Florida homebuyers and sellers can breathe a sigh of relief. Effective July 1, 2024, House Bill 979 simplifies the process of obtaining estoppel certificates, a key step in real estate transactions.
Estoppel certificates verify that a homeowner is current on their community association fees and dues. They are essential for closing a sale, but obtaining them can sometimes be a frustrating hurdle. Prior to this new law, associations could impose fees for these certificates, leading to unforeseen costs and potential delays in the closing process.
House Bill 979 tackles these concerns by:
Prohibiting community associations from charging unauthorized fees: The law ensures transparency by banning associations from charging unapproved fees for estoppel certificates.
Establishing clear guidelines: The bill lays out a clear framework for the process, making it easier for both buyers and sellers to navigate.
These changes promote fairness and predictability in real estate transactions. Buyers will no longer face unexpected fees, and sellers can move forward with confidence knowing the closing process will be smoother.
What this means for you:
Reduced closing costs: Eliminating estoppel certificate fees can potentially lower closing costs for homebuyers.
Faster closings: Clear guidelines and streamlined procedures can expedite the closing process.
Increased transparency: The new law promotes a more transparent real estate market by ensuring clear communication regarding fees.
House Bill 979 is a welcome change for anyone buying or selling property in a community association in Florida. It fosters a more efficient and fair real estate market, benefiting both buyers and sellers.
House Bill 979 is a welcome change for anyone buying or selling property in a community association in Florida. It fosters a more efficient and fair real estate market, benefiting both buyers and sellers.
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