New Real Estate-Related Bills Passed By Florida Legislature Became Effective July 1

By  //  July 2, 2015

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Legislature and signed by Gov. Rick Scott

A number of real estate-related bills passed by the 2015 Florida Legislature and signed by Gov. Rick Scott become effective tomorrow, July 1.

A number of real estate-related bills passed by the 2015 Florida Legislature and signed by Gov. Rick Scott become effective tomorrow, July 1.

A number of real estate-related bills passed by the 2015 Florida Legislature and signed by Gov. Rick Scott become effective July 1. They include:

Flood insurance

SB 1094 expands an effort that began last year to establish a private, primary flood insurance market so property owners have an alternative to the National Flood Insurance Program.

It allows insurers to offer “flexible” flood insurance coverage that, among other things, may be for an agreed upon amount or cover only the building, and not personal property or additional living expenses.

Condominium termination

HB 643 ensures that bulk buyers cannot force condo owners out of their homes without providing adequate compensation.

Drones

The commercial operation of a drone is still prohibited, but SB 766 will exempt a “person or entity engaged in a business or profession licensed by the state.” This exemption will prove valuable to Realtors when such activities are permitted.

Citizens Property Insurance Corporation

HB 715 allows some coastal properties that would have lost Citizens coverage due to reconstruction or renovation to maintain their coverage as long as the building does not exceed 125 percent of its original size.

Flood Insurance Guarantee Fund (FIGA)

SB 836 lengthens the amount of time insurance companies have to pay assessments to FIGA, the fund that pays the claims of insurers who go bust. This change is designed to attract private market capital to the state.

Recovery residences

HB 21 establishes a voluntary process for recovery residences – also known as “sober homes” and often located in residential areas – to become state certified. Federal regulations greatly restrict the state’s ability to govern sober homes.

In addition, two other laws went into effect earlier this month.

On June 1, SB 608 gave the Florida Real Estate Commission the ability to reinstate null & void licenses when a hardship occurs. It also allows a brokerage to temporarily appoint a broker of record in the event of a death or other unexpected situation; and clarifies certain appraiser and appraisal management company recordkeeping requirements.

On June 2, HB 779 allowed buyers of foreclosed properties to provide a notice to the tenant that has the effect of a lease termination. The bill allows the tenant to remain in possession of the property for 30 days following receipt of the notice.

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ABOUT THE AUTHOR

Bobby Freeman

Bobby Freeman, a life-time resident of Brevard County, has been a top Realtor in the area for two decades. In his first year as an agent, Freeman received a Rising Star award from his Brokers. Since then he has achieved numerous sales awards and has recently been presented with the prestigious RE/MAX Hall of Fame Award.

Freeman, Jennifer McCoy and Nikki McCoy Freeman are family partners for RE/MAX Elite’s McCoy-Freeman Group. Together they have more than 30 years of extensive experience in all aspects of the real estate industry and have sold over $200 million.

Among McCoy-Freeman Group’s achievement are RE/MAX Hall of Fame, RE/MAX 100% Club, Certified Distressed Property Experts (CDPE), Accredited Buyer’s Representative (ABR) and voted Best Realtor in Brevard County.

The group has been featured in many news publications including CNN Money Magazine, CNNMoney.com, WFTV 9 ABC News, Coastal Condo Living, & Hot Retirement Towns Magazine and SpaceCoastDaily.com.

For more information log on to BrevardRealtyConnection.com

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