The estimated taxable real estate value rose for most Miami-Dade municipalities and for all Broward county.
The State of Florida performs property appraisals every year in January. This year, right before COVID-19, the valuation created some agitation in the real estate market.
The preliminary estimated taxable value increased by 4.6% in Miami-Dade, from $307.2 billion in 2019 to $333.7 billion in 2020. In Broward, it grew by 6.14%, from $199 billion in 2019 to $211.2 billion in 2020. The taxable values will be finalized July 1.
The municipalities with highest overall increase in values including new construction in West Miami. These are municipalities dominated by mid-market housing West Miami 12%, Florida City 11.2%, Hialeah 9.6%, and North Miami 9.4%. The value for existing housing grew, being Hialeah the city with most growth 8%, followed by Florida City 7.6%, El Portal 7.6% and Biscayne Park 7.0%.
In general, the overall assessment values fell in five upscale municipalities that dominate luxury housing. These municipalities are: Bal Harbour -4.2%, Aventura -3.2%, Key Biscayne -1.5%, North Bay Village -1.5% and Surfside -0.3%. For existing housing the value fell in the following municipalities that are dominated by luxury housing: Sunny Isles -5.3%, Bal Harbour -4.2%, Aventura -4.1%, North Bay Village -3.3%, Key Biscayne -1.6%, Surfside -1.6% downtown Miami -1%, and Golden Beach -0.1%
The taxable values in Broward had a slight increase for all 31 cities in the county. The increase is credited to three trends in 2019, including population growth, new residential and commercial construction. Marty Kiar, Broward County’s tax appraiser said that there were a lot of properties that exchanged hands.
The most relevant increase occurred in the following municipalities: West Park 9.33%, Lauderdale Lakes 7.32%, North Lauderdale 7.22%, Lauderhill 7.02%, and Oakland Park 6.99%. Lazy Lake had the lowest growth (0.33%).
Kiar says that the bigger increase in West Park happened because a lot of people are moving there, while the lowest increase in Lazy Lake is just because it is the smallest community. It covers only a few blocks, with about 20 to 30 homes.
It is encouraging to know that higher tax values don’t necessarily mean higher property taxes. The property taxes are calculated after counties determine millage rates.
Tom Ringel, a founding partner at the Kendall-based law firm Markowitz Ringel Trusty & Hartog said that, even though the economic downturn, and job losses is making it difficult for some homeowners to afford the increased property taxes, litigation is unlikely.
Miami-Dade property owners can review their estimated assessed values online at Miami-Dade website, and can file appeals with the county property appraisers. Miami-Dade homeowners can also ask for quarterly payment plans. Perhaps a legislative miracle happens as Kiar said: you never know what can happen – the Florida Legislature may allow us to consider the pandemic for this year or there may be an executive order that would allow us to do so.”
Appealing the assessment of your property may be worth it if you consider the assessment of your property is inflated; however, before moving into that direction, you may want to consider if it is worth or not to request the assessment appeal. In May, Ringel said: “If you think the assessment is unfair, the cost of litigation with attorney fees may be worth it for those $30 million-plus homes, but not for the $600,000 to $800,000 run-of-the-mill houses. The savings won’t be worth it.”
Hotel owners are already suffering revenue losses from pandemic closures, and may suffer most, Mandler a partner at the downtown Miami-based law firm Rennert Vogel Mandler & Rodriguez, agrees with Ringel. For Mandler it seems like the hardest hit will be for commercial real estate property owners.
The facts are that the high supply of luxury condos and the decrease in foreign buyers caused a slowdown in the Miami-Dade market. So far, Hialeah real estate increased values in 2020. And according to county property appraisers, new construction prices were higher for both counties before COVID-19.
