Richard Vasquez
(305) 975-8653
Vasquez.r@EWM.com

 
Thursday, May 4, 2017
Tags:   Condo Living

Estoppel Fees are charged to sellers for Estoppel Letters.

Estoppel Letters are defined as a legal document provided by the seller's Homeowner's or Condominium Owner's Association, outlining the current owner's financial standing, past due balances, current fees due and lists all future special assessments due. You need an estoppel letter in order to close a sale in a condo or homeowners association.

 

Up until now there has been no cap on the fee that the associations are allowed to charge for the fee for the estoppel letter. As a result, greedy associations have been charging whatever they feel like. 

I  have heard stories from Florida Realtors where "property owners have been forced to pay across the state – like an estoppel letter that cost $1,610 on the sale of a property that was sold for $190,000."  Which is just plain highway robbery!

 

However thanks to our Realtors that spoke out and went to Rally on Tally as well as well as RPAC (Realtor Political Action Committee) legislative initiatives there is good news to report!  On 4/28/2017 Florida Realtors scored a big legislative victory regarding the estoppel fee reform, Florida Realtors was pleased to announce that HB 483/SB398 passed and was sent to Gov. Scott for his signature and will go into effect July 1st 2017.

 

The new fee reform "HB 483/SB 398 cap the fees that community association management companies can charge for estoppel certificates at $250 for unit owners who are current in their assessments. An additional $100 can be charged for "expedited" estoppel certificates (delivered within three business days), and another $150 can be charged for owners who are delinquent in their assessments. This is a maximum of $500 for an expedited, delinquent estoppel certificate".

 

Another Realtor victory in the efforts to support homeownership!

 


 
Sunday, March 12, 2017
Tags:   First Time Home Buyers

Florida is one of the toughest states for a first - time home buyer according to South Florida Business Journal and a study by Bankrate.com. It is listed in the Top 25 most difficult. Richard Vasquez has worked with many a first time buyer of a condo who had given up on their hopes to buy a home after they had been rejected by their personal banks. Many buyers do not know that the project of owning a first property should begin with a realtor who is well connected to expert mortgage brokers who seem to work magic in getting that first home loan. A condo in Florida has its own unique considerations when applying for a mortgage. It is very unprofessional to go see listings without a pre-qualification letter in hand. EWM has nurtured some of the best mortgage brokers in the business. Start off your dream to own... on a good footing once you know the area you would like to live in and how much think you can afford. You then find a realtor specialist in the neighborhood you would like to be living in… and make sure the next step is to get that pre-qualification letter. Your realtor will then set up a tour of properties that are the best possibilities. It takes years of experience to know how to schedule a tour that moves smoothly and efficiently from one property to another. Once a property is selected there are about 15 more steps to master until the dream of ownership is no longer a dream. Richard Vasquez loves working with first time buyers simply because they are the most appreciative buyers. Lord Lauderdale 305-975-8653


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Updated: Tuesday, November 20, 2018

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Legistlature passes estoppel certificate fee reform
Estoppel Fees are charged to sellers for Estoppel Letters. Estoppel Letters are defined...

Florida is tough for first time buyers
Florida is one of the toughest states for a first - time home buyer according to South Florida...

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