NEW YORK – Artificial intelligence (AI) is on the rise, augmenting or changing how industries like real estate and others operate.

Until recently, real estate technology firms focused on the middle market where comparable, median-priced homes offer ample data points to feed algorithms that underline new tools and churn novel market insights in real time. However, the luxury market could see disruption as well, as some say AI can help real estate agents connect with high net worth buyers.

AI can be used to create custom ads that target sole neighborhoods or client preferences; it can automate messages and make them instant and personal. AI can also help agents expand their high-net-worth networks.

Andy Barkett, chief technology officer of AI-powered brokerage REX, says its AI tools can reach individuals across countries and cultures, placing luxury homes for sale in front of diverse shoppers. That can be a big benefit to the high-end luxury market since not many people in the world that can afford multi-million-dollar homes, which can sometimes spend years searching for a new owner, he says.

Beyond insights for high-end buyers, technology can also help agents get to know their customers – perhaps before they ever meet in person.

Source: Forbes (02/21/20) Williams, Dima

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FORT LAUDERDALE, Fla. – Question: My sister passed away and left her house to me and our two brothers. The three of us decided to sell the house, but before we could, one of my brothers also passed away. He was single with no children and did not have a will. Can we still sell the house? – Richard

Answer: You will be able to sell the house eventually, but there will be some work to do.

After a person passes away, “probate” is the court process of gathering and distributing their property. When you probated your sister’s estate, her home was transferred to the three brothers.

You each owned a third equally. All three of you needed to work together to sell the house, which is now impossible.

Even though your brother did not have a wife or children, his estate will still need to be probated.

When someone who has a will dies, their probate is called “testate,” and the will is used as instructions to control how their possessions will be distributed.

When there is no valid will, the estate will be “intestate,” and the law will provide default instructions.

In certain situations, it can be complicated to determine who will inherit, but the decedent’s spouse will inherit, followed by the children, and then to the grandchildren. If none of these people are available to inherit, the decedent’s parents are next in line, followed by the siblings, and the list will go on.

Your next step is to retain an attorney and file a probate case. Unlike most areas of law where people can file a lawsuit themselves, probate requires using an attorney.

Within a few months, you will be able to sell the house with the help of the estate’s representative. The money from the sale will still get split three ways, with your deceased brother’s share being distributed through the probate process.

About the writer: Gary M. Singer is a Florida attorney and board-certified as an expert in real estate law by the Florida Bar. He practices real estate, business litigation and contract law from his office in Sunrise, Fla. He is the chairman of the Real Estate Section of the Broward County Bar Association and is a co-host of the weekly radio show Legal News and Review. He frequently consults on general real estate matters and trends in Florida with various companies across the nation.

© 2020 Sun Sentinel (Fort Lauderdale, Fla.), Gary M. Singer. Distributed by Tribune Content Agency, LLC. This article will be available for 30 days following publication.

ORLANDO, Fla. – In completing one of the Florida Realtors contracts, there are spaces for the escrow agent’s information, including name, address, and telephone number. Not only is this information required per 61J2 14.008(2)(b) of the Florida Administrative Code, aka your FREC rules, but it lets the buyer know where to place the deposit once due under the contract.

Separate and apart from that section of a contract, there is another section that addresses who chooses the closing agent.

The key: These are two separate roles.

Pragmatically, however, the same entity often performs both functions – and that’s why the escrow vs. closing agent issue becomes confusing – and an assumption those roles are interchangeable isn’t a good one.

An example of what can go wrong

Let’s say the buyer wants his attorney to hold the deposit and has put the attorney’s information in the appropriate escrow-agent spot in the contract. The seller wants to choose the closing agent and has checked the corresponding box for him to do so.

The contract says the deposit is due three days after the effective date, and the buyer sends the money to his attorney as specified in the contract. The seller, however, contacts the title company to confirm the deposit and is told that the buyer’s money isn’t there. The upset seller contacts the buyer and asks where the funds are. The buyer tells the seller that they were sent to his attorney, per the contract.

The seller is upset. He believes the money should be with the title company he chose as the closing agent. Is the buyer in default? Can the seller demand the funds be placed immediately with the title company?

In short, the answer to both questions is no. Of course, the buyer needs to make sure the deposit is sent to the closing agent in an appropriate amount of time before closing, but the buyer isn’t in default. If the seller wanted to have the money with his chosen closing agent, he should have changed the information in the escrow agent section of the contract since the two are not one and the same.

As always, careful reading of any contract can often avoid confusion later.

For more information on confirming that an escrow deposit has been received, see “Agents Must Send Copies of Escrow Checks – Right?” in the July 17, 2019, issue of Florida Realtors Legal News.

Meredith Caruso is Associate General Counsel for Florida Realtors

© 2019 Florida Realtor®