Investment Property:How to Manage Tenant Disputes

Investment property can be a lucrative business but no matter how careful you are at selecting your tenants, you will pick bad ones from time to time. That nice young couple will break up, leaving one who can’t afford the rent, or the elderly lady in 1B will turn out to have a no-good nephew. This is serious stuff. No matter how much you personally like your tenants, your relationships with them must remain strictly about business, and you must protect yourself and your investment.

Stick to your guns. The lease spells out the rules and procedures about who lives in the rental property, when the rent is due, whether pets are allowed and so on. You have to stick to the lease and be firm and consistent about it.

• Three common reasons. Typically, tenants and landlords come to loggerheads over one of three reasons: the tenant failed to pay the rent or broke terms of the lease or the landlord wants to reclaim the property after the term of the lease or rental agreement has expired.
• The biggest headache. The most problems come from tenants breaking terms of the lease, because tenants often don’t read leases closely or don’t take them seriously.
• The nuclear option. Your ultimate weapon is eviction, which is a costly and time-consuming legal process, and rules vary from state to state. But it’s there as a last resort.

Keep the lines open. The easiest way to avoid tenant disputes to begin with is to keep your tenants informed about what’s going on around their home, like when painters are coming or a roof is being repaired.

• Regular information. Consider a tenant website or a simple newsletter to keep your renters informed.
• Talk it out. Specific problems with specific tenants should be discussed one-on-one, by telephone or in person. Remember to follow up if you give the tenant a deadline.
• Tougher tactics. If the matter isn’t resolved after your talk, get the tenant’s attention with a “notice to quit.” This document, the first step in the eviction process, informs the tenant that the rent must be paid or the terms of the lease must be in compliance within a certain time frame (say three days to two weeks), or the tenant must move out.

Other options. Short of eviction, you have a few other options.

• Mediation. Many communities offer free landlord-tenant mediation services and for-hire mediators are also available. Mediators try to bring both sides into an agreement and, if both sides are open to the effort, most conflicts can be worked out after just an hour-long session.
• Money. If you want someone out of your building and they aren’t budging, consider offering some cash. An eviction can take weeks, and it can drag on and on. If a little money convinces the tenant to move out by a certain date, the incentive may be worth it.
• Muscle. In many places you can hire the local sheriff’s department to have a uniformed officer deliver legal papers, beginning with the notice to quit. That likely will get the tenant’s attention.

What not to do. Don’t pick a fight and don’t lower yourself to a difficult tenant’s tactics. That’s a no-win situation.

• Don’t be a jerk. You may be justified in losing your temper when a puppy shows up and the lease says no pets. But hold your tongue. You’ll be more effective if you’re simply firm and clear about holding the tenant to the terms of the lease.
• Don’t retaliate. States have very specific laws about what landlords can do and can’t. So don’t change locks, throw possessions on the curb or turn off utilities. Don’t even think about it.
• Don’t drop your end of the bargain. Tenants may feel justified withholding rent payment or deducting the cost of repairs if you haven’t followed through on promised repairs or improvements.

Amy Vulpis is a full-time real estate professional with Balistreri Realty International, Inc. in Fort Lauderdale, FL who specializes in luxury waterfront property.  She is dedicated to providing her clients with superior customer service.  For any questions regarding buying, selling or leasing or more information on the South Florida Real Estate market contact Amy Vulpis, Realtor @ 954.591.4280 or visit www.amyvulpis.com.

This article is for information purposes only.  It is not intended to solicit or give legal advice.  For further information regarding Landlord and Tenant law, please contact an attorney.

“Doggie” Guide to Fort Lauderdale City Parks

Canine Beach

Days: Fridays, Saturdays and Sundays only

Winter Hours: 3 pm to 7 pm Summer Hours: 5 pm to 9 pm (during Daylight Savings Time)

Location: From the centerline of Sunrise Boulevard at A1A, north 100 yards on the beach.

Fees

Annual Permit (January 1 to December 31) $30 per dog (Fort Lauderdale Residents) $45 per dog (Non-Residents) $5 Lost permit replacement

Annual permits must be purchased in-person at 1350 West Broward Boulevard (Monday-Friday, 8:30 a.m. to 4:30 p.m.). Annual renewals may be handled by mail.