We, at Title Partners of Florida, write and support the real estate transaction closing, including the issuance of title insurance policies through Attorneys’ Title Insurance Fund. We also coordinate searches, title products, and a variety of other services for our clients. Contact us with any questions about our real estate closing services by phone (844) 321-6168 or by email titleinfo@titlepartnersfl.com.
https://titlepartnersfl.com/wp-content/uploads/2017/10/up-arrow-2382831_640.png366640RK Adminhttps://titlepartnersfl.com/wp-content/uploads/2016/02/Title-Partners-Final-logo-small-e1454711286626.pngRK Admin2020-07-13 14:18:582020-07-13 14:18:58Despite the pandemic, real estate values are up in 2020. Here is why.
The March 2020 report from the Miami Association of Realtors, shows an increase of sales in the real estate market. “The Miami real estate market extended its run of solid expansion through March 2020,” said Jorge L. Guerra Jr. the association’s chairman of the board. “While COVID-19 is expected to temporarily impact home sales on a global level, we remain optimistic the robust fundamentals of the South Florida housing market will minimize the impact and sales activity will resume later in the year, as things normalize and pent-up demand builds.”
Here we show the market by the numbers
Miami-Dade
Broward
Sales
Total increase by 43%
Single-family increased by 1.6%
Condos increased by .6%
Sales
Total decreased by 0.18%
Single-family decreased by 1.%
Condos increased by 1.2%
Inventory
Single-family dropped by 1.6%
Condos dropped by 13%
Actual Supply
Single-family 5.5 months of supply
Condos 12.5 months of supply
Inventory
Single-family dropped by 18.6%
Condos dropped by 6.9%
Actual Supply
Single-family 3.7 months of supply
Condos 5.9 months of supply
Median Prices Growth
Single-family increased by 9% from $351,250 to 382,750
Condos increased by 9.8% from $244,950 to $269,000
Median Prices Growth
Single-family increased by 6.8% from $365,000 to 390,000
Condos increased by 6.2% from $2169,525 to $180,000
Luxury Real Estate Market
Price
Prices increased for both single-family homes and condos
Luxury Transactions
Single-family transactions increased by 17.1 %
Condos transactions increased by 46.8%
Luxury Real Estate Market
Price
Prices increased for both single-family homes and decreased for condos
Luxury Transactions
Single-family transactions increased by 18.3%
Condo transactions decreased by 24.2%
Listing Price
More than 90% of properties were sold for or near the asking price.
Listing Price
More than 90% of properties were sold for or near the asking price.
Cash Transactions
Decreased by 32.4% from 35.6% in March 2019
Cash Transactions
Decreased by 35.9% from 37.7% in March 2019
Before COVID-19, South Florida real estate sales were increasing, and even though the market has slowed down, it is expected for the south Florida real estate market to bounce back.
We are here to offer solutions to our clients, even during COVID-19 we have adapted to the needs of our clients and our industry providing many options for closings following social distancing measures from drive-in curbside closings to remote online notarization.
Remote online notarization offers real estate professionals the benefit to close transactions in which one of the parties is out of town, giving them the opportunity to provide a suitable closing experience.
The South Florida real estate industry remains active; there are still opportunities to find buyers and sellers. Realtors and brokers are offering virtual showings and regular showings when it is possible, always following social distancing. Realtors should be using this time to enhance their social media presence, build their following, and gain interested buyers for now as well as after this pandemic ends.
We, at Title Partners of Florida, write and support the real estate transaction closing, including the issuance of title insurance policies through Attorneys’ Title Insurance Fund. We also coordinate searches, title products, and a variety of other services for our clients. Contact us with any questions about our real estate closing services by phone (844) 321-6168 or by email titleinfo@titlepartnersfl.com.
https://titlepartnersfl.com/wp-content/uploads/2020/05/house-2368389_640.jpg426640RK Adminhttps://titlepartnersfl.com/wp-content/uploads/2016/02/Title-Partners-Final-logo-small-e1454711286626.pngRK Admin2020-05-28 16:27:512020-05-28 16:29:59South Florida Real Estate Homes Sales Slight Climbed as COVID-19 Hit
Thank you for being our customer and allow us to help you the very best we can.
