Entries for the ‘Condominium’ Category

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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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 the R Value of Insulation?

The measure of the effectiveness of insulation is its resistance to heat flow, or R-value.  The higher the R-value, the better the energy efficiency.  The Department of Energy has established minimum R-values based on zip codes.  R-values are additive.  As an example, if a home has an R-19 insulation in the ceiling and the owner [...]

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Who are the Parties to a Mortgage?

There are two parties to a mortgage: (1) the mortgagor, or borrower (debtor), and (2) the mortgagee, or lender (creditor).   The mortgagor owns the property and the mortgagee owns the mortgage.

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What is a Lis Pendens?

A Lis Pendens means “a suit pending”.   When litigation is initiated involving a specific parcel of real property, a lis pendens usually is filed with the clerk of county in which the property is located.

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What is Asbestos?

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Do I Need to Have Insurance for My Condominium Unit?

Effective January 1st, 2009, a condominium association may require unit owners to maintain hazard and liability insurance for their unit and require them to provide evidence of a current policy upon request.

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What is a Credit Report?

A credit report details the credit history and current credit status of an individual.  A credit report is used as a primary tool in determining credit worthiness.

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Do You Want to Purchase Property Like a Pro?

Click on this link… How to Purchase Property Like a Pro.

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What is a Notary Fee?

A notary may charge for affixing her name and seal to various documents authenticating the parties’ execution of these documents.

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