Appraisals in the Mortgage Lending World
Can a room without a door be counted as a bedroom? Does a bedroom have to have a closet? Are rooms with only a toilet included in the bathroom count when doing an appraisal?
This was one of the best Lunch & Learn sessions yet thanks to Deborah McClellan, Vice President with Hancock Bank and having Matt Terry with Appraisal Group of Northwest Florida at the Lunch & Learn to share share his expertise was a bonus!!
“Deborah is a smart banker. The appraisers were a good idea also. Excellent session!!” – Michael Billings, St. George Island Realty
NAR Mandated Changes –
- Section 11 – Ownership of MLS Compilation and Copyright – The Digital Millennium Copy Right Act (DMCA) notice has been added. Courts construe the definition of “online service provider” broadly, which would likely include MLSs as well as participants and subscribers hosting an IDX display on their websites Read More…….
- IDX Section 18.3.8 – Display of expired and withdrawn, pending and sold listings is prohibited.
- VOW Section 19.15 a- A participant’s VOW may not make available for search by or display to Registrants any of the following information: expired, pending and withdrawn listings
Pending listings will be added to the RETS feed on March 1st. Advance notice will be given to all web vendors receiving our RETS feed.
Changes Recommended by the MLS Committee and approved by the Board of Directors 2/16/2016
- Section 1 – Listing Procedures – A minimum of one photo, (example; view of the subject property, the view from the subject property, floor plan, aerial photo, architectural rendering or plat map) is required with each listed property and must be added within Forty-Eight (48) hours (excepting weekends, holidays, and postal holidays) after all necessary signatures have been obtained. Interior pictures may not be used for the main photo. Any and all photos that are brought to the attention of the RAFGC office as possibly being offensive or inappropriate for display in the MLS will be reviewed by the Board of Directors and their decision as to whether the photo(s) should be removed will be final.
- Section 9.1.1 – Alleged Violations: Prohibited Activities #11 – Submitting media (photograph, virtual tour, URL, or other media type) of a listed property that includes people, pets or marketing/ promotional messages made on behalf of the listing broker, seller or a third party company
New Title Rule May Impact Closings
Yesterday, the Florida Department of Financial Services (DFS), Division of Agent and Agency Services, issued this letter. In it, DFS ruled that “the advanced payment by a title insurance agent and/or agency for an estoppel certificate out of the funds of the agent or agency would be an inducement to title insurance and therefore a violation of the Florida Insurance Code.”
Also, importantly, the DFS believes this prohibition is already included within the rules which govern title and closing agents.
This new interpretation of the rule from the Division of Agent and Agency Services was unexpected. We are monitoring the situation and encourage you to do the same. We will keep you apprised of any new implications that this ruling may have on real estate closings.
– Florida Realtors Office of Public Policy
Legislative changes to the Foreign Investment in Real Property Tax Act (“FIRPTA”) go into effect on February 17, 2016. As a result, several contract forms are being revised. The redline versions are attached and have been posted on floridarealtors.org under hot topics. The new versions will be posted in Form Simplicity on February 15.
The affected forms are:
- Florida Realtors/Florida Bar Residential Contract For Sale And Purchase (just Standard V in Paragraph 18 and revision date and form number)
- AS IS Florida Realtors/Florida Bar Residential Contract For Sale And Purchase (just Standard V in Paragraph 18 and revision date and form number) and
- Florida Realtors Contract for Residential Sale and Purchase (CRSP-14a) FIRPTA Addendum
Tuesday, February 16th at 12:00
Food by Paul Gant BBQ
- Creative financing for older homes & historic homes that need renovating
- 1031 Exchange
- Products for homes other than owner occupied
- Pitfalls due to the new TRID rule and how you can avoid them
Florida is the only state in the country that charges a sales tax on business rent, creating a financial burden for any business that leases space — from the local pet shop and hair salon to the multinational chain store. In addition to the 6% tax charged by the state, municipalities and local governments may levy an additional 1.5%. So in some communities, businesses are paying a 7.5% sales tax on their business rent.
Participate Now – Contact your lawmakers in support of the business rent tax cut. It takes less than a minute!!!