At this time of uncertainty, we want you to know we are here to assist you and your clients. We remain open to process your real estate closings.
In an effort to comply with the recommended social distancing guidelines, and prevent the spread of the virus, we are taking precautions to protect you and the public; and asking our customers, to contact us by phone, so we coordinate the closing process in the safest manner, if necessary we’ll make special arrangements.
We are committed to continue providing quality service. We appreciate your understanding as we all do our part while we navigate during this uncertain time period.
Please contact our office at 1-844-321-6168 with any questions you may have or email us at info titleinfo@titlepartnersfl.com
During the process of buying and selling real estate, several documents among the execution of the deed and the mortgage must be notarized; we are happy to share that Florida passed a new bill that allows remote online notarization (RON) for real estate transactions. The House Bill 409 went into effect on January 1, 2020. Florida has joined twenty other states, becoming the 11th new state to adopt RON legislation in 2019, and 21st overall.
Remote online notarization offers real estate professionals the benefit to close transactions in which one of the parties is out of town, giving them the opportunity to provide a suitable closing experience. The House Bill 409 also allows remote notaries to execute fully electronic Wills.
What is RON?
It is a process whereby a signer and a notary public use audio and video communication to notarize the signer’s electronic signature on electronic documents. In states where RON is permitted, personal appearance requirements are met by this interactive audio-video conference. Among other elements, the new law states: “…Whether the signer personally appeared before the notary public at the time of the notarization by physical presence or by means of audio-video communication technology as authorized under part II of this chapter…”
What are the RON requirements?
The transaction must comply with all the Florida state notarial law requirements where the property is located.
The seller, the buyer/borrower, and the lender must give written consent to the transaction.
Consent must be obtained prior to execution of documents electronically.
Underwriters require that RON service providers follow specific procedures to proof identity, and provide a clear quality audio-video recording of the notarial act only, provide a post-execution document record, and have in place a comprehensive vendor security program to ensure data security, such as SSAE 16, SOC2, or ISO27001. There are multiple technology requirements for notarizing an instrument via remote connection.
If the transaction involves the execution of a power of attorney by a remote online notarization or the use of a power of attorney for execution of documents, additional approval is required.
To qualify as a remote notary, a notary must complete a two-hour training course, post a $25,000 bond, and obtain $25,000 of errors and omissions insurance coverage.
More and more we rely on technology to perform important processes in our lives, now anyone can buy or sell real estate, signing and notarizing documents entirely online. As far as the title companies, we are happy to announce that now we can close online in two simple steps.
May you have any questions related to this matter, or you are looking to close on a real estate transaction, and need the services of a title company, or a real estate attorney, please reach out to us today. We are happy to offer you our guidance. We, at Title Partners of Florida, write and support the real estate transaction closing, including the issuance of title insurance policies through Attorneys’ Title Insurance Fund. We also coordinate searches, title products, and a variety of other services for our clients. Contact us with any questions about our real estate closing services by phone (844) 321-6168 or by email titleinfo@titlepartnersfl.com.
https://titlepartnersfl.com/wp-content/uploads/2020/02/Remote-Notarization-Blog.png534589RK Adminhttps://titlepartnersfl.com/wp-content/uploads/2016/02/Title-Partners-Final-logo-small-e1454711286626.pngRK Admin2020-02-04 18:55:102020-02-04 18:56:17Remote Online Notarization (RON) is Now Legal for Real Estate Transactions in Florida
The drop in mortgage rates during 2019 marked a dramatic turnaround from the previous year expectations, when mortgage rates briefly reached 5 percent and the Federal Reserve indicated two interest rate increases. Instead, surging trade wars shivered confidence in the markets, the Fed cut rates and investors —hungry for the relative security of mortgage debt that they were willing to accept lower yields— drove mortgage rates down.
