Entries for the ‘Buying’ Category

What are Helical Piers?

Helical piers are ‘giant screws’ that are driven into the ground to provide foundation support to many different type of structures.  The purpose of a helical pier is to transfer the load of the structure through the unsuitable soil to a stronger, more suitable soil deeper in the earth.  They can be used in foundation repair [...]

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What is an Opinion of Title?

An opinion of title is an attorney’s professional opinion of the condition of title.  This is based on examination of the recorded documents pertaining to the property.    If at a later date, the title to the subject property is found defective, the Buyer may find it difficult to be reimbursed for damages unless the Attorney [...]

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What is a FICO Score?

FICO is the most commonly used credit score today and is named after the company that developed it, Fair Isaac Corp.   FICO scores range from 400 to 900 and the lower the score, the great the risk of default.  FICO score consists of the following components: 35 percent of the score is determined by payment [...]

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What is the Purpose of the Fair Credit Reporting Act?

The Fair Credit Reporting Act (FCRA), enforced by the Federal Trade Commission, is designed to promote accuracy and ensure the privacy of the information used in consumer reports.

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What are the Requirements for Communities with the Status “Housing for Older Persons”?

Certain housing for older persons is exempt from the familial status protection under the Fair Housing Act.  Requirements for a community with the status of “housing for older persons” are as follows: The housing must be designed and operated to assist elderly persons and is intended for, and solely occupied by, persons 62 years of [...]

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What is the Rescission Period for a Condominium Unit?

If you are looking to purchase a condominium, be aware of the rescission period.  For a brand new condominium, a Buyer may rescind a purchase contract within 15 days.  For a resale condominium unit, a Buyer may rescind within three business days.   This time period begins when the Buyer signs the contract or is given [...]

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What is Polybutylene?

Polybutylene (PB) is a plastic resin that was used for water supply pipes for about 20 years, starting in 1978.   It was cheap, easy to install, and substituted for copper pipe in nearly 25 percent of all homes built during that period.   Due to the low cost and ease of installation, polybutylene piping systems were [...]

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What Does CERCLA Stand For?

CERCLA stands for the Comprehensive Environmental Response, Compensation, and Liability Act.   It is extremely important to landowners, brokers, developers, and operators.  CERCLA assigns potential liability for the cleanup of hazardous substances to any “potentially responsible person” (PRP) including: present owners and operators of the contaminated site persons who owned or operated the site at the [...]

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Is the Seller’s Real Property Disclosure Form Required?

No.  The Seller’s Property Disclosure form is not a legal requirement.   However, it is strongly recommended that Florida Real Estate Agents have their Sellers use the form.   Sellers have a duty to disclosure any property defects they know about that would materially affect the property’s value to the buyer and that aren’t readily [...]

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What is a Trade Fixture?

A trade fixture is an item of personal property attached to real property that is owned by a tenant and is used in a business.   It is legally removable by the tenant.

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