Tips and useful
information for Buyers and Sellers. Keep informed with Robert
A. Buckner & Associates, Inc.
Click The Following Headlines for more information
"What you need to
know about Real Estate Transactions"
Information about
Homestead Exemptions
Tips to "Dress Your
House For Success"
Current Tax Laws
Involving Real Estate Transactions.
Two great site links
for do-it-yourselfers or for
people who want to perform
routine maintenance on their homes.
Links
to Lenders Fannie Mae, HUD and Freddie Mac
What You Need
To Know About Real Estate Transactions
The Florida Real Estate Commission (FREC)
and the Florida Department of Business and Professional Regulation (DBPR) have produced a
brochure which provides information about real estate transactions. Here are
excerpts from that brochure:
Real Estate Broker and
Salesperson: Generally, a real estate broker or salesperson
helps people buy and sell real estate. They must have a Florida real estate
license. Many people refer to an individual helping them buy or sell real estate
as their "agent" or "RealtorŪ". However, these terms don't
distinguish between the two real estate license categories of broker and salesperson.
- A person with a real estate broker
license may work independently or may be employed by a registered
real estate brokerage firm.
- A person with a real estate salesperson
license must be employed by a broker or by a registered real estate brokerage firm.
When you deal with a broker or
salesperson, you enter into a "real estate brokerage relationship" with
them. That person's obligations to you will be determined by the specific kind of real
estate brokerage relationship you establish.
- You should not assume that any broker or
salesperson represents you in any way unless you establish an authorized real estate
brokerage relationship with them.
- Do not disclose any confidential
information until you make a decision about what kind of real estate brokerage
relationship to establish, if any.
Real Estate Brokerage
Relationships: Effective October 1, 1997, there are only two (2)
authorized real estate brokerage relationships for real estate transactions in Florida.
- Single Agency: If you
enter into a single agency relationship, the broker or brokerage firm (and all the brokers
and salespersons employed by that firm) becomes your agent. A single agent
owes you the following duties:
- dealing honestly and fairly
- loyalty
- confidentiality
- obedience
- accounting for all funds
- timely presentation of all real estate
offers
- Skill, care and diligence in the
transaction
- full disclosure of all relevant information
regarding the condition of the residential property
- Transaction Brokerage:
If you enter into a transaction brokerage relationship, the broker or brokerage
firm (and all the brokers and salespersons employed by that firm):
- does not represent you as your own agent,
- owes you only limited confidentiality,
- provides you a limited
form of representation,
- may also provide a limited form of
representation to the other party in the transaction,
- owes you fewer duties than does a single
agent.
- Transition form single agency to
transaction brokerage: Any change from single agent to transaction
broker is up to you and cannot occur without your prior written consent. A
salesperson or broker may ask to be your single agent, ask for your consent to change to
be a transaction broker, and actually change to a transaction broker all at the first
contact with you.
- A broker or salesperson who represents you
as a single agent is required by law to get your permission to change to
a transaction broker.
- You may want to require the broker or
salesperson to put in writing that they will notify you prior to all
changes in the brokerage relationship.
- No Brokerage Relationship:
You may have contact with a broker or salesperson who has no brokerage relationship
with you. Such a broker or salesperson:
- Provides no representation to you,
- owes you no confidentiality,
- owes much less duty to you than either a
single agent or a transaction broker.
Contracts: There are no real
estate-related contracts approved by the State of Florida.
- Usually a printed form
- Contracts for the sale or purchase
of real estate must be in writing and must be signed by both parties.
- Other types of real estate-related
contracts cover things like:
- listing terms: For example,
this is when a seller places a property for sale with a broker. The broker agrees to
use his best efforts including advertising to sell the property.
- obligations of the "real estate
agent" helping you buy or sell real estate.
- Items to examine closely:
- fees you may be charged,
especially those that are not required by law. If not legally required,
they are negotiable.
- any requirement that contractual
disagreements must be settled by binding arbitration.
- Items that may be important to you but
might not be included:
- making a home purchase contingent on
financing and a satisfactory home inspections.
- an early termination clause in a lease for
a tenant who must make a job-related move.
REMEMBER, you should NOT sign any
contract unless you have read it, understand it, and want to be bound by it! If
you do not understand a contract, you should contact an attorney for assistance, or The
Florida Bar for a referral.
For information about your rights and
solutions to possible problems, you should contact an attorney. You may file a
complaint that may ultimately result in administrative prosecution, but neither the
Department of Business and Professional Regulation, the Division of Real Estate, nor the
Florida Real Estate Commission can order a broker or salesperson to pay money to reimburse
you for any loss. If you want to file a complaint with the Florida Real Estate
Commission about a real estate broker or salesperson, you should write to:
Complaint Section,
Division of Real Estate
P.O. Box 1900
Orlando, FL 32802-1900
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What is Homestead
exemption?
