Entries Tagged ‘Condominium’

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 [...]

Leave a Comment

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 [...]

Leave a Comment

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 [...]

Leave a Comment

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.

Leave a Comment

What is Asbestos?

Leave a Comment

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.

Leave a Comment

If Your Loan Was Declined by One Lender, Can You Use Another Lender?

Yes, ..sometimes one Lender will decline a Buyer and deny a deal.   As a Buyer, you can find a new mortgage Lender.   When a Buyer has a loan declined for any reason, he or she should ask for a detailed explanation of the facts (and request a denial letter) to provide to the new Lender.    Always [...]

Leave a Comment

Do You Want to Purchase Property Like a Pro?

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

Leave a Comment

What is the Commission Paid at Settlement?

The commission paid at settlement (closing) is the total commission to be paid.  It may be charged to the Buyer, the Seller, or both

Leave a Comment

What is a Deposit?

A deposit is defined as a sum of money, or its equivalent, delivered to a real estate licensee as earnest money, payment, or partial payment in connection with a real estate transaction.  An earnest money deposit may be in the form of cash, currency, or any medium of exchange or securities that can be converted [...]

Leave a Comment