A new decade started and 2020 greets home shoppers with lower mortgage rates compared with 2019. The 30-year fixed-rate mortgage averaged 3.72% this week, compared to 4.51% at the beginning of 2019. In the past two months, the thirty-year rates have floated around 3.7% average, showing some stability in mortgage rates over the last few weeks.
Sam Khater, Freddie Mac’s chief economist said: “The stability is welcome news after the interest rate turbulence of the last year, which caused a slowdown in the housing market and other interest rate-sensitive sectors. The low mortgage rate environment combined with the red-hot labor market is setting the stage for a continued rise in home sales and home prices.”
The national averages with mortgage rates reported by Freddie Mac for the week ending Jan. 2 are as follows:
30-year fixed-rate mortgages: averaged 3.72%, with an average 0.7 point, falling slightly from a 3.74% average a week ago. Last year at this time, 30-year rates averaged 4.51%.
15-year fixed-rate mortgages: averaged 3.16%, with an average 0.7 point, dropping from last week’s 3.19% average. A year ago, 15-year rates averaged 3.99%.
5-year hybrid adjustable-rate mortgages: averaged 3.46%, with an average 0.3 point, rising slightly from a 3.45% average last week. A year ago, 5-year ARMs averaged 3.98%.
The drop in mortgage rates was a save on the budgets of potential homeowners, who could take out larger loans for the same monthly payments; however, economists say housing affordability will become a more pressing issue in 2020, determining where people live and how they spend.
After mortgage rates dropped, home price appreciation accelerated, ending 13 months of slowing home price growth, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index, a measure of home prices.
The National Association of Realtors: The trade association for real estate agents predicts moderate growth in the housing market and continued low mortgage rates. The experts predicts that the low rates will last. It is expected that the 30-year fixed mortgage rate will remain below 4% in the coming year, moving to 3.8% by the end of 2020.
We, at Title Partners of Florida, write and support the real estate transaction closing, including the issuance of title insurance policies through Attorneys’ Title Insurance Fund. We also coordinate searches, title products, and a variety of other services for our clients. Contact us with any questions about our real estate closing services by phone (844) 321-6168 or by email titleinfo@titlepartnersfl.com.
https://titlepartnersfl.com/wp-content/uploads/2020/01/mortga-rates-2020-sm.png6671000RK Adminhttps://titlepartnersfl.com/wp-content/uploads/2016/02/Title-Partners-Final-logo-small-e1454711286626.pngRK Admin2020-01-08 17:11:172020-01-08 17:11:17A New Year Kicks In With Lower Mortgage Rates
The so-called “pocket listings”, “coming soon” listings and listings marketed on private networks outside the Multiple Listing Service (MLS) have been debated for quite a while. Some believe that keeping listings off the MLS reduces the buyers’ options, distorts market data, and may not be in the seller’s best interest.
The subject has been in discussion since 2013 by a work group at the NAR. An advisory board to the NAR developed a recommendation known as the Clear Cooperation proposal designed to foster broker cooperation and address the off-market listings. Finally, after its revision, discussion, and recommendations, at the REALTORS® Conference & Expo in San Francisco, the proposal was approved on November 11, 2019 by the MLS Issues and Policies Committee.
The MLS Policy 8.0 states as follows:
“Within one (1) business day of marketing a property to the public, the listing broker must submit the listing to the MLS for cooperation with other MLS participants. Public marketing includes, but is not limited to, flyers displayed in windows, yard signs, digital marketing on public facing websites, brokerage website displays (including IDX and VOW), digital communications marketing (email blasts), multi-brokerage listing sharing networks, and applications available to the general public.”
Jon Colie, vice president of MLS, industry relations for HomeServices of America, and current chairman of the board for Mid-Atlantic regional BRIGHT MLS said: “The policy doesn’t eliminate private-office exclusives, “coming soon” listings, or even pocket listings, instead, it addresses what he called hybrids, meaning, “We’re marketing it everywhere except the MLS.”
