Tali's Florida

Two new bills recently signed by Govenor Crist are very beneficial to anyone considering a purchase of real estate in Florida. First, the Distressed Condominium Relief Act (SB 1196) does away with a requirement that individual condo unit owners carry hazard insurance. Also, investors purchasing block of condos are no longer assumed to be developers and so do not have developer's responsibilities and liabilities. It also lets a condo association decide whether or not to retrofit a building with sprinkler systems and removes mandatory retrofits of sprinkler systems in condos over 75 feet. This is a huge relief to struggling associations, many of whom could not afford the costs asociated with a retrofit.

Living in a house tainted with Chinese Drywall. Well, with bill HB 965, property appraisers must  adjust the assessed value of single-family residential properties affected by tainted drywall. If the home cannot be used for its intended purpose without remediation or repair, the value of the property must be assessed at $0. To qualify, a home must have imported drywall that causes a significant impact on the just value of the property. Also, the buyer must not have been aware of the presence of the tainted drywall at the time of purchase. This tax break will hopefully allow owners to remediate the problems and either live in their homes safely or sell.

So much affects the value of Florida real estate - call me if you need information or if you're thinking of investing in a florida property.
561-866-9372

tali@floridianinternational.com
http://www.talisellsflorida.com/