New real estate-related laws take effect July 1

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New=20 real estate-related laws take effect July 1=20

TALLAHASSEE, Fla. =97 June 30, 2011 =97 It took five years to = accomplish,=20 but starting tomorrow, the $243 million cap on the housing trust = funds is=20 history.

A bill passed by the 2011 Florida Legislature = removes the=20 cap enacted by the 2004 Legislature at the peak of the housing = boom. Since=20 2007, when the $243 million limit took effect, Florida Realtors = and nearly=20 three dozen other organizations lobbied lawmakers to =93scrap the = cap=94 on=20 the Sadowski Housing Trust Funds. The fund is sustained entirely = by a=20 portion of documentary stamp taxes paid on = deeds.

=93Ensuring that=20 doc stamps will still be directed to affordable housing, their = intended=20 purpose, is a huge win for Florida families and for the Florida = Realtors=20 organization, which played a big part in the creation of the = Sadowski=20 Affordable Housing Act in 1992,=94 says John Sebree, Florida = Realtors vice=20 president of Public Policy. =93We owe a tremendous amount of = credit to Rep.=20 Gary Aubuchon (R-Cape Coral) and to Sen. Mike Bennett = (R-Bradenton) for=20 sponsoring HB=20 639 and SB=20 912 and restoring trust in the housing trust=20 funds.=94

This year, the Florida Housing Finance = Corporation has $64=20 million for state and local housing programs for downpayment = assistance,=20 foreclosure prevention and renovating properties for low- to=20 moderate-income families.

HB 639/SB 912 and eight other = real=20 estate-related bills take effect tomorrow. Of particular interest = to=20 Realtors is HB=20 849, which changes the initial requirements for = certain=20 persons acting as home inspectors and removes language enacted = last year=20 that allowed Division 1 contractors to perform both the home = inspection=20 and make repairs.

As a result, the Home Inspection = Disclosure has=20 been updated to reflect the fact that home inspectors are = regulated and=20 licensed by the state. HID-2=20 is available from FormSimplicity (login required).

Other = laws=20 taking effect July 1, 2011, include:

Protection for = title=20 insurance policyholders. HB=20 1007 was introduced on behalf of the Department = of=20 Financial Services (DFS) to ensure that property owners continue = to have=20 title insurance coverage even if their underwriter is liquidated. = When an=20 underwriter is liquidated, as is currently the case, all other=20 underwriters in the state will pay an assessment to DFS. This = assessment=20 will be passed on =97 over a period not to exceed seven years =97 = to new=20 policyholders in the form of a surcharge of up to $25. DFS = indicates that=20 the surcharge resulting from the underwriter currently being = liquidated=20 would be significantly less than $25.

You=92re = S.A.F.E. to=20 move about the transaction. SB=20 1316 codifies into the Florida S.A.F.E. = Mortgage=20 Licensing Act the same language contained in a federal act that = allows=20 Florida real estate licensees to list and sell short sales without = having=20 to first obtain additional licensure under Chapter=20 494.

Sales associates catch business tax = break.=20 Sales associates who don=92t currently pay a business tax = (formerly known as=20 occupational licenses taxes) at the local level should be happy = with=20 HB=20 311. Local governments that were not collecting = business=20 taxes from sales associates on Oct. 13, 2010, may not do so in the = future.=20 Local governments that were collecting business taxes from sales=20 associates on that date are not impacted.

More = changes to=20 condo and homeowners=92 association laws. HB=20 1195 seeks to fix aspects of last year=92s big condo=20 legislation. Among the highlights:
=95   Allows = condo,=20 homeowners and cooperative associations to demand full monthly = rent from=20 tenants in properties of owners who are behind in maintenance = payments.=20 Landlords are banned from punishing tenants who comply with the=20 law.
=95   Exempts condos less than four = stories high=20 with exterior corridors from installing manual fire alarm=20 systems.
=95   Permits associations to install = impact=20 glass and other code-compliant windows for hurricane=20 protection.
=95   Prevents unit owners who are = delinquent=20 in their association fees to access common areas and other = community=20 assets.

Economic development =97 possibly to = benefit=20 affordable housing. HB=20 7205 creates a new trust fund to be used for economic = development efforts. The State Economic Enhancement and = Development Trust=20 Fund will be established in July 2012 and will initially include = $125=20 million drawn from money that now flows to the state's affordable = housing=20 trust fund and the state's road-building trust=20 fund.

Challenging property tax = assessments. So=20 many property owners are challenging their assessments that it has = resulted in a number of school boards being unable to forecast = their=20 budgets. As a result, Rep. Ana Rivas Logan (R-Miami) filed HB=20 281 on behalf of the Miami-Dade School Board. As = originally=20 filed, this bill required property owners who appealed their = assessment to=20 pay 75 percent of the appraised value. Florida Realtors helped to = amend=20 the bill to allow owners to make a good faith payment during the = appeal=20 process if it extends beyond April 1 of the next year. The new law = will=20 apply to petitions filed with value adjustments boards on or after = July 1,=20 2011.

Curbing adverse possession scams. SB=20 1142 seeks to make it more difficult for people to = take=20 possession of homes vacated, often due to foreclosure or other = financial=20 hardships, and claim ownership under adverse possession. Among = other=20 things, the new law requires county property appraisers to notify = the=20 owner of record when an adverse possession claim is made on their=20 property, and giving this individual priority on paying back = taxes.=20

=A9 2011 Florida Realtors =AE

Related Topics: Florida=20 Legislature, Legal,=20 State=20 regulations

Florida Realtors=AE Headquarters - Orlando: = (407)=20 438-1400
Office of Public Policy - = Tallahassee: (850)=20 224-1400

=A9 2011 Florida Realtors=AE

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