New and updated forms are available in Form Simplicity, a Florida Realtors member benefit. ORLANDO – On March 19, 2024, a new form was released for member use. In addition, several forms were amended: Language was removed from the CRSP Condo Addendum and Cooperative Addendum regarding a deadline by which sellers had to provide certain documents to buyers. The Septic Program Replacement Addendum was amended and provides additional sources for buyers to check for information regarding a county’s program. A new form was released, Prospective Buyer/Tenant Retainer Form, which can be used with prospective buyers/tenants to charge a fee for
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By Shannon Allen A listing broker allowed unaccompanied buyers to tour properties without the seller’s authorization. The broker was found in violation of Article 1, but isn’t this also an Article 3 violation? ORLANDO – Dear Shannon: I’m a broker with a good size brokerage office and a fair number of sales associates. During our weekly meeting, the topic of unauthorized access to property came up. I remembered you had an article on this point and used it for a teaching opportunity. The article was called, “Why am I in Violation if Everybody Does it?” One of my associates said
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By Gary M. Singer An HOA is considering a ban on political speech in a neighborhood, including door knocking and lawn signs. Is this legal? FORT LAUDERDALE, Fla. – Question: With the upcoming elections, our association is considering banning politicking in our community. They want to stop everything from door knocks to lawn signs, all in an effort to “keep the peace.” While I understand that community harmony is important and this will be another controversial election, I don’t think they are allowed to do this. Is this legit? —Catherine Answer: Looking back over the three presidential elections I have
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By Gary M. Singer Since bank wires remain the preferred method of closing escrow on a real estate transaction, the best protection is to be overly cautious. MIAMI – Question: I am buying a house and have been warned about the various scams, especially those involving wires. I spoke with the closing agent, and they will not accept a check to buy my new home. How can I protect myself when sending a wire? — Nick Answer: Whenever large sums of money are involved, scammers seem to come out of the woodwork. Throughout my career, there seems to be a
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By Amy Connolly Redfin reports over one-third of U.S. home purchases in February were all cash – close to the record high. Florida saw big increases in year-over-year all-cash purchases. SEATTLE – Six Florida metro areas lead the nation in all-cash home purchases, possibly highlighting the impact investors are having on the state’s housing market. Jacksonville, West Palm Beach, Fort Lauderdale, Miami, Tampa and Orlando account for six of the top 12 metro areas in the United States that have home purchases made in cash, according to new Redfin research. Redfin defines an all-cash home purchase as one with no
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The modest sales growth nationally (1.6%) demonstrates the slow and steady progress in the market. Contract signings also climbed in the South month over month. WASHINGTON – Pending home sales in February grew 1.6%, according to the National Association of Realtors®. The South and Midwest posted monthly gains in transactions while the Northeast and West recorded losses. All four U.S. regions registered year-over-year decreases. The Pending Home Sales Index (PHSI) – a forward-looking indicator of home sales based on contract signings – increased to 75.6 in February. Year over year, pending transactions were down 7.0%. An index of 100 is
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Homeowners who are remodeling this year plan to make improvements in three interior rooms and complete two or more outdoor projects. NEW YORK – Homeowners are spending more – an increase of 60% since 2020 – on upgrading their kitchens and other indoor and outdoor areas due to higher product and labor costs, according to a new study by Houzz, an online resource for home remodeling and design. Median renovation spending rose from $15,000 in 2020 to $24,000 in 2023, reports the 2024 U.S. Houzz & Home Study of more than 30,000 U.S. respondents. With rising costs for appliances, the
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By Alex Veiga Borrowing costs on 30-year and 15-year mortgages dipped slightly to 6.79% and 6.11% respectively, giving prospective homebuyers a bit more room in their budgets.   LOS ANGELES — The average long-term U.S. mortgage rate fell slightly this week, welcome news for home shoppers facing rising prices and a stubbornly low inventory of properties on the market this spring homebuying season. The average rate on a 30-year mortgage slipped to 6.79% from 6.87% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.32%. The average rate is now at its lowest level in
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By Mae Anderson One tax professional recommends filing for an extension due to pending tax legislation in Congress. Most experts recommend small business owners work with a professional tax advisor. NEW YORK – As Tax Day approaches, there are plenty of things small business owners should keep in mind when filing taxes this year. April 15 is still the annual tax deadline for many small businesses although, unlike individuals, small businesses can have varying deadlines depending on the type of company, the state the taxes are filed in and other factors. Quarterly estimated tax payments are generally required throughout the
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Homes that are fixer-uppers might be a great deal but require a lot of time, patience and skill. Before making a decision, consider all of the factors that go into home renovations. NEW YORK – Deciding whether to buy a new home or a fixer-upper is a significant decision that prospective homeowners face. Each option presents a unique set of challenges and opportunities, and the right choice depends on a variety of factors including budget, timeline, personal skills, and long-term goals. Here’s a comprehensive look at how to navigate this decision, weighing the pros and cons of each option: Your
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