Homestead exemptions a constitutional
benefit of up to a maximum of $25,000 exemption deducted from the assessed value of your
property. It is granted to bone fide Florida residents who possess title to
real property and are living in the dwelling and making it their permanent home prior to
January 1st of the year of filing. Applications must be filed by March 1st.
To qualify for this exemption, the
following requirements must be completed for all owners who plan to reside on the property
prior to year of filing.
- If you drive, all applicants must hold a
valid Florida Driver's License. (A "valid in Florida only" license is not
acceptable. A Florida I.D. card may be used if the applicant does not have a
driver's license.
- Florida vehicle license plate numbers for
all vehicles.
- Florida voter registration number or a
declaration of domicile, if you do not wish to vote.
- Social Security numbers for owner(s).
- Date(s) of birth for owner(s)
- If not a U.S. Citizen, a permanent
residency card is required, plus Declaration of Domicile.
- Your most recent paid tax bill with parcel
identification number, recorded deed, or recorded contract for deed.
New applications must be made in
person between January 1st and march 1st. They should be made at
Brooksville
Office
Westside Office
201 Howell Avenue, Suite
300
7499 Forest Oaks
Boulevard
Brooksville, Florida
34601-2041
Spring Hill,
Florida 34606-2400
For more information about
Homestead exemptions or about other exemptions available (widow/widower's exemption,
disability exemption, exemption of homestead property from ad velorem taxation) please
call the Property Appraiser's office at: 352-754-4190; fax them at
352-754-4198; or E-mail them at
pa@co.hernando.fl.us.
Click
Here for the Property Appraiser's website
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Tax Law Information
For more
information on current tax laws involving real estate transactions, contact the IRS at
800-829-1040 or check their Web site at
Click Here for their
website. Ask for Form 2119, Sale of Your Home, and
the general instructions for this form. You must file Form 2119 with your tax return.
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Tips to Dress
your House for Success
Cosmetic changes can improve your chances
of selling your home. Adding nice touches like blooming flowers help create a good
first impression. Avoid major changes unless they will increase the value of your
home over or above the cost of the improvement. Here are some tips that will make
your home more presentable.
Outside
- Invest in landscaping where it can be seen at first glance.
- Keep lawn mowed and shrubbery neatly trimmed.
- Fertilizer will improve color and condition of grass and plants.
- Store hoses and garden equipment out of sight or neatly in the
garden shed.
- Clear yard of all debris.
- Repair fences, sidewalks and gates.
- Paint or touch up your house if needed. This can do wonders for
sales appeal.
- Mend screens.
- Wash windows, inside too.
- Sweep walkways
- Generally just tidy up. Remove/store newspapers, toys,
bikes, etc.
- Put flowers outside your door.
Garage & Attic
- Keep the floors clean and swept
- Store or neatly arrange all items
- Repair cracks with ready mixed concrete.
Kitchen
- This is the most important room in the house. Make it bright
and attractive.
- If needed, paint or clean cabinets and put up new curtains.
- Clean appliances and floors.
- Repair and faucets and appliances.
- Worn floors? Put down new flooring. Replace or repair
missing or loose tiles.
- keep counter tops clear. Removing unneeded appliances or gadgets
will make the room appear larger.
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Living Area
- Vacuum all areas, especially before a showing.
- Consider cleaning curtains or dying faded ones.
- Keep bathrooms clean and beds made.
- Straighten closets and put away toys.
- Play soft music.
- Keep pets outside during a showing.
- Temperature should be comfortable.
- Home should smell great - Use potpourri, bake an apple pie,
cookies or used cinnamon.
- Secure jewelry, cash and other valuables.
- Clean fireplace and display fresh logs.
- Check to see that all windows open/close.
- Clean walls or paint in a neutral color.
- Clean or replace carpeting.
- If sliding doors or windows stick, rub the track with paraffin or
candle wax.
- Replace burned out light bulbs.
- Keep draperies and shades open during a showing to let light in.
Bathroom
- Polish the floors, mirrors and fixtures.
- Keep fresh towels on display.
- Repair grout and caulking.
- Repair running toilet, leaking faucets or faulty plumbing.
- Put up a new shower curtain.
- Unclog slow draining sinks or tubs.
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Useful Links! -
Just close the pop-up window after you have explored their site to return to our
site :
Do you want to do some maintenance jobs on
your home? Do you want to remodel your kitchen or bathroom? Have you purchased a
'Handyperson's Special"? Here are a couple of great sites to look at:
1. Bob Vila, the
television home improvement guru, has his own website with lots of information at:
Click here to go to his site.
2. Another useful
site which is a treasure trove of information for the
handyperson/do-it-yourselfer is: the DIY Network. Check out their Home
Building Page and its tutorials. Click
Here for their site
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Organizations
helping make the American Dream of owning your own home possible:
Freddie Mac
Fannie Mae
HUD
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