Karen Monsour,REALTOR® Broward,Palm Beach,Miami/Dade! 954-464-4194 anytime!

Earnest money deposits...they aren't required to facilitate a deal in Florida!

Earnest money deposits are not required, in other words, there is no law in Florida that requires earnest money deposits to make an offer on a property here in Florida.

A promise to buy and a promise to sell are enough consideration to create a valid contract to purchase real property here in Florida.

We as licensed agents must present all offers, with or without an escrow deposit. (NOTE: If there is an escrow deposit, the name, address and phone number must be on the contract of who is holding the earnest money).

Sellers may request a specific amount of money in a counteroffer to ensure the buyer is serious about the purchase, however, with the offer, earnest money deposits are not required.

ARE EARNEST MONEY DEPOSITS REQUIRED IN YOUR STATE?

http://www.KarenMonsour.com, 954-464-4194

(Copyright© 2009 Karen L. Monsour, All Rights Reserved.)

It's time for a Bonanza! Buy now, thank me later!

Yes, you can thank me later! The buyers now will eventually be the MILLIONAIRES OF THE FUTURE!

With Real Estate prices at an all time low, if you have a doubt about where to put that cash on hand, it's Real Estate!

There are some FANTASTIC buys out there right now, especially in Florida. Even beach front properties!

In SOUTH EAST FLORIDA, there are so many buyer opportunities, be it, a normal sale or a bank owned property (REO), there are deals. If you have the patience of a SAINT, you MIGHT consider a short sale...that is, like I said, and I will reiterate, you have the PATIENCE of a SAINT.

You don't have to call yourself an investor, you just have to make an educated decision with the guidance of your attorney, CPA, and with the ability of a professional real estate agent who can find what you might consider a property that would suit your needs.

NOW is the TIME to consider buying a property here in south east Florida.

While many negative news people (who are not real estate agents, just write the news) are saying that now is not the time, I disagree. The bank owned properties are going at all time low prices, and (some) actually have some equity associated with them.

If you are considering buying a vacation home or a rental property and want more information for yourself or a customer, please call me.

http://www.KarenMonsour.com, 954-464-4194

Karen Monsour, REALTOR(r), Coldwell Banker, Fort Lauderdale Beach.

(Copyright© 2009 Karen L. Monsour, All Rights Reserved.)

What are the principals of RESPA?

RESPA is defined as The Real Estate Settlement Procedures Act.

RESPA was developed in 1974 to protect buyers at closing. It is an Act that requires the disclosure of the types of charges that a buyer will incur when purchasing a property. It also requires an explanation of the amounts of costs that will be charged to the buyer.

There are six sections to this Act.

They are as follows:

1. Is a rule that states that the closing agent must provide/use a HUD-1 form to provide the buyer with all the costs incurred to the buyer and seller at the closing table. It is typically known as the "Uniform Closing Statement". This is a requirement in Florida.

2. Requires the buyer be provided with a "Special Information Booklet" that must be given to the buyer at the time the buyer makes application for a loan, or which must be provided within 3 days of application for a loan.

3. Is a GFE or what is know as a "Good Faith Estimate". This also as above must be provided at loan application or within 3 days of said application. This is a document that will show an itemization of the costs that are known by the lender to be costs incurred by the buyer.

4. Specifies that the lender has to disclose the relationship, if any that they currently have with the closing agent/title company. That is, if say for example, you are buying an REO (bank owned) property and they require you to use their title company/closing agent.

5. Kickbacks are not allowed unless disclosed to all persons and that performance of a service was actually performed. Referral fees between cooperating brokers are allowed in Florida.

6. Sellers may not mandate that a buyer use a specific company to buy Title Insurance. This can not be a "condition" of the sale.

For more information for consumers, you can follow the link below.

More information can be viewed at the U.S. Department of Housing and Urban Development at:

www.hud.gov/offices/hsg/sfh/res/respa_hm.cfm

It's very important to be aware of RESPA. There are many other specific rules under these basic definitions to always educate yourself on when dealing in a real estate transaction.

http://www.KarenMonsour.com, 954-464-4194

(Copyright© 2009 Karen L. Monsour, All Rights Reserved.)

Florida is developing a combination FAR/BAR and FAR contract, are you aware?

Florida lawyers are in the process of developing a single buyers contract which combines the FAR/BAR and the FAR contract!

There is actually a draft in place at this time. One of the changes agents should be looking at is numbers 9 and 10, where it lists the standard items included in the purchase of a home/condo. They (in the draft at this point) have now excluded the washer and dryer from standard appliances included in the sale. Just one of the many other changes to the standard contract.

There are many other changes that will be of critical importance if this combination goes to fruition. It will be very important that you as an agent read and know well the entire contract. The new contract appears to be very, very specific...almost to the point where after you read it, you hope you are always writing an "AS-IS".

It addresses many of the important sections that we've all come to assume are going to remain the same. Not so in this new version.

Just be aware that change is coming...sometime soon in Florida.

If you have not yet heard about this pending development, you can go on line to the Florida Association of REALTORS(r) for more information.

http://www.KarenMonsour.com, 954-464-4194

(Copyright© 2009 Karen L. Monsour, All Rights Reserved.)

Florida will soon require home inspectors to be licensed.

Florida currently does not require or regulated home inspectors. As of JULY 1, 2010, home inspectors, mold assessors, and mold remediators will have to have a Florida license.

This new law requires those who wish to continue practicing as above to complete 120 hours of prelicense education. They will also have to pass a Florida state exam. These licenses are good for 2 years. Then they have to be renewed. Prior to renewal, they will have to complete 14 hours of continuing education as do real estate sales associates (real estate associates have a first course, then need 45 hours of continuing education prior to their 14 credit cycle).

This is according to F.S. (Florida St.) 468.83.

You can also visit the American Society of Home Inspectors at www.ashi.com for more information.

Is this a REQUIREMENT in your STATE?

How do you feel about this new law?

http://www.KarenMonsour.com, 954-464-4194

(Copyright© 2009 Karen L. Monsour, All Rights Reserved.)