All MLSs must adopt the policy before May 1, 2020. Non-compliance of the policy may include warnings and fines, which will be determined by the local MLS. This policy only affects residential real estate, and it requires listings to be submitted to the MLS if they are advertised to a select group of brokers outside the listing broker’s office. It doesn’t prohibit brokers from taking office-exclusive listings, nor does it impede their ability to meet clients’ privacy needs. The policy intends to bolster cooperation and promote a more constructive and procompetitive impact for consumers.
The Clear Cooperation Policy calls for all MLS participants to input any listing they market publicly, into the local MLS within one day, enabling MLS participants to share listings with the widest audience of potential buyers. The distribution of the listing is pro-competitive and pro-consumer. The goal is to ensure that all buyers have fair access to the full range of residential listings and make the business of selling and buying real estate more transparent.
We, at Title Partners of Florida, write and support real estate transaction closings, including the issuance of title insurance policies through Attorneys’ Title Insurance Fund. We also coordinate searches, title products, and a variety of other services for our clients. Contact us with any questions about our real estate closing services by phone (844) 321-6168 or by email titleinfo@titlepartnersfl.com.
https://titlepartnersfl.com/wp-content/uploads/2019/12/house-for-sale.jpg19201565RK Adminhttps://titlepartnersfl.com/wp-content/uploads/2016/02/Title-Partners-Final-logo-small-e1454711286626.pngRK Admin2019-12-09 10:10:562019-12-09 10:10:56MLS ‘Clear Cooperation Policy’ was Approved by the National Association of Realtors® (NAR)
Despite the pandemic, real estate values are up in 2020. Here is why.
UncategorizedThe estimated taxable real estate value rose for most Miami-Dade municipalities and for all Broward county.
The State of Florida performs property appraisals every year in January. This year, right before COVID-19, the valuation created some agitation in the real estate market.
The preliminary estimated taxable value increased by 4.6% in Miami-Dade, from $307.2 billion in 2019 to $333.7 billion in 2020. In Broward, it grew by 6.14%, from $199 billion in 2019 to $211.2 billion in 2020. The taxable values will be finalized July 1.
The municipalities with highest overall increase in values including new construction in West Miami. These are municipalities dominated by mid-market housing West Miami 12%, Florida City 11.2%, Hialeah 9.6%, and North Miami 9.4%. The value for existing housing grew, being Hialeah the city with most growth 8%, followed by Florida City 7.6%, El Portal 7.6% and Biscayne Park 7.0%.
In general, the overall assessment values fell in five upscale municipalities that dominate luxury housing. These municipalities are: Bal Harbour -4.2%, Aventura -3.2%, Key Biscayne -1.5%, North Bay Village -1.5% and Surfside -0.3%. For existing housing the value fell in the following municipalities that are dominated by luxury housing: Sunny Isles -5.3%, Bal Harbour -4.2%, Aventura -4.1%, North Bay Village -3.3%, Key Biscayne -1.6%, Surfside -1.6% downtown Miami -1%, and Golden Beach -0.1%
The taxable values in Broward had a slight increase for all 31 cities in the county. The increase is credited to three trends in 2019, including population growth, new residential and commercial construction. Marty Kiar, Broward County’s tax appraiser said that there were a lot of properties that exchanged hands.
The most relevant increase occurred in the following municipalities: West Park 9.33%, Lauderdale Lakes 7.32%, North Lauderdale 7.22%, Lauderhill 7.02%, and Oakland Park 6.99%. Lazy Lake had the lowest growth (0.33%).
Kiar says that the bigger increase in West Park happened because a lot of people are moving there, while the lowest increase in Lazy Lake is just because it is the smallest community. It covers only a few blocks, with about 20 to 30 homes.
It is encouraging to know that higher tax values don’t necessarily mean higher property taxes. The property taxes are calculated after counties determine millage rates.
