Florida Buyer Agent

People relocate to South Florida for a few reasons; retirement, job opportunity, second home, tax savings, lifestyle, and to be closer to family to name just a few.

Relocating to a new state or region can feel overwhelming, especially when it comes to settling into an unfamiliar community. Whether you’ve moved locally before or this is your first big relocation, there’s more to it than just packing boxes and changing addresses.   Finding the right city or neighborhood will make all the difference in your satisfaction with your decisions.

Here are a few  key tips to help make the transition smoother, from using online resources to connecting with locals, so you can start feeling at home before you even relocate.

If you have moved locally before, you know the bureaucracy that comes with every move:

• Change your address on your driver’s license and other ID
• Register to vote, if you are a citizen or becoming a Florida resident
• Move your utility services to the new location
• File a post office change of address
• Register your children in the local school
• Find new doctors…and more

Just like when you are moving locally, there will be lifestyle activities that you should explore before moving:

• What is the commute between work and home, school and home?
• Does the new location have access to activities you enjoy now?
• Where are the religious or social centers like those you belong to now?

How to explore potential places that I’ll enjoy in the new region.

Use Internet Resources: Start by seeking out the types of local information you rely on now, but specific to your new location.

Explore online news outlets like THE PATCH or local newspapers.  Join local social media groups, which often give a sense of the community. Just like in your current area, you’ll find a mix of people—some helpful, some not—but these groups can offer valuable insights.

Check out religious and cultural organizations that align with your interests. Their websites often list their mission and activities calendars, which can help you connect with like-minded people even before you arrive. Many also offer newsletters or online communication platforms that are great for staying in the loop. Research schools, crime statistics, demographic information, weather and more to fully understand how a move will impact your way of life.

Networking: Start by asking friends, family, or colleagues if they know anyone in your new area. Personal introductions can be invaluable in helping you get settled and learn more about your new community.

Pre-move Vacation: Consider spending a week or two in your new town or city to get a feel for the place. Use this time to meet with people who can assist with your move and try out activities you already enjoy—whether it’s sports, theater, religious services, hiking, or even attending a local event. Engaging in these activities will help you connect with locals and give you a sense of whether the area aligns with your lifestyle.

Consider a Two-Step Move: Evaluate whether it’s less stressful to rent for a year before buying a home. Each approach has its own benefits and challenges. Renting allows you to test the waters, while buying right away offers a sense of permanence—but either way, the decision should be based on your comfort level and finances.

Develop a Relationship with a Local Exclusive Buyer’s Agent: A local exclusive buyer’s agent is a valuable resource when moving to a new area. They have in-depth knowledge of the region and can guide you to community activities and resources that will ease your transition. Their expertise can help you navigate your home search while also connecting you with local networks.

Filed under: Blog, Boca Raton real estate, Down Sizing, EBA, Exclusive Buyer Agency, First Time Homebuyers, Florida Buyer Agent, Florida Exclusive Buyer Agent, Florida Real Estate, Foreign Home Buyers, Home Buyer Advice, Home Buyers, Homebuyer Advice, International Home Buyers, Moving Apps, Real Estate, Relocation, Retirement, second home, South Florida Real Estate, Tax deductions, Uncategorized, vacation home by Kim Bregman
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A new Florida law requires people who sell their home must disclose to buyers if they’ve ever filed a flood insurance claim or received federal assistance related to flood damage. It currently applies to homeowners and excludes landlords.

Before HB-1049, property owners and real estate agents selling homes in Florida did not have to tell buyers about a property’s risk for flooding.

It is no secret that Florida has a history of extreme weather and flooding. Nevertheless, sellers were not required to disclose the flood tendencies and risks associated with their homes prior to October 1, 2024. Enter HB 1049, which bridges this gap by requiring explicit flood disclosures in real property sales.

Sellers must inform buyers of the following:

• Flood insurance disclaimer. The form clarifies that homeowners’ insurance does not cover flood-related damage and encourages buyers to secure separate flood insurance.

