Posted by acw on August 31, 2008 at 04:50:02:
Looks similar to the Condo purchase rule.
However, this one will cause trouble for those who are buying on the street. Having a property under agreement may not be sufficient to tie a deal Down.
New Legislation and Florida Investors - Long - Posted by jonah - FL
Posted by jonah - FL on August 22, 2008 at 17:20:06:
I keep hearing about new legislation, possibly still to be signed by the Governor, which is putting strict requirements on Florida investors who are dealing with homeowners in foreclosure or about to be in foreclosure. Evidently a disclosure document will have to be signed by every homeowner before you can work with that homeowner. The new rules will even stipulate the minimum size of the type to be used in every document presented to a homeowner for signature. There will be strict enforcement of these new rules.
Can any Florida investors point me to the new legislation or tell me how best I can locate it. I would appreciate any assistance.
Re: New Legislation and Florida Investors - Long - Posted by Ken-Orlando
Posted by Ken-Orlando on August 23, 2008 at 15:13:12:
Use the above link to see HB 643. The exceptions made for Attorneys and Realtors in the bill had been removed before it was passed. There are exceptions for 501 c 3’s, Hud, and the lenders.
Re: New Legislation and Florida Investors - Long - Posted by Ken-Orlando
Posted by Ken-Orlando on August 23, 2008 at 14:58:02:
It is H.B. 643 and has already been passed into the Statutes. The new law is effective October 1st 2008. Basically it makes it almost impossible to avoid excessive fines iao $15,000 for each infraction (as well as jail time) when buying a foreclosure with equity after the Lis Pendens is filed. Even Attorneys and Realtors are not exempt.
I heard Joe Seagle, an Orlando Attorney explain the new law a couple of weeks ago. He can be reached at www.seaglelaw.com or 407-770-0100.
Before it was passed into Law HB 643 was massaged and the exemptions made in the bill for Realtors and Attorneys were removed.
Re: New Legislation and Florida Investors - Long - Posted by acw
Posted by acw on August 22, 2008 at 21:36:56:
Probably just some BS disclosure. Don’t see how the gov can reg/inforce this. Get the disclosure signed…and you’re good to go.
Re: New Legislation and Florida Investors - Long - Posted by jonah - FL
Posted by jonah - FL on August 23, 2008 at 21:56:59:
Thanks to those who responded and for your time. Your answers will help so much.
Jonah - FL