUD etc) which is just about all non jumbo mortgages, must have flood insurance if it is in a Special Flood Hazard Zone or SFHZ. The SFHZ is a property located in any ‘A’ or ‘V’ flood zone as shown on the FIRM maps.
2016 Florida Legislature Real Estate items of interest
Florida’s 2016 Legislative Sessions have ended, and we are happy to report that one of our top initiatives from Great American REALTOR® Days (GARD), the Sadowski Affordable Housing Trust Funds, has received its highest funding level in nearly a decade.
Lawmakers provided $135.5M for rental assistance (State Housing Initiatives Partnership or SHIP), $5M for homelessness challenge grants, and $64.6M for state housing programs, half of which will go to theState Apartment Incentive Loan (SAIL) program. Also, lawmakers appropriated monies from general revenue and other trust funds for several local housing initiatives: $4M for homelessness programs around the state, $16M for the Low-Income Housing Energy Assistance Program, and $1M for a variety of community development projects.
How much can I be charged as an application fee in Florida?
How much can I be charged as an application fee in Florida? The answer is simple in a condo. Provided the condo rules allow for a fee, the maximum charge allowable is $100 per applicant – husband/wife and parent/dependent child are considered one applicant; no charge may be made on renewals with the same lessee. This is covered under Florida Statute Section 718.112(2)(i).
(i)?Transfer fees.—No charge shall be made by the association or any body thereof in connection with the sale, mortgage, lease, sublease, or other transfer of a unit unless the association is required to approve such transfer and a fee for such approval is provided for in the declaration, articles, or bylaws. Any such fee may be preset, but in no event may such fee exceed $100 per applicant other than husband/wife or parent/dependent child, which are considered one applicant. However, if the lease or sublease is a renewal of a lease or sublease with the same lessee or sublessee, no charge shall be made. The foregoing notwithstanding, an association may, if the authority to do so appears in the declaration or bylaws, require that a prospective lessee place a security deposit, in an amount not to exceed the equivalent of 1 month’s rent, into an escrow account maintained by the association. The security deposit shall protect against damages to the common elements or association property. Payment of interest, claims against the deposit, refunds, and disputes under this paragraph shall be handled in the same fashion as provided in part II of chapter 83.
However if it is a Home Owners Association then there is no such statutory language. The association must provide for it in there recorded docs or rules and this may be changed from time to time.
Probate in Florida
I attended an interesting class today discussing probate in Florida. I did a bit more research when I got back to the office and found this nice little discussion of the subject on the Florida Bar Associations web site.
Basically, there are 3 ways assets may be handled upon death:
1) A properly drafted, executed, AND VESTED revocable trust. The key part to this is vested. Vested simply means did the deceased place all of there assets into the trust. Often, people take the time to set up these trusts and there’s no follow through to transfer assets from the individual into the trust. Thus, when the deceased died the trust was an empty shell. Assuming that everything is done properly this is the best option.
2) A current, properly drafted and executed will. This is good too, and how most people will pass. Â They have a (even very basic) will which states when I die everything I own goes to X or to whomever they wish. The key to this is to update the will to make sure it’s current and properly executed. Your estate will be probated in the county where you are a resident when you die. If you have a will drafted when you were a resident of say New York, then decide to move your permanent residence to Florida don’t forget to update your will reflecting you live in Florida. And, have that will executed at the attorneys office. Â Much like the Trusts there are those who die with a perfectly good will in there top drawer that has not been executed.
3) No will. The deceased passed without a will (intestate) or a trust and now the court will pay the lawyers to liquidate your estate, pay their bills and pass anything which remains to your heirs according to Florida Statute. This is nothing short of a total disaster.
Now, how does this affect real estate? First, if you have a trust, place your real estate into it. Everyone always asks the question so here’s the answer, YES you can homestead a property held in the name of a trust. They even have a form for it called a Certificate of Trust. This is not the same a Notice of Trust. A Notice of Trust is submitted to the court when a person dies with a revocable trust or other acceptable Trust instrument in place. If there is a trust then the trustee has obligations to creditors but it’s much easier to liquidate assets.
If one is looking to liquidate a property and there is a will then the personal representative who is typically nominated by the will must be approved by the court. This will happen after the court is petitioned and the court will issue ‘Letters of Administration’. This will serve as the legal OK, with any stipulations, to act on behalf of the estate. The court authorizes this person to notify creditors, pay bills, liquidate assets etc. The court will allow this to happen either dependently or independently, with or without, the explicit approval of the court. If they can make these decisions independently then things are pretty simple. they can enter into a listing agreement, sign for the estate as the PR and sign any require closing docs and deeds without a court order. If the letters however specify a dependent liquidation then depending upon the verbiage liquidating property can be considerably more difficult.
an interesting note here is that I was recently told that a will executed in another state or country is recognized under Florida law if it is considered valid under the laws of the state or country in which it was executed.
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