• Flood claims and assistance. Sellers must disclose whether they have filed claims or received federal assistance for flood damage, including from FEMA or the National Flood Insurance Program (NFIP).

For the purposes of the disclosure, the bill defines “flooding” as the general or temporary overflow of inland or tidal waters, surface water accumulation, or sustained standing water from rain.

Property insurance and flood insurance are two separate policies. I have always advised my clients to purchase flood insurance regardless of whether or not their home is in a FEMA designated flood zone. Weather in Florida is unpredictable and with climate change, more areas that never were prone to flooding can now be in a situation where there is historical rain fall in a short period of time.  Since we are at sea level, there is no place for the water to quickly disburse and will rise in the streets and lakes.

HB 1049 signals a change in the tides for the Florida real estate market, offering buyers a clearer view of potential flood risks and fostering much-needed transparency in residential property sales.

Filed under: Blog, Boca Raton real estate, EBA, Exclusive Buyer Agency, Flood Insurance, Florida Buyer Agent, Florida Exclusive Buyer Agent, Florida Real Estate, Florida real estate law, Home Buyer Advice, Home Buyers, Homebuyer Advice, Homeowners Insurance, Hurricane Preparedness, Insurance Claims, real estate news, South Florida Real Estate by Kim Bregman
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As required by the recent National Association of Realtors Settlement Agreement, starting August 17th, 2024, all real estate brokers providing brokerage services to a buyer will be required to have the buyer execute an Exclusive Buyer Brokerage Agreement before touring any homes.

Buyers should know that after Aug. 17:

·      If you are a buyer and your agent is using an MLS, you will need to sign a written agreement with your agent before touring a home so you understand exactly what services will be provided and for how much.

·      Written agreements are required for both in-person and live virtual home tours.

·      You do not need a written agreement if you are just speaking to an agent at an open house or asking them about their services.

·      Agent compensation for home buyers and sellers continues to be fully negotiable.

An Exclusive Buyer Brokerage Agreement is a contract between a real estate broker and a potential homebuyer. Florida has 4 different variations of the Agreement. The Agreements differ by the type of representation provided by the Broker, including single agent, transaction broker, single agent with consent to transition to transaction broker, and no brokerage relationship. Under each Agreement, the buyer commits to working exclusively with the Broker in their search for a property in exchange for a commission paid by the buyer to the Broker, with certain caveats. In return, the Broker agrees to represent the buyer’s interests, providing professional advice, market insights, and negotiation skills to secure a contract for the buyer.

Florida’s Exclusive Buyer Agreements:

• Exclusive Buyer Brokerage Agreement–single agency:

This agreement may be used when a broker wishes to act as a buyer’s agent and be paid commission by the buyer. It establishes an exclusive, single agency representation with a buyer and provides for a retainer fee.

• Exclusive Buyer Brokerage Agreement–transaction agency: This form may be used when a broker wishes to act as a buyer’s agent and be paid commission by the buyer. It establishes an exclusive, transaction agency representation with a buyer and provides for a retainer fee.
• Exclusive Buyer Brokerage Agreement–no brokerage relationship:

This form may be used when a broker wishes to act as a buyer’s agent and be paid commission by the buyer. It establishes an exclusive, no brokerage agency representation with a buyer and provides for a retainer fee.

• Exclusive Buyer Brokerage Agreement–transition from single agency to transaction agency: This form may be used when a broker wishes to act as a buyer’s agent and be paid commission by the buyer. It establishes an exclusive, single agency representation with a buyer and provides for a retainer fee, with a right to transition into transaction agency.
• Showing Agreement (SA-3x): This form may be used to create a buyer’s commission agreement based on a one-time showing of property.

The form of representation a buyer or seller selects will bind the entire brokerage and not just an agent/licensee working at the firm. A buyer wanting single agent representation binds the entire brokerage to a single agent relationship.

