You’ll see them all the time in real estate information sheets used by both the MLS and by agents, acronyms, but what do they mean? First, if it’s not here then call the office at 561.626.8550 and we’ll be happy to help.

MLS Data Terms defined

HOPA = Housing for Older Persons Act. These are what we are more commonly referred to as “age restricted” or “55+” communities and you will see them noted in the MLS as HOPA = YES (so 55+) or HOPA = NO. When these communities comply with the requirements of this act they do not need to comply with the fair housing laws which prohibit discrimination based upon age.

HOA = Home Owners Association. These are communities that are governed by a set of recorded documents such as Glengary in PGA National. A home owners association can be minimal (they do little and have low fees) or they can be large and take care of things, expensive things, like manned gates. They can also be a part of a master or Property Owners Association (POA) as is the case here. The properties in Glengary are subject to the use restriction of, and pay fees to, the Glengary HOA. And they ALSO subject to the restrictions of, and pays fees to, the PGA National Property Owners Association.

COA = Condominium Owners Association. These are communities that are governed by a set of recorded documents, specifically a declaration of condominium, such as Dunbar Woods in PGA National. A condominium is more heavily regulated than an HOA. They handle more as a condo is a box in space so everything outside your “box” is a common element that is a common element of all members of the association. Condos typically have higher fees than an HOA but they are (typically) providing more things like pools and tennis courts. They are also paying for insurance on the common elements which, FOR INSURANCE PURPOSES, is the drywall out. The condo carries wind (aka hurricane) and things like flood and liability insurance. COA’s can also be a part of a master Property Owners Association (POA) as is the case here. The properties in Dunbar Woods are subject to the use restriction of, and pay fees to, the Dunbar Woods COA. And they also subject to the restrictions of, and pays fees to, the PGA National Property Owners Association.

You’ll see them all the time in real estate information sheets used by both the MLS and by agents, acronyms, but what do they mean? First, if it’s not her then call the office at 561.626.8550 and we’ll be happy to help. In the meantime, these are the more common ones…

CBS = Concrete Block and Stucco referring to a house constructed with masonry concrete block EXTERIOR walls, typically 8″ thick, covered with stucco. The interior walls are either wood or metal studs.

Frame = Wood framed EXTERIOR walls basic house construction. The interior walls are metal or wood studs. These homes will pay a little more for wind storm insurance and they require an owner who is looks after the property taking care of small items before they become large ones.

This is my blog on wood Vs CBS construction.

HOPA = Housing Older Persons Act (HOPA) which means it is an an age restricted community where owners MUST be 55 (or 62) and older. Some occupants may be under 55 and they still maintain this certification however when the unit is purchased at least one occupant must be over 55 and typically someone under 55 may inherit the property, or a bank may foreclose and own it, however the association would not approve an open market sale to a Buyer who is not 55+. The Park Plaza community in Jupiter is an age restricted community as are Little Club and Sugar Sands.  CLICK HERE for a link to some age restricted communities in the area.

HOA = Home Owners Association. Typical in Florida if there’s a gate or any community features like a pool it’s an HOA.  Think Condo light and Buyers must be given this Homeowner’s Association HOA – Community Disclosure.

COA = Condominium Owners Association. If it’s in a Condominium then the Buyer must be given this Condominium Rider. The Marina at the Bluffs is a condominium.

POA = Property Owners Association. This is a master association such as the PGA Property Owners Association and Evergrene. Legally, these are the same as an HOA but members of the POA are typically members of a smaller HOA or Condo association as well.

CLICK HERE to see a list of definitions used in the MLS such as…

Active Under Contract – The property you are looking at currently has an executed contract to sell to another person. You may still want to inquire (call us at 561-626-8550) if the Seller is accepting Back Up offers. Typically a Property will be in the MLS as this status until all the contingencies (inspections, financing, Condo/HOA Approval, sale of the Buyers property) are completed. Then it goes “Pending”.

Pending – The property you are looking at currently has an executed contract to sell to another person and all the contingencies have been met. Both parties are moving toward completing the sale.

If you think your taxes are too high or is you missed the dead line to file for a homestead, or other , exemption, then September 16, 2016, is the deadline to file a petition with the Value Adjustment Board to challenge the market value of your property or to seek an exemption or classification if you missed the March 1 application deadline.

You may now view your proposed tax valuation or TRIM notice on line.  Remember that these values are set on Jan 1st 2016 and thus reflect 2015 sales.  Email me and I can pull the applicable sales for you.

So who pays for the community documents?

This is often a point of contention between Buyers, Sellers and agents alike but it’s really a very simple answer based upon one question?  Is the property a condominium or is it in a home owners association OR it might even be a condominium located inside a master home owners association but basically…

A)  If it is a condominium then the answer is most likely YES the Seller is required to provide the Buyer with these documents.  The statute states that should the Buyer request copies of the CURRENT COPY OF THE DECLARATION OF  CONDOMINIUM, ARTICLES OF INCORPORATION, BYLAWS AND RULES OF THE ASSOCIATION, FREQUENTLY ASKED QUESTIONS & ANSWERS AND A COPY OF THE MOST RECENT YEAR-END FINANCIAL STATEMENT AND THE CONDO GOVERNANCE FORM as is typically done via a check box on the Condominium Rider to the Contract then the Seller must provide them.  Note that it is my understanding that Seller must provide hard copies (printed) of these requested documents and not simply an electronic file.  Assuming that the property is NOT new construction then the Buyer has 3 days from receipt of a complete set of these documents to review same and withdraw from the Contract without penalty.  THUS, BE SURE TO GIVE THE BUYER AN UP TO DATE AND COMPLETE SET OF THESE DOCUMENTS AND HAVE THEM SIGN A RECEIPT OF CONDOMINIUM DOCUMENTS (RCD-3).

B)  If the property is in a Home Owners Association then the Seller is NOT required to do anything except include the HOA rider in the contract.  This rider notifies the Buyer that the property is in an HOA and directs the Buyer to look into the requirements of same and allows for the Buyer to withdraw from the Contract without penalty within 3 days of signing the addendum.  In this case the Buyer should contact the association and purchase a package of Rules & Regulations, Recorded documents and financials if available.  Sometimes, in places like PGA National in Palm Beach Gardens, there is a BOTH a condominium and a home owners association.  In this case both A and B apply.

How do I know if the property is a condo or an HOA?  The only way is to look at the legal description.  If it reads something like…Unit xxx of the yyy condominium as recorded in BK and PG then it’s a condominium.

So what does Citizens Wind Storm exclude from coverage?

First, Citizens now covers increasing few properties through the depopulation efforts and thus your policy may NOT be with Citizens.  You should call your agent when looking at properties in a particular neighborhood or area to ask carriers offer insurance in those areas.  Your agent may be able to direct you to look for certain features in the home you choose so as to minimize your costs or exclusions.

Since your purchase price is tied to your loan and your loan is tied to what you can afford for a payment of PITI or Principle, Interest, Taxes and Insurance.  You may be able to decrease your insurance costs and increase what you can afford.

Here’s what’s excluded from my wind policy…

Citizens Property Wind Insurance Exclusions

Of particular note in this are:

Aluminum Pool Enclosures

Aluminum, Plastic or Vinyl roof covered carports or open patios

Awnings

Land

Pilings, piers, seawalls, retaining walls, bulkheads and docks

Any structure that has  a roof or exterior wall covering of thatch, grass, palm etc.

Chickees, tiki huts, gazebos, cabanas and pergolas.