A raft of new rules enacted by lawmakers and signed by Gov. Charlie Crist will affect nearly everyone - In May 274 new laws passed during the 2010 legislative session: 

As of July 1st the following laws that pertain to Florida real estate went into effect:

Short sales (HB 109):

Changes: Lowers the amount of state taxes residents pay when they sell their homes through short sales, when the sale price is less than the outstanding debt. The state will not collect taxes on the canceled debt, or the difference between the sale price and what is owed on the house.

Impact: Short sales have become common due to the sharp decline in real estate values. Nearly half, or 46 percent, of homeowners in the Fort Lauderdale- Miami market are underwater on their mortgages, meaning they owe more than their house is worth, according to Zillow.com.

Condo renters (SB 1196):

Changes: Homeowners associations can evict a renter if their landlord isn't paying the condo or association fees.

Impact: Many condo owners, particularly investment owners, are in foreclosure and not paying association fees, but still collecting rent checks from their tenants. This law could put renters on the hook to pay the fees or face eviction.

 

 
Posted by Lilliane Roche on 07/14/2010 02:23 PM   Comments (2)  
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2 Comments on NEW FLORIDA LAW ON SHORT SALES AND CONDO RENTERS

JUL
14
2010
1,326,089 Points 37 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Lilliane

Thanks for sharing the information.

Good luck and success.

Lou Ludwig
2:25pm • #1
AUG
07
2010

Nice post Lilliane. What a nightmare these short sales are! I cant wait till we get rid of them! What I dont understand is if the lender does not agree to forgoe the right to seek deficiency judgement, does that still constitute a "cancelled debt"?
11:15pm • #2


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Lilliane Roche

Miami, FL

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Crestview Realty LLC

Address: 854 N.W. 87 Ave. Suite 303, Miami, FL, 33172

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