Florida does not permit dual agency so if there is a home listed by the same firm, the single agent would have to slide back, with your consent, to being a transaction broker.

Many brokerage firms do not permit single agent representation as a company policy for several reasons. The possibility of selling “in-house” properties is hampered if single agency is utilized to any extent. Less talked about and a more significant reason why larger brokerages only all transaction brokerage is the fact that higher levels of service require a higher level of knowledge by all agents in their firm. The lack of experience is a source of higher liability to the brokerage.

Florida Statute Regarding Brokerage Relationships

Filed under: 2024 real estate, Blog, Boca Raton real estate, Buyer Compemsation, CEBA, EBA, Exclusive Buyer Agency, Florida Buyer Agent, Florida Exclusive Buyer Agent, Florida Real Estate, Home Buyer Advice, Home Buyers, Homebuyer Advice, NAR, NAR Legislation, Real Estate, real estate news, South Florida Real Estate by Kim Bregman
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Approximately 50% of Floridians live in communities governed by homeowners associations (HOAs), sometimes referred to a property owners associations (POAs).  These associations, which govern various aspects of community living, such as property maintenance and shared amenities, can provide numerous benefits but may impose certain restrictions on homeowners.

To make informed decisions while purchasing a home governed by a homeowners association (HOA), prospective buyers must be aware of the rules set forth by the HOA and how those rules interact with local ordinances and state laws.

One advantage of purchasing a property under an HOA is the access to various amenities. Many communities boast shared facilities such as swimming pools, clubhouses, fitness centers, tennis and pickleball, or spas, which may be included in the dues residents pay. Additionally, HOAs often are responsible for maintaining common areas to include, but not limited to, security gates, roads, lighting, sidewalks, landscaping, and exterior building maintenance, ultimately enhancing the overall neighborhood utility and aesthetics. A HOA may also have dispute resolution procedure in place to assist with conflicts between neighbors, management and more.

Living within an HOA-governed community might have certain restrictions related to architectural modifications or pet ownership. Additionally, fees required for upkeep and management could impact affordability depending on individual financial circumstances. Therefore, buyers should consider their desires for autonomy versus communal support while evaluating properties in association-controlled neighborhoods.

After considering the advantages and disadvantages of purchasing a home within an HOA community.  Should you decide that an HOA community is appealing to you, it is essential to go deeper into the specifics of the prospective association.  Thorough examination of the governing documents like covenants, conditions, and restrictions (CC&Rs), bylaws, rules and regulations, financial statements, reserve studies, insurance policies, and any other pertinent documentation will further evaluate if the specific community is where you want to make an investment in a home.

These documents will provide important information on architectural control guidelines, assessment obligations (including special assessments), dispute resolution procedures, rental restrictions, pet policies, parking rules, and maintenance requirements and more.

Here are some of the documents you need to request and review when reviewing an HOA in advance of purchase commitment.

Financials

Annual due and fees, special assessments, fines and fees and other budgeted expenses and necessary information a buyer needs when evaluation their total financial obligation when purchasing a home.  At a minimum a budget, balance sheet and audited financials should be reviewed in advance of finalizing a purchase decision.

Declaration of Covenants, Conditions, and Restrictions (CC&Rs)

This is a legally binding document that is officially recorded for all registered homeowners associations (HOAs)and filed with the State. The CC&R covers the rights and obligations of the HOA to its members and vice-versa.  The goal of the CC&Rs is to protect, preserve, and enhance property values in the community.

Bylaws

The community’s bylaws establish the structure of day-to-day governance of your homeowners association and duties of the Board. This includes things like:

• Frequency of HOA board elections
• Process for nominating and electing new board members
• Number of members that serve at one time
• Length of board member service terms
• Meeting frequency and quorum requirements
• Duties and responsibilities of board members

Rules and Regulations

When you purchase a home in a community governed by an HOA you are agreeing to abide by all rules and regulations specified in the governing documents. Your community’s Rules & Regulations are a catch-all for the things that aren’t covered in the CC&Rs or Bylaws. These are often the rules that might need revising over time due to changes in the community.

