Change is inevitable in any industry, and the real estate market is no exception. Recently, the National Association of Realtors (NAR) reached a significant settlement regarding the Sitzer antitrust lawsuits (pending the judge’s approval), introducing new requirements for, among other things, Buyer Representation Agreements. Let’s explore what this means for agents and how to navigate these changes effectively. Buyer Representation Agreements Buyer Rep. agreements formalize the relationship between agents and buyers, outlining the terms of the agreement, including the scope of services provide ..read more

While most real estate transactions involve property owned outright, agents often encounter clients dealing with inherited property through probate. Understanding the probate process is vital in providing comprehensive service to your clients. The Process of Inheriting Property for Probate Methods of Inheritance You can inherit real estate in several ways: By deed Via a will Through a trust According to the Florida Intestate Statute Often, the client inheriting the property intends to sell it quickly. This necessitates a thorough understanding of how real property passes through probate. Sel ..read more

Estoppel certificates play an important role in the Florida real estate transactions process. Not only do they provide buyers and sellers with certainty regarding monies owed at the time of sale, but they also provide Florida community associations (Homeowner Associations, Condominium Associations, and Cooperative Associations) with the ability to ensure that they are able to collect monies that are due and owing at the time of a real estate transaction.   Legislative Changes Impacting Estoppel Certificates: SB-278 and HB-979 There were two bills that were making their way through th ..read more

In the FR/BAR Contract, we calculate deadlines using calendar days unless specified differently. Since most time periods start with the Effective Date, it’s crucial to monitor the signing by the parties and the delivery of offers. This includes any initialing done after signing the Contract! Some periods start counting backward from the Closing Date, such as the survey deadline and title commitment deadline. Keep in mind that, except for the Effective Date and time for acceptance, if a time period ends on a weekend or national legal holiday, the due date becomes the next business day. This is ..read more

Today, the National Association of Realtors (NAR) announced its agreement to settle the Sitzer antitrust lawsuits, where it and several brokerage groups stood as Defendants. Previously, the Court entered a judgment of $1.78 billion dollars against the Defendants. While NAR stated an intention to appeal the judgment, today’s announcement resolves the court case, pending the judge’s approval of the settlement. Revolutionizing Real Estate: Major MLS Changes Post-NAR Settlement As part of the settlement, NAR agreed to upend the current Multiple Listing Service (“MLS”) process regarding commission ..read more

The City of Sarasota City Commission has voted to expand regulations on vacation rental homes within the city limits. History of Vacation Rental Regulations in the City of Sarasota In May of 2021, the City Commission passed Ordinance 21-5353, which amended the City of Sarasota Code to add requirements for properties operating as vacation rentals (also called short-term rentals) within the Coastal Islands Overlay District. The Coastal Islands Overlay District includes St. Armand’s Key, Coon Key, Bird Key, Otter Key, Lido Key, and portions of Siesta Key. Several requirements were adopted and imp ..read more

Embarking on a journey to purchase a new construction property in Florida is an exciting venture for both real estate agents and buyers alike. However, amidst the thrill lies the crucial task of navigating the complexities of new construction contracts. To ensure a smooth and successful transaction, it’s essential to be aware of key considerations. Here’s what both real estate agents and buyers should watch out for: Builder Reputation and Credentials Before signing any contract, thoroughly research the builder’s reputation and credentials. Look into their past projects, customer reviews, and c ..read more

Inspections play a vital role in any real estate transaction, and it is imperative agents understand the inspection procedures proscribed in the purchase agreement. Real estate agents across the state of Florida are largely familiar with and utilize both versions of the FAR/BAR Contract. This contract may be the most widely used contract within the Sunshine State. However, other contracts are in use depending on location. In Southwest Florida, two contracts are in circulation. In Collier County, the predominant contract utilized is the NABOR Contract, while in Lee County, both the FAR/BAR and ..read more

Your loved one just passed away, and you inherited their home under their Last Will and Testament. Your first instinct may be to jump right in and figure out what you want to do with the property. Unfortunately, if the home you inherited was owned solely by the deceased in their individual name, you will need to go through the court-supervised probate process to legally gain the right to sell that home. In Florida, real estate assets make up approximately 75% of the estates that go through probate every year. Probate is a legal process that involves the distribution of a deceased person’s prop ..read more

As a Florida Realtor, you are not just helping clients buy and sell properties. You are managing legal and financial risks for clients every day. One important aspect to consider is the structure under which you operate your business. Many Realtors operate as sole proprietors, but a smarter, more protective option is forming a Professional Limited Liability Company (PLLC). In this blog, we will explore why holding your license in a PLLC can offer significant benefits and protections. Liability Protection: One of the primary reasons for forming a PLLC is to protect personal assets from business ..read more