Law

The NAR settlement is now in effect nationwide and introduces major changes to the residential real estate industry. Key impacts include the prohibition of listing any agent or broker commissions on the MLS, requiring direct negotiation between buyers and sellers representatives regarding such compensations. This is a stark contrast to how real estate transactions had been conducted for nearly a century.

Florida HB 1021, Condo 3.0, mandates regular structural inspections, stricter reserve funds, and enhanced transparency for condo associations. It requires board members to undergo training on fiduciary duties and conflict-of-interest policies. The bill promotes mediation for dispute resolution to reduce litigation. These measures aim to improve safety, financial stability, and governance within Florida's condominium communities.

The recent NAR settlement brings transformative changes for sellers of real property by removing the obligation to compensate buyer's agents through MLS and allowing for more flexible, individualized commission negotiations. Set to take effect in mid-July 2024, these adjustments grant sellers greater control over their transaction costs and require a more strategic approach to property listings and sales.

For buyers navigating the complex landscape of real estate, the recent settlement by the National Association of Realtors (NAR), effective mid-July 2024, heralds significant changes. This shift in commission structures and the push for greater transparency promise to reshape the home-buying process nationwide. This overview highlights the pivotal adjustments and their implications, underscoring the importance for buyers to stay informed and seek expert advice to confidently embrace these changes.

In a landmark move, the National Association of REALTORS® (NAR) and plaintiffs have agreed to a tentative settlement aimed at resolving a series of lawsuits concerning the traditional structure of broker commissions. This agreement, expected to take effect in mid-July 2024, has piqued the interest of both industry insiders and the general public, as it represents a pivotal shift in the real estate sector.

The 2023 Florida Legislature has extended the Hometown Heroes program with an additional $100 million, effective from July 1, 2023, expanding eligibility and increasing the maximum loan amount. Eligible first-time homebuyers with a minimum credit score of 640 and earnings less than 150% of their area's median income can apply for the program to receive up to $35,000 in down payment assistance.

Florida's Senate Bill 264, the "Interests of Foreign Countries" law, passed with overwhelming support. It restricts certain foreign individuals/entities from buying Florida properties, based on specified conditions. It bars foreign principals from acquiring agricultural land or having significant indirect interests.

Florida Governor DeSantis has approved a bill allowing landlords to offer tenants the option of paying monthly fees in lieu of a security deposit. Advocates believe it provides relief to tenants facing steep rental costs by eliminating large upfront sums. Critics, however, express concerns over the lack of an upper limit on these fees and the non-refundable nature of the payments.