Transfer taxes on real estate in Florida make it imperative to get good legal & financial advice when you are acquiring property.
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=344647
How Did a Registered Sex Offender Get a Real Estate License In South Carolina?
HOAs & Unlicensed Practice of Law
The Florida Bar Association has a proposal to require Homeowners’ Associations to hire a lawyer for such tasks as sending demand letters for unpaid dues, violations of CCRs, collecting debts, and drafting liens. It is under review by the Florida Supreme Court. The Florida Legislature passed a law last session that would allow the HOA’s managers to continue those administrative duties. It’s unclear whether the Florida Supreme Court’s opinion (requested by the Florida Bar Association) will be affected or how their opinion might be influenced by this new law. There is no set time by which we can expect an opinion from the Florida Supreme Court. Just another budget item to delve into on your HOA financials. Might there be legal risk lurking in how your HOA’s management handles its legal risks? Also verify what is covered for Board members and HOA members within your association’s insurance policies.
Trusting the Economic Statistics on Real Estate
A recent article in Bloomberg News titled “Can You Trust Statistics on U.S. Housing” points out that the stats generated by the government are actually more like looking in the rear-view mirror due to the nature of the process of buying a house which can take months of preparation, actually viewing properties and then the negotiating and closing.
I would add that certain stats purport to measure the same thing, but have different methodologies. You definitely need to know the basis for measurement. By the time the numbers show a definitive uptick indicative of a trend, you may already be behind the curve.
Better to watch and analyze true job growth and where it’s happening!
Water
There is a misguided perception that we have a world water shortage. However, as a long-time Sonoran Desert dweller, I can tell you that you don’t conserve water in the Northeast to relieve drought conditions in the Southwest. There are however, regional and local water shortages and droughts. It is imperative that we do not needlessly pollute the local and regional water supplies where we live. There is a big movement to “eat local” so that fresh food is available in your region without being trucked in at further expense. It stands to reason that you would not want your local food being polluted by your own water supply. Be aware of what’s upstream in your watershed. I used to love poring over U.S. Geological Survey maps as a hiker. Always good to know the lay of the land where you live. Is common sense being utilized to make sure that you even have a water supply to produce food? This is the top basic function of local governments. What happens in the future if people upstream cut off your water supply? What happens if you live in an area with an inadequate water supply? Are current assumptions about water still valid? El Nino may be expected this year, creating or exacerbating new areas of drought conditions. If you are buying investment property in Arizona, make sure you have access to an assured water supply.
A great summer project for kids would be making rain barrels and growing fresh veggies. In the future, this may be even more important to your health and the well-being of your family’s environment, including all your local flora and fauna.