Every document can be changed and is done so with Amendments.  Make sure you request all these, as well, for review.

Equipped with this knowledge about what financial membership entails within an HOA community in Florida will enable buyers to make informed decisions regarding if the property is suited to your needs and desires.

Filed under: 2022 Real Estate, 2024 real estate, Blog, Boca Raton real estate, CEBA, contracts, Down Sizing, EBA, Exclusive Buyer Agency, First Time Homebuyers, Florida Buyer Agent, Florida Exclusive Buyer Agent, Florida Real Estate, HOA, Home Buyer Advice, Home Buyers, Homebuyer Advice, homeowners association, POA, Property Owners Association, Real Estate, Real Estate Investment, real estate news, Relocation, Retirement, second home, South Florida Real Estate, Uncategorized by Kim Bregman
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An exclusive buyer’s agent (EBA)is hired to help you with a big monetary decision, which is also a big personal decision. There is a wide variety in the quality of that fiduciary (financial) advice you will get, depending on the agent you choose.

An EBA is required to help their client get the best price and the best terms for the property that they want to buy. They are bound to help protect their client’s financial interests throughout the buying process.

How does buyer brokerage work? 

The company – traditional offices:

An agent who works with a buyer — and has a contract to give that buyer representation — is a buyer’s agent. The vast majority of buyer’s agents work in companies alongside other agents who represent sellers. In those companies, most work with both buyers and sellers. Whenever a buyer puts in an offer for a house listed by that company, the head of that office is a dual agent. Both agents want the highest price for the Seller …they are sub-agents of the Seller.

The company – exclusive buyer brokerage:

That’s why exclusive buyer brokerages are different. They are a small number of companies who don’t help sellers get the highest price for their house or condo. Instead, exclusive buyer’s agents (EBAs) work in firms that only help buyers buy properties. Exclusive buyer’s agents have no colleagues in the office who are trying to sell any particular house or condo. They are not invested in you buying any particular home; they want you to use your money to get what works best for you.

How do exclusive buyers agents help buyers?

Because EBAs don’t list properties for sale, they become buyer experts. They work only in the financial interests of buyers, so they can think clearly about how to get the best place for the best price.

They become experts in what are typical good points and bad points of local housing stock and neighborhoods. They can tell you whether the house you like is typical in your price range or if it is really special. They are free to share negatives, too, to help you avoid problems later.

In order to be fiduciary advisors, EBAs provide a buyer-centered view of the current value of a property you might want to buy. EBAs provide a comparative market analysis to give you an idea of what the property is worth before you decide on a price. Based on the market analysis, and the potential competition for the property, and how much you like it, an EBA will help you decide on a negotiation plan.

Because EBAs work only with buyers, they develop a reputation in the real estate market for having exceptionally prepared buyers.

Because EBAs work with buyers only, they develop a network of lenders who get your mortgage done on time at a competitive price, inspectors who look long and hard for defects in the property, and attorneys who will protect your rights.

What should a buyer ask an agent before hiring them?

• In the past year, how many sellers have you represented? How many buyers have you represented?
• If you run into an unusual situation, who do you go to for advice?
• Tell me about a recent success.
• Tell me about a recent problem with a house and how you handled it.
• Can I have three references?

Filed under: 2024 real estate, Blog, Boca Raton real estate, CEBA, EBA, Exclusive Buyer Agency, Exclusive Buyer Agent, First Time Homebuyers, Florida Buyer Agent, Florida Exclusive Buyer Agent, Florida Real Estate, Foreign Home Buyers, Home Buyer Advice, Home Buyers, Homebuyer Advice, NAR, NAR Legislation, Real Estate, Real Estate Closings, Real Estate Investment, real estate news, South Florida Real Estate by Kim Bregman
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