Temporary Passes

One-Weekend Permit (Friday, Saturday and Sunday) – $7 per dog

Please see the park ranger on duty for extra pooper scoopers, if needed.

Rules

1. Dogs shall be on a leash at all times.
2. A person walking with a dog must be in possession of a device to properly dispose of any fecal matter deposited by their dog.
3. Dogs shall not create a nuisance by causing any form of disturbance such as excessive barking and/or similar undesirable conduct.
4. The permit holder must carry permit on person at all times when using Canine Beach.

Dog Walking on A1A

Days: 365 days a year

Hours: 6 am to 9 am

Location: West side of A1A from Sunrise Boulevard to the southernmost intersection of Fort Lauderdale Beach Boulevard (A1A) and Seabreeze Boulevard

Fees: Included with purchase of annual Canine Beach permit

Rules: An annual Canine Beach permit is required to walk dogs on the west side of A1A (6 a.m. to 9 a.m.) from Sunrise Boulevard to the southernmost intersection of Fort Lauderdale Beach Boulevard (A1A) and Seabreeze Boulevard.

Note: You can walk dogs on the west side of A1A, north of Sunrise Blvd 24 hours a day (no permit required).

Rules

1. Dogs shall be on a leash at all times.
2. A person walking with a dog must be in possession of a device to properly dispose of any fecal matter deposited by their dog.
3. Dogs shall not create a nuisance by causing any form of disturbance such as excessive barking and/or similar undesirable conduct.
4. The permit holder must carry permit on person at all times when walking dogs on A1A between Sunrise Boulevard to the southernmost intersection of Fort Lauderdale Beach Boulevard (A1A) and Seabreeze Boulevard

Riverwalk Linear Park

Days: 365 days a year

Hours: All day

Location: 20 North New River Drive from SW 5th Ave to SE 2nd Ave (Along the New River in Downtown Fort Lauderdale)

Fees: Free

Rules

1. Dogs shall be on a leash at all times.
2. A person walking with a dog must be in possession of a device to properly dispose of any fecal matter deposited by their dog.
3. Dogs shall not create a nuisance by causing any form of disturbance, such as excessive barking and/or similar undesirable conduct.

Note: Pooper scoopers are available in boxes along the Riverwalk.

Bark Park at Snyder Park

Two fenced acres with agility courses for dogs are available at Bark Park in Snyder Park.

Days: Open 363 days a year (closed Christmas Day and New Year’s Day)

Hours: 7 a.m. – 7 p.m. (Closed every Thursday morning from 8 am to 11 am for cleaning.)

Location: 3299 SW 4th Avenue, Fort Lauderdale, FL 33315

Phone: 954-828-4341

Fees

• Monday – Friday – No charge
• Saturday and Sunday – Fee is included in the park admission fee of $1 per car per hour or $5 per car for the day.

Bark Park Rules

1. All dogs must have current rabies shot. Puppies under four (4) months old are not allowed in the park.
2. Dogs must be on a leash in the parking lot, and on the way in and out of the park. Owners must carry a leash while in Bark Park. No spiked or pinch collars.
3. Owners must remain in Bark Park with dog, clean up after their dog, and monitor the dog’s behavior.
4. If your dog becomes aggressive, it must be removed from the park immediately.
5. No more than three (3) dogs per person are permitted in Bark Park.
6. Rollerblading, roller-skating, and bike riding are not permitted in Bark Park.
7. Dogs in heat, ill and/or with internal or external parasites (fleas, ticks, or worms) are not allowed in the park.
8. Please keep the park gates closed at all times.
9. If your dog digs, it must be stopped and the hole filled in by you.
10. All children under the age of 13 must be accompanied and supervised by an adult.
11. No human food allowed in the park. Treats to be used for training purposes only. Please feed your dog only.

NOTE: Dogs and/or their owners who violate these rules are subject to removal from the park and possible suspension. The City of Fort Lauderdale reserves the right to refuse entry into Bark Park or Snyder Park for the reasons of health, safety, and prior offenses or for the comfort of all patrons and/or their pets. Bark Park is not staffed, use at your own risk.

Dog Swim at Snyder Park

Swimming for dogs is available at Snyder Park’s East Lake. Dog Swim is available every day during park hours. Dog Swim is closed on the first Tuesday and Wednesday of each month for water treatment, and on Christmas Day and New Year’s Day.

