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 […]
Florida lawmakers filed more than 3,500 bills in the last legislative session, from which 200 made it through the House and Senate. Some of the new laws are already in […]
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.
Florida lawmakers filed more than 3,500 bills in the last legislative session, from which 200 made it through the House and Senate. Some of the new laws are already in effect, some are effective starting July 2019, other will be effective in October 2019. Florida’s Realtors should beware, the new legislation will impact Realtors and their clients in different ways. Here we list each rule with a summary of each:
Preventing Unlicensed Real Estate Activity
The new law has set aside up to $500,000 to fight unlicensed real estate activity.
Money for Affordable Housing Projects
The government budget has $200 million for affordable housing programs, of which $115 million is included to assist Panhandle residents whose properties were devastated by Hurricane Michael.
Property Owner Bill of Rights and Tree Trimming
The new Senate bill 1400 contains measures requiring county property appraisers to publish a list of constitutionally protected property rights on their websites. They also allow property owners to trim or remove trees on their property without consequence as long as they have a letter from a certified arborist or landscape architect stating the tree is a danger.
Banning Vegetable Garden Restrictions
A new law prevents local governments from regulating homeowners’ vegetable gardens. The topic emerged after a Miami Shores couple had to grub up their vegetable garden due to a local ordinance. Note: this does not apply to homeowners associations (HOAs) rules.
Assignment of Benefits (AOB) Reform
The insurance process known as AOB passed in the form includes limitations on the ability of contractors to recover attorney fees if they are successful in court. This is commonly referred to as one-way attorney fees and the primary incentive behind AOB abuse.
Flood Insurance
The new law requires insurers issuing homeowners insurance policies to add a disclosure about the importance of flood insurance to policies that does not include flood coverage. The disclosure must be included in the initial policy and each renewal.
Property Insurance “Omnibus” Bill
The new law allows insurers to provide multi-policy discounts to homeowners who purchased homeowners and auto policies from the same agent. It raised the cap for reimbursement from the Florida Hurricane Catastrophe Fund for loss adjustment from 5 to 10 percent for contracts issued after June 1, 2019; pledge that applicant and agents of workers’ comp insurance don’t require to notarize their sworn statements; establish several updated for the Florida Surplus Lines industry, including abolishing the prescriptive cap agent policy fees, replacing it with a requirement that the fee be “reasonable” and separately disclosed to the customer. It also decreased the residential dwelling replacement to $700,000.
Fire and Life Safety Systems for Condos
The deadline for high-rise condominiums to be retrofitted with fire sprinklers or another engineered life safety system, was extended, postponing the effective date from Dec. 31, 2019, to Dec. 31, 2023.
Texting While Driving Ban
The new law is more severe than the Florida’s existing ban on texting, emailing and instant messaging while driving. Texting while driving is now a primary offense, meaning law enforcement can stop a vehicle solely for texting while driving.
Environmental Funding
Significant amounts of funding have been set aside to preserve Florida’s natural resources and combat environmental problems such as blue-green algae and red tide. More than $625 million will be used for things like Everglades restoration, completion of the project that will raise Tamiami Trail, springs restoration, beach restoration projects, a red tide/blue green algae task force and a septic-to-sewer cost-share program.
Fighting Red Tide
In addition to the environmental funding, $3 million a year for the next six years are set aside for the Florida Red Tide Mitigation and Technology Development Initiative – a partnership between the state and Mote Marine Laboratory to develop technologies that can control and mitigate red tide and its impact.
Providing More Structure for Beach Restoration Projects
The new law intends to remove the arbitrary selection and assigning of funds for specified beach management projects, and the related requirements for the Department of Environmental Protection (DEP) to develop and maintain. It also requires a comprehensive long-term beach management plan throughout Florida.
New Options for Wetlands Mitigation Projects
The approved rule allows developers in areas lacking private wetlands mitigation credits to partner with local governments to mitigate on publicly-owned conservation land.
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 […]
Effective July 1, 2019 Florida New Law and its Impact in Real Estate
UncategorizedFlorida lawmakers filed more than 3,500 bills in the last legislative session, from which 200 made it through the House and Senate. Some of the new laws are already in […]