Tom Ringel, a founding partner at the Kendall-based law firm Markowitz Ringel Trusty & Hartog said that, even though the economic downturn, and job losses is making it difficult for some homeowners to afford the increased property taxes, litigation is unlikely.
Miami-Dade property owners can review their estimated assessed values online at Miami-Dade website, and can file appeals with the county property appraisers. Miami-Dade homeowners can also ask for quarterly payment plans. Perhaps a legislative miracle happens as Kiar said: you never know what can happen – the Florida Legislature may allow us to consider the pandemic for this year or there may be an executive order that would allow us to do so.”
Appealing the assessment of your property may be worth it if you consider the assessment of your property is inflated; however, before moving into that direction, you may want to consider if it is worth or not to request the assessment appeal. In May, Ringel said: “If you think the assessment is unfair, the cost of litigation with attorney fees may be worth it for those $30 million-plus homes, but not for the $600,000 to $800,000 run-of-the-mill houses. The savings won’t be worth it.”
Hotel owners are already suffering revenue losses from pandemic closures, and may suffer most, Mandler a partner at the downtown Miami-based law firm Rennert Vogel Mandler & Rodriguez, agrees with Ringel. For Mandler it seems like the hardest hit will be for commercial real estate property owners.
The facts are that the high supply of luxury condos and the decrease in foreign buyers caused a slowdown in the Miami-Dade market. So far, Hialeah real estate increased values in 2020. And according to county property appraisers, new construction prices were higher for both counties before COVID-19.
We, at Title Partners of Florida, write and support the real estate transaction closing, including the issuance of title insurance policies through Attorneys’ Title Insurance Fund. We also coordinate searches, title products, and a variety of other services for our clients. Contact us with any questions about our real estate closing services by phone (844) 321-6168 or by email titleinfo@titlepartnersfl.com.
South Florida Real Estate Homes Sales Slight Climbed as COVID-19 Hit
UncategorizedThe March 2020 report from the Miami Association of Realtors, shows an increase of sales in the real estate market. “The Miami real estate market extended its run of solid expansion through March 2020,” said Jorge L. Guerra Jr. the association’s chairman of the board. “While COVID-19 is expected to temporarily impact home sales on a global level, we remain optimistic the robust fundamentals of the South Florida housing market will minimize the impact and sales activity will resume later in the year, as things normalize and pent-up demand builds.”
Here we show the market by the numbers
Total increase by 43%
Single-family increased by 1.6%
Condos increased by .6%
Total decreased by 0.18%
Single-family decreased by 1.%
Condos increased by 1.2%
Single-family dropped by 1.6%
Condos dropped by 13%
Actual Supply
Single-family 5.5 months of supply
Condos 12.5 months of supply
Single-family dropped by 18.6%
Condos dropped by 6.9%
Actual Supply
Single-family 3.7 months of supply
Condos 5.9 months of supply
Single-family increased by 9% from $351,250 to 382,750
Condos increased by 9.8% from $244,950 to $269,000
Single-family increased by 6.8% from $365,000 to 390,000
Condos increased by 6.2% from $2169,525 to $180,000
Price
Prices increased for both single-family homes and condos
Luxury Transactions
Single-family transactions increased by 17.1 %
Condos transactions increased by 46.8%
Price
Prices increased for both single-family homes and decreased for condos
Luxury Transactions
Single-family transactions increased by 18.3%
Condo transactions decreased by 24.2%
More than 90% of properties were sold for or near the asking price.
More than 90% of properties were sold for or near the asking price.
Decreased by 32.4% from 35.6% in March 2019
Decreased by 35.9% from 37.7% in March 2019
Before COVID-19, South Florida real estate sales were increasing, and even though the market has slowed down, it is expected for the south Florida real estate market to bounce back.
We are here to offer solutions to our clients, even during COVID-19 we have adapted to the needs of our clients and our industry providing many options for closings following social distancing measures from drive-in curbside closings to remote online notarization.
