Many of the most problematic mortgage loans made in Florida were on Miami condos and condos in general. As a result, Fannie Mae has altered its guidelines for high risk Florida condo mortgage loans, as of January 15, 2009. Two of the most important requirements in the new guidelines for Florida condo mortgage loans for Fannie Mae are the following:
1. New and newly converted condominium projects must have at least seventy percent (70%) of the total number of units in the project sold and closed, or be in contract to be used as a principle residence or second home. Formerly, the requirement was fifty-one percent (51%) of total units.
2. No more than fifteen percent (15%) of the total number of units can be thirty (30) days or more past due on their condo association fees.
Although these restrictions are troublesome for buyers, they are an important step towards creating less risky mortgage loans and a more stable real estate market in both the near and long term.
http://www.southptc.com/florida-home-refinance-mortgage.html
Filed under Miami Real Estate News, Real Estate Law Tips by 
Real Estate Transaction Power of Attorney Tips
A power of attorney (“POA”) is a legal document which allows an individual to authorize a second individual to act on his or her behalf in order to carry out his or her will. This often occurs when the purchaser or seller of a property is not available to execute the necessary purchase and sale documents, or loan documents, and a spouse or other trusted individual is given the authority to execute the documents for the absent party. A Florida Real Estate Power of Attorney used to transfer or encumber real estate title has particular requirements. The following are five tips to remember when using a Power of Attorney for a Florida real estate transaction:
1. A Florida Real Estate Power of Attorney must include the term(s) “to sell and convey” or “to purchase and acquire” or “to execute any and all mortgage or other documents encumbering the property” or other language specifically directing authority to transfer or encumber real estate. although a POA without these terms may also be valid, correct terminology will usually eliminate title insurance underwriter closing delays.
2. A Florida Real Estate Power of Attorney must be clearly executed by the party granting authority, and must include two witnesses.
3. A Florida Real Estate Power of Attorney must be properly notarized. The Notary Public can also be one of the witnesses.
4. A Florida Real Estate Power of Attorney must include the address or legal description of the specific subject property.
5. A Florida Real Estate Power of Attorney must be in recordable form if it will be used to execute a recordable document because it must be recorded along with the other closing documents.
Contact Christian N. Folland, Esq., a Florida Bar Certified real estate attorney at 786.276.9900 or cfolland@southptc.com for all your Miami Florida real estate law and Miami Florida title insurance needs.
Folland & Associates, LC, a full service real estate law firm in Miami Beach, FL 33139, and South Pointe Title Company, are owned and operated by Christian N. Folland, Esq.
http://www.southptc.com/real-estate-closing-attorney-miami.html
http://www.southptc.com/florida-real-estate-contract.html
Filed under Miami Title Insurance, Real Estate Law Tips by
Great news for Florida condo buyers! According to the Florida Association of Realtor’s recent reports, the price of a condo dropped 37 percent from February 2008 to February 2009. The statewide existing condo median sales price last month was $109,300 while in February 2008 it was $173,900. NAR reported the national median existing condo price was $174,400 in January 2009. Although these numbers are depressing for sellers, and are greatly impacted by REO sales, it means there great deals out there for buyers, especially those with cash.
http://www.southptc.com/florida-home-refinance-mortgage.html
Filed under Miami Beach Short Sales, Miami Real Estate News by
As detailed by the Florida Association of Realtors, beginning Jan. 1, 2009, Florida real estate condo sellers (who are not developers) must provide potential buyers the Florida Department of Business and Professional Regulation (DBPR) disclosure form, detailing the rights and responsibilities of condominium boards and unit owners, voting rights, meeting notices and other governance matters. This Condominium Governance Form is now available in PDF form from the Florida Department of Business and Professional Regulation web site.
http://www.southptc.com/florida-real-estate-contract.html
Filed under Miami Real Estate News, Real Estate Law Tips by
The Florida Attorney General recently stated that mortgage fraud in Florida has reached a state of emergency level. For the last few years real estate mortgage fraud, and now credit-repair and debt-relief fraud in Florida have been some of the worst in the country, according to Florida Attorney General Bill McCollum.
Be wary of any entity promising you that they can save your from foreclosure and take care of your upside down mortgage and repair your credit, especially when they demand substantial fees up front.
http://www.southptc.com/foreclosure-attorney-miami-florida.html
http://www.southptc.com/short-sale-miami-florida-attorney.html
Filed under Miami Florida Foreclosure, Miami Real Estate News by
The days of 1000+ daily net in-migration of new residents to Florida, as experienced early in the decade is down by 90%, as reported by the Florida Association of Realtors in March, 2009. This will clearly have an effect on the real estate and housing market even with current low prices.
http://www.southptc.com/miami-beach-real-estate.html
Filed under Miami Real Estate News by