NOTE: The canine swim lake will be closed on 03/02/13 due to the Scottish Festival. Bark Park will remain open. Sorry for any inconvenience this may cause.

Fees

• Monday – Friday – No charge
• Saturday and Sunday – Fee is included in the park admission fee of $1 per car per hour or $5 per car for the day.

Non-service canines are not allowed in any other City Parks.

Amy Vulpis is a full-time real estate professional with Balistreri Realty International, Inc. in Fort Lauderdale, FL who specializes in luxury waterfront property.  She is dedicated to providing her clients with superior customer service.  For any questions regarding buying, selling or leasing or more information on the South Florida Real Estate market contact Amy Vulpis, Realtor @ 954.591.4280 or visit www.amyvulpis.com.

First-Time Homebuyer Credit Questions and Answers: Repaying the Credit

Q. Who can claim the credit?

A. In general, for most people, the first-time homebuyer credit is not available for a home purchased in 2011. However, certain members of the uniformed services and Foreign Service and certain employers of the intelligence community can claim the credit for home purchased in 2011, if they are first-time homebuyers or long-time residents of the same main home.

If you qualify for the credit, you must attach the following documentation regarding your main home (as applicable). If you do not attach the documentation, the credit may not be allowed.

Attach a copy of your settlement statement showing all parties’ names and signatures, the property address, the contract sales price and the date of purchase. In most cases, your settlement statement is your properly executed Form HUD-1, Settlement Statement. In locations where the signatures of the buyer and seller are not required, the IRS encourages the buyer to sign the settlement statement before attaching it to the tax return — even if the settlement statement does not include a signature line.

If you are unable to obtain a settlement statement because you purchased a mobile home, attach a copy of your executed retail sales contract showing all parties’ names and signatures, the property address and the date of the purchase.

Q. I heard the laws changed and now this credit does not have to be repaid.

A. The law changed for home purchases in 2009, 2010 and 2011, which does not have a 15-year repayment requirement. The law did not change the 15-year credit repayment requirement for home purchases in 2008.

Q. Do I have to file Form 5405 if I am making an installment payment for a home purchased in 2008?

A. No. If you are making an installment payment for a home purchased in 2008, you do not need to file Form 5405 again.

Q. When must I pay back the credit for the home I purchased in 2009?

A. Generally, there is no requirement to pay back the credit for a principal residence purchased in 2009, 2010 or early 2011. The obligation to repay the credit arises only if the home ceases to be your principal residence within 36 months from the date of purchase. The full amount of the credit received becomes due on the return for the year the home ceased to be your principal residence.

Q. I received the credit and sold my home. How do I repay the credit?

A. If your home was purchased in 2008, all remaining annual installments become due on the return for the year of sale. The repayment is limited to the amount of gain on the sale, if the home is sold to an unrelated taxpayer. If there is no gain or if there is a loss on the sale, the remaining annual installments may be reduced or even eliminated. If the home is sold to a related person, the total amount of the credit must be repaid. Taxpayers may want to consult a tax professional to determine the tax consequences of a sale.

If your home was purchased in 2009 or later, and your home stops being your main home within 36 months from your date of purchase, you may need to repay all or part of the credit. The repayment of your credit is an increase to tax on your tax return for the year the home stops being your main home.

Q. When does my home stop being my main home?

A. Here are examples of when your home stops being your main home:

• You sell the home.
• You transfer the home to a spouse or former spouse in a divorce settlement.
• You convert the entire home to a rental or business property.
• You convert the home to a vacation or second home.
• You no longer live in the home for the greater number of nights in a year.
• Your home is destroyed or condemned.
• You lose your home in foreclosure.
• You die.

Q. When do I repay the full credit?

A. Here are the conditions when you must repay the full amount of the credit:

• You sold your main home to a related person or entity.
• Your home is destroyed, condemned or disposed of under threat of condemnation and you do not purchase or rebuild a replacement home within two years.
• You converted the entire home to a rental or business property.
• You converted the home to a vacation or second home.
• You no longer live in the home for the greater number of nights in a year.