Remote online notarization offers real estate professionals the benefit to close transactions in which one of the parties is out of town, giving them the opportunity to provide a suitable closing experience.
The South Florida real estate industry remains active; there are still opportunities to find buyers and sellers. Realtors and brokers are offering virtual showings and regular showings when it is possible, always following social distancing. Realtors should be using this time to enhance their social media presence, build their following, and gain interested buyers for now as well as after this pandemic ends.
We, at Title Partners of Florida, write and support the real estate transaction closing, including the issuance of title insurance policies through Attorneys’ Title Insurance Fund. We also coordinate searches, title products, and a variety of other services for our clients. Contact us with any questions about our real estate closing services by phone (844) 321-6168 or by email titleinfo@titlepartnersfl.com.
Title Partners COVID-19 Update
UncategorizedDear valued clients,
Thank you for being our customer and allow us to help you the very best we can.
At this time of uncertainty, we want you to know we are here to assist you and your clients. We remain open to process your real estate closings.
In an effort to comply with the recommended social distancing guidelines, and prevent the spread of the virus, we are taking precautions to protect you and the public; and asking our customers, to contact us by phone, so we coordinate the closing process in the safest manner, if necessary we’ll make special arrangements.
We are committed to continue providing quality service. We appreciate your understanding as we all do our part while we navigate during this uncertain time period.
Please contact our office at 1-844-321-6168 with any questions you may have or email us at info titleinfo@titlepartnersfl.com
We are here for you,
Richard Adams
Remote Online Notarization (RON) is Now Legal for Real Estate Transactions in Florida
UncategorizedDuring the process of buying and selling real estate, several documents among the execution of the deed and the mortgage must be notarized; we are happy to share that Florida passed a new bill that allows remote online notarization (RON) for real estate transactions. The House Bill 409 went into effect on January 1, 2020. Florida has joined twenty other states, becoming the 11th new state to adopt RON legislation in 2019, and 21st overall.
Remote online notarization offers real estate professionals the benefit to close transactions in which one of the parties is out of town, giving them the opportunity to provide a suitable closing experience. The House Bill 409 also allows remote notaries to execute fully electronic Wills.
What is RON?
It is a process whereby a signer and a notary public use audio and video communication to notarize the signer’s electronic signature on electronic documents. In states where RON is permitted, personal appearance requirements are met by this interactive audio-video conference. Among other elements, the new law states: “…Whether the signer personally appeared before the notary public at the time of the notarization by physical presence or by means of audio-video communication technology as authorized under part II of this chapter…”
What are the RON requirements?
To qualify as a remote notary, a notary must complete a two-hour training course, post a $25,000 bond, and obtain $25,000 of errors and omissions insurance coverage.
More and more we rely on technology to perform important processes in our lives, now anyone can buy or sell real estate, signing and notarizing documents entirely online. As far as the title companies, we are happy to announce that now we can close online in two simple steps.
May you have any questions related to this matter, or you are looking to close on a real estate transaction, and need the services of a title company, or a real estate attorney, please reach out to us today. We are happy to offer you our guidance. We, at Title Partners of Florida, write and support the real estate transaction closing, including the issuance of title insurance policies through Attorneys’ Title Insurance Fund. We also coordinate searches, title products, and a variety of other services for our clients. Contact us with any questions about our real estate closing services by phone (844) 321-6168 or by email titleinfo@titlepartnersfl.com.
A New Year Kicks In With Lower Mortgage Rates
UncategorizedThe drop in mortgage rates during 2019 marked a dramatic turnaround from the previous year expectations, when mortgage rates briefly reached 5 percent and the Federal Reserve indicated two interest rate increases. Instead, surging trade wars shivered confidence in the markets, the Fed cut rates and investors —hungry for the relative security of mortgage debt that they were willing to accept lower yields— drove mortgage rates down.
