Category: Florida
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Florida Hurricanes Raise a Question: Can We Guard Our Deeds From Climate Losses?
October saw a string of dangerous and deadly storms in Florida. Those who made it through the storms are now cleaning up, in the midst of severe property damage along the Gulf Coast. With Hurricane Milton quickly following Hurricane Helene, Florida homeowners’ insurance adjusters had their hands full. No wonder insurance payouts to Floridians in…
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Recent Changes in Florida Reverse Mortgage Taxation: What You Need to Know
Recent changes in Florida’s tax laws have impacted the way Reverse Mortgages, also known as Home Equity Conversion Mortgages (HECMs), are taxed. These changes are based on Florida Statute 199, FDOR Tax Information Publication (TIP) No. 24B04-02, and Section 18, Chapter 2024-158, Laws of Florida. For those who are involved in real estate transactions, understanding…
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Starting Oct. 1st, Florida Sellers Must Disclose Past Flood Insurance Claims
Home sellers in Florida: Look out for a new flood insurance disclosure rule. Effective October 1, 2024, you must tell prospective buyers if your home has ever had documented flood damage. Ask your Florida seller’s agent about the required flood disclosure — which the buyer must receive before signing the sales contract. Specifically, the declaration…
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Condo Bubble? What’s Going On in Florida Now?
Florida is a snowbird’s paradise. It’s no surprise that condos make up a major portion of the market. Recently, though, Florida condos are presenting specific challenges. They’re getting hard to finance. Home buyers in Florida can expect to put at least 25% down. For coastal homes, which lenders consider risky, the expected down payment can…
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Now They’re Holding Titles for Ransom? Here’s How Real Estate Scammers Target Floridians (and the Rest of Us)
St. Johns County, which includes St. Augustine Beach, has plenty of attractive real estate. Just beware the trickster who holds a deed for ransom. One of the seniors who lives in St. Johns sounded the alarm. Some shady firm told her to pay $20K to get her title back. It’s a trend in which local…
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Florida’s Highlands County Introduces New Ordinance for Real Estate Transactions with Roadway Verification Requirement
In a recent update from the Highlands County Board of County Commissioners, a new ordinance (No. 22-23-23) has been established that directly impacts real estate transactions within Highlands County, Florida. This article aims to provide an informative overview of this ordinance, its requirements, and its implications for property transfers in the area.
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Deed-Stealing Florida Broker Pleads GUILTY
Michael B., a real estate broker, has changed his mind. He’s now pleading guilty in a felony fraud case involving deed theft. In Florida, fraudulent real estate schemes are not unusual. But when a real estate broker in active status is pursued for deed fraud, that’s the kind of case that stands out. Yes, you read…
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Florida: The Newest Boomtown State
Of all states, California has the biggest housing market. But population growth is shifting. Since the pandemic began, it’s Florida, of all the states, that got the fastest population increase. More than a thousand people relocate to Florida daily. Florida’s now in second place for total home property value — surging ahead of New York…
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Lee County, Florida Buyers and Sellers: New ID Rule for Deed Filing as of August 2023
After Florida passed HB 1419 to deal with deed fraud in the state, Lee County Clerk Kevin Karnes announced a new requirement for filing a property deed. As of August 2023 and onward, you’ll need a government-produced photo ID if you expect to file a deed in Lee County. Why specifically there? Because Lee County,…
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Florida Homeowners’ Insurance (If You Can Get It) Costs a Fortune
In 2022 and 2023 so far, Fortune magazine reports, 15 companies have stopped issuing insurance policies to Floridians. Most recently, it was Farmers Insurance, citing “risk exposure.” (Farmers subsidiaries will keep working within the state.) AAA, while not backing out of Florida completely, says: “Last year’s catastrophic hurricane season contributed to an unprecedented rise in…
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Fall of Florida’s Champlain Towers South Prompts Changes in Condo Loan Rules
Conventional mortgage backers Fannie Mae and Freddie Mac have solidified updated policies for loans to condo buyers. There are a few new requirements now going into effect, to be part of these loan-backing giants’ permanent rules. They’d only been temporary provisions until now. Here’s a Q&A to answer some basic questions on the new rules.
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House Gift: Transferring Your Arizona or Florida Home Through a Gift Deed
Using a gift deed, you can transfer your home to a new owner. The transfer of a gift deed occurs among friends and relatives, or between donors and charities. The giver of the gift deed, formally known as a grantor or donor, conveys the home to the recipient or donee while the donor is alive.…
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Homestead Exemptions and Living Trusts: a Look at California, Florida, and Texas
The information presented in this article is not all-encompassing, nor is it meant to be construed as professional legal advice. Because homestead exemption laws are complicated, consult a qualified attorney with questions regarding homestead exemptions and living trusts in your state. Via Black’s Law Dictionary, 8th ed., a homestead is “[t]he house, outbuildings, and adjoining…
