IMPORTANT! Possible changes to disclosure forms

If Gov. Crist does not veto HB 679, a homeowner's association bill approved by the Legislature in May, there will be revisions to the Homeowner's Association/Community Disclosure form given to buyers of property where membership in a homeowner's association is mandatory. The changes will take effect July 1, 2008, absent the governor's veto and will affect the Comprehensive Rider to the FAR/Bar contract and the FAR Residential Sale and Purchase Contract Comprehensive Addendum.

• Read the language of HB 679

Effective June 30, 2008, Florida law allows landlords to charge liquidated damages or an early termination fee, even if the property is re-rented immediately. This fee is in addition to fees for other damages, unpaid rent or accrued charges.

There are limits and rules that must be followed before a tenant may be charged. The early termination fee cannot exceed two months rent, and the landlord cannot require the tenant to give more than 60 days notice. As before, lost rental proceeds cannot be collected if the unit is immediately re-rented, and those amounts must be deducted from the balance due from the previous tenant.

To collect an early termination fee, a landlord must present the tenant with a separate addendum that offers two choices: The tenant either agrees to pay the fee should he choose to move before the end of the lease period, or acknowledges that the landlord could still seek damages as provided by law.

To read the entire law, click here.

Legislation 2008: Good to go

The following bills - passed during the 2008 session of the Florida Legislature and signed by Gov. Charlie Crist - become effective on Tuesday, July 1:

• SB 464: Prohibits private transfer fees
• HB 601: Reforms to the Department of Business and Professional Regulations
• HB 743: Mortgage fraud regulations
• SB 2860: Property insurance reforms

Go ahead: assign away

What exactly does it mean to assign a contract to another buyer?

“Quite simply, the buyer assigns the rights and obligations of a contract to another to perform and receive benefits of that contract,” says attorney Joe Boyd, managing partner with law firm Boyd, Lindsey & Sliger P.L. in Tallahassee. For example, if Buyer A has a contract on Seller A’s house, and at or before closing Buyer A finds that the property has already appreciated $10,000, then Buyer A might decide to assign the contract to Buyer B for $10,000, thus making a profit on the property before it even closes.

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