A new decade started and 2020 greets home shoppers with lower mortgage rates compared with 2019. The 30-year fixed-rate mortgage averaged 3.72% this week, compared to 4.51% at the beginning of 2019. In the past two months, the thirty-year rates have floated around 3.7% average, showing some stability in mortgage rates over the last few weeks.
Sam Khater, Freddie Mac’s chief economist said: “The stability is welcome news after the interest rate turbulence of the last year, which caused a slowdown in the housing market and other interest rate-sensitive sectors. The low mortgage rate environment combined with the red-hot labor market is setting the stage for a continued rise in home sales and home prices.”
Pending Home Sales Jump
The national averages with mortgage rates reported by Freddie Mac for the week ending Jan. 2 are as follows:
The drop in mortgage rates was a save on the budgets of potential homeowners, who could take out larger loans for the same monthly payments; however, economists say housing affordability will become a more pressing issue in 2020, determining where people live and how they spend.
After mortgage rates dropped, home price appreciation accelerated, ending 13 months of slowing home price growth, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index, a measure of home prices.
The National Association of Realtors: The trade association for real estate agents predicts moderate growth in the housing market and continued low mortgage rates. The experts predicts that the low rates will last. It is expected that the 30-year fixed mortgage rate will remain below 4% in the coming year, moving to 3.8% by the end of 2020.
We, at Title Partners of Florida, write and support the real estate transaction closing, including the issuance of title insurance policies through Attorneys’ Title Insurance Fund. We also coordinate searches, title products, and a variety of other services for our clients. Contact us with any questions about our real estate closing services by phone (844) 321-6168 or by email titleinfo@titlepartnersfl.com.
MLS ‘Clear Cooperation Policy’ was Approved by the National Association of Realtors® (NAR)
UncategorizedThe so-called “pocket listings”, “coming soon” listings and listings marketed on private networks outside the Multiple Listing Service (MLS) have been debated for quite a while. Some believe that keeping listings off the MLS reduces the buyers’ options, distorts market data, and may not be in the seller’s best interest.
The subject has been in discussion since 2013 by a work group at the NAR. An advisory board to the NAR developed a recommendation known as the Clear Cooperation proposal designed to foster broker cooperation and address the off-market listings. Finally, after its revision, discussion, and recommendations, at the REALTORS® Conference & Expo in San Francisco, the proposal was approved on November 11, 2019 by the MLS Issues and Policies Committee.
The MLS Policy 8.0 states as follows:
“Within one (1) business day of marketing a property to the public, the listing broker must submit the listing to the MLS for cooperation with other MLS participants. Public marketing includes, but is not limited to, flyers displayed in windows, yard signs, digital marketing on public facing websites, brokerage website displays (including IDX and VOW), digital communications marketing (email blasts), multi-brokerage listing sharing networks, and applications available to the general public.”
Jon Colie, vice president of MLS, industry relations for HomeServices of America, and current chairman of the board for Mid-Atlantic regional BRIGHT MLS said: “The policy doesn’t eliminate private-office exclusives, “coming soon” listings, or even pocket listings, instead, it addresses what he called hybrids, meaning, “We’re marketing it everywhere except the MLS.”
All MLSs must adopt the policy before May 1, 2020. Non-compliance of the policy may include warnings and fines, which will be determined by the local MLS. This policy only affects residential real estate, and it requires listings to be submitted to the MLS if they are advertised to a select group of brokers outside the listing broker’s office. It doesn’t prohibit brokers from taking office-exclusive listings, nor does it impede their ability to meet clients’ privacy needs. The policy intends to bolster cooperation and promote a more constructive and procompetitive impact for consumers.
The Clear Cooperation Policy calls for all MLS participants to input any listing they market publicly, into the local MLS within one day, enabling MLS participants to share listings with the widest audience of potential buyers. The distribution of the listing is pro-competitive and pro-consumer. The goal is to ensure that all buyers have fair access to the full range of residential listings and make the business of selling and buying real estate more transparent.
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