Q. When do I repay all or a part of the credit?

A. Here are the conditions under which you repay all or a part of the credit:

• You sold your main home to a non-related person or entity. You repay the remaining amount of the credit limited to the amount of your gain. Note: when calculating gain or loss on your main home, you reduce your basis by the amount of the credit you received that you have not previously repaid. See Publication 551, Basis of Assets, for more information.
• You lost your home in a foreclosure. You must repay the credit only up to the amount of gain.
• For example, you purchased a principal residence for $95,000 on April 30, 2010, and took the $8,000 credit. You sell  your principal residence to an unrelated person for $90,000 on Feb. 14, 2012. To determine if you must repay any amount of credit, you must adjust the basis of the property by $8,000, which is the amount of the credit you received. The revised basis is $87,000 ($95,000 minus $8,000). The gain on the sale is $3,000, which is the amount of credit that you must repay with the tax return for the year of the sale of the principal residence.

Q. How do I calculate my gain or loss if my property was condemned or disposed under threat of condemnation?

A. We have some examples for you to use.

For homes purchased in 2008: You purchased a principle residence for $95,000 on April 30, 2008, and took the $7,500 credit. The residence was damaged by fire in July 2015 to the point that the residence is uninhabitable. You intended to repair the property; however, you determined in October 2015 that the property could not be repaired. The property was condemned and you were required to seek a replacement residence. You began repaying the credit on your 2010 tax return and continued to pay the annual $500 repayment each year. In April 2017, you purchased a replacement residence. You must continue to repay the $500 per year.

For homes purchased in 2009 or later: You purchased a principal residence for $95,000 on April 30, 2010, and took the $8,000 credit. The residence was damaged by fire in July 2011 to the point that the residence is uninhabitable. You intended to repair the property; however, you determined in October 2011 that the property could not be repaired. It was condemned and you were required to seek a replacement residence. In April 2012, you purchased the replacement residence. You are not required to repay the credit unless you dispose of the replacement residence during the remainder of the 36-month period, until April 29, 2013.

Q. How much is the repayment amount?

A. The total repayment amount is equal to the full amount of the credit received.

Q. Can I repay more than the minimum amount?

A. You must repay at least 1/15 of the credit with every tax return during the repayment period until the year the credit is paid in full. You can choose to repay more than the minimum amount with any tax return. Your final payment may be less than the required minimum amount.

Q. Are there exceptions to the repayment rule?

A. Yes, the most common exception is when the home ceases to be your main home. (Death, the sale or transfer of a home and divorce also can affect someone’s remaining annual installments.)

If your ownership status changes, you must file a Form 5405, First-Time Homebuyer Credit and Repayment of the Credit, with your tax return for the year in which the change occurred. You report your change in ownership status by checking the appropriate box in Part III (Disposition or Change in Use of Main Home for Which the Credit Was Claimed) of the form.

All remaining annual installments become due on the return for the year when the change happens.

Q. What if my spouse dies? Do I have to repay the entire amount of the credit?

A. You are required to pay only half of the remaining credit balance; a deceased spouse’s half is no longer owed. For example, taxpayers who received a $7,500 first-time homebuyer credit on their joint income tax return will have to repay the credit with $500 in additional taxes over 15 years. If a spouse dies, the repayment amount lowers to $250 for the remaining spouse.

Q. Can I find my first-time homebuyer credit account information online?

A. Yes. You can access your account information by visiting our website at www.irs.gov. Look for the First Time Homebuyer Credit Account Look-up under the “Tools” heading on the home page. The application will require that you enter your Social Security number, birth date and complete address. It will display the last 4 digits of your Social Security number, the original amount of the credit, the annual repayment amount, the total amount paid and the total remaining balance. The application allows you to print the account information for your personal records or to share your account information with your tax preparer.

Q. Can I file and make first-time homebuyer tax credit payments electronically?

A. See Form 1040 and the Form 5405 instructions for reporting the repayment.

Q. Where can I find more information on the First-Time Homebuyer Credit?

A. Use the IRS’ First Time Homebuyer Credit Account Look-up to get account information such as the total amount of your credit or your repayment amount.

You can get more information on the first-time homebuyer credit and repayment of the credit from Form 5405 and its instructions.

You can get additional information about how to repay the credit on the First-Time Homebuyer Credit page.

You can also learn more by reading Publication 523, Selling Your Home, and Publication 544, Sales and Other Disposition of Assets.

Amy Vulpis is a full-time real estate professional with Balistreri Realty International, Inc. in Fort Lauderdale, FL who specializes in luxury waterfront property.  She is dedicated to providing her clients with superior customer service.  For any questions regarding buying, selling or leasing or more information on the South Florida Real Estate market contact Amy Vulpis, Realtor @ 954.591.4280 or visit www.amyvulpis.com.

This article is for information purposes only.  It is not intended to solicit or give tax advice.  For further information regarding the first-time homebuyer credit, please contact your tax advisor or attorney. Article Courtesy of IRS.gov

Amy Vulpis, Realtor® Presents Balistreri Realty’s Luxury Portfolio Magazine

Amy Vulpis, Realtor® proudly presents Balistreri Realty’s latest edition of the Luxury Portfolio International Magazine online. Click here or on the cover to the left to see the latest in luxury living, design trends, exceptional home sales, loft style living and much more!

Enjoy nearly 150 pages of content, beautiful photos and information about the most extraordinary luxury properties in the world.

Be sure to look for the Luxury Portfolio International Magazine in the U.S. at Barnes & Noble and on international newsstands in 50+ countries around the globe.

Interested in buying or selling Fort Lauderdale Real Estate?  Contact Amy Vulpis today @ 954.591.4280 or visit 4090 N. Ocean Boulevard, Fort Lauderdale, FL 33308 to experience first class client service.  The difference is in the results!

Amy Vulpis is a full-time real estate professional with Balistreri Realty International, Inc. in Fort Lauderdale, FL who specializes in luxury waterfront property.  She is dedicated to providing her clients with superior customer service.  For any questions regarding buying, selling or leasing or more information on the South Florida Real Estate market contact Amy Vulpis, Realtor @ 954.591.4280 or visit www.amyvulpis.com.

South Florida Sunday Breakfast Brunch “With A View”

Sundays are lazy days. Most of us wake up a little later and plan fun activities before heading back to the grind come Monday. In fact, cooking should be the last thing on your mind.

How about heading outdoors for a meal? The sun is shining, the kids are on vacation, an ocean breeze fills the air, and there’s a Mimosa calling your name.

Here is a list of some great places around South Florida to brunch — with a view.

Broward County, Florida

Bimini Boatyard Bar & Grill: Bring a hearty appetite to this brunch with a view of the Intracoastal. Here you will find a spread of food stations — seafood, omelet, pasta, carving, hot and cold. Bring your yacht (dock space is available on a first-come basis) and listen to the live band.

Must eats: French toast (made with bread imported from Bimini) paired with a do-it-yourself bloody Mary. One mimosa or bloody Mary is included with the meal.

Dress code: preppy boat attire.

Cost: $32.95 (adults), $13.95 (children), free for kids under 5.

Hours: 11 a.m. to 3 p.m.

Where: 1555 Southeast 17th St., Fort Lauderdale. 954-525-7400, Biminiboatyard.com.

Blue Moon Fish Company: Seafood reigns at the Blue Moon, where you can order items such as gumbo, shucked oysters and blackened salmon. To enjoy the Intracoastal view, sit outside where misting fans will cool you off in the hot summer months. One bloody Mary, mimosa or champagne is included with the meal.

Must eats: garlic mussels, crab cakes, Louisiana seafood gumbo.

Dress code: resort attire

Cost: $34.95 adults. Kids under 12 pay the dollar amount of their age.

Hours: 1:30 a.m. to 3 p.m.

Where: 4405 W. Tradewinds Ave., Lauderdale-by-the-Sea. 954-267-9888, Bluemoonfishco.com.

Coconuts: Peanut butter and jelly French toast, shrimp and grits, Maine lobster benedict and spicy bean bloody Mary’s are all some of the tasty treats that make Coconuts’ brunch divine. A must-taste for any foodie, this family-friendly eatery rotates its menu weekly. Park your boat (there is a small amount of dock space) and don’t leave Fido at home — the Intracoastal restaurant is pet-friendly.

Must eats: chocolate chip pancakes, marinated skirt steak

Dress code: come as you are

Cost: $9-$20 per plate

Hours: 10 a.m. to 1 a.m.

Where: 429 Seabreeze Blvd., Fort Lauderdale. 954-525-2421, Coconutsfortlauderdale.com.

North Ocean Grille: For a romantic brunch paired with spectacular ocean views, visit North Ocean Grille inside the Pelican Grand Beach Resort. Menu items include staples such as made-to-order omelets, hand-carved apricot glazed ham, penne pasta, prime rib beef and fresh shrimp.

Must eats: ceviche shrimp salad, vanilla waffles with strawberries, baked Brie en croute

Dress code: hot date

Cost: $39.95 adults, $19.95 kids, free for kids under 4

Hours: 11:30 a.m. to 2:30 p.m.

Where: 2000 N. Ocean Blvd., Fort Lauderdale. 954-556-7667, Pelicanbeach.com.

 

Palm Beach County, Florida

The Circle: If you’re penny pinching these days, Sundays at The Circle inside the Breakers may not be for you. At $90 per person, this elegant spot on the ocean is the place to be seen and impress. Choose from a spread of hot and cold menu items, plus an a la carte menu. Items include traditional breakfast favorites such as Belgian waffles, eggs Benedict, cereals, fresh baked breakfast pastries and muffins, breakfast sausages and potatoes, bacon, fresh fruit and a made-to-order omelet station. Be sure to check out the raw bar that includes Alaskan king crab legs, shrimp, oysters and clams on the half shell, a sushi bar, a domestic caviar station and a smoked fish display.

Must eats: Try everything.

Dress code: only classy

Hours: 11 a.m. to 2 p.m.

Cost: $90 adults, $ 40 kids ages 5-11, $14, children under 3.

Where: One S. County Road, Palm Beach. 561-659-8488, Thebreakers.com.

Deck 84: For a more casual dining experience, head over to Deck 84 where you can pair your meal with a bloody Mary which you can pair with over 20 different ingredients. View: Intercoastal.

Must eats: “24 hour” French toast, quiche of the day, breakfast burrito

Dress code: carefree

Hours: 11:30 a.m. to 2 p.m. Saturday, 11 a.m. to 2 p.m Sunday

Cost: Price: $12-$15 per plate

Where: 840 E. Atlantic Blvd., Delray Beach. 561-665-8484, Deck84.com.

Miami-Dade County, Florida

Cecconi’s: You don’t have to be a member of the Soho Beach House to brunch at Cecconi’s, an Italian restaurant inside the posh hotel where memberships start at $1,000. Its Sunday “feast” features five staple stations including eggs, sweets, a raw bar, a carving station and a cold cuts spread. Don’t forget to tip your bartender, who makes the bloody Marys on top of a rolling cart. Though it doesn’t have a water view, the lush, tropical gardens are spectacular.

Must eats: ricotta pancakes, homemade torta, macaroni and cheese

Dress code: South Beach chic

Cost: $35 per person. A free Bellini or orange juice is included with the meal.

Hours: 11 a.m. to 3 p.m.

Location: 4385 Collins Ave., Miami Beach. 787-507-7902. Cecconisrestaurant.com.

Gibraltar: Relax with a glass of champagne at the Gibraltar inside the Grove Isle Resort on Biscayne Bay. The meal includes unlimited mimosas and access to a sushi station that serves salmon cream cheese rolls, spicy ahi tuna, shrimp tempura, wasabi, soy sauce and ginger.

Must eats: honey teriyaki glazed salmon, tortellini spinach alfredo

Dress code: resort casual

Cost: $55 adults, $20 kids ages 5-12

Hours: 11 a.m. to 3 p.m. 4 Grove Isle, Miami. 305-857-5007, Groveisle.com

Rusty Pelican: With a new menu and renovated look, there’s even more to see at the Rusty Pelican’s weekend brunch. While taking in views of both the ocean and Biscayne Bay, munch on yummy dishes such as caprese, lobster crudo, sashimi, Florida lobster tail and banana cinnamon French toast.

Must eats: homestead tomato gazpacho, surf and turf, steak and eggs.

Dress code: Miami Vice

Cost: $12-$35 per plate

Hours: 11 a.m. to 3 p.m. 3201 Rickenbacker Causeway, Key Biscayne. 305-361-3818, Therustypelican.com

Bianca’s: Before heading to a fashionable pool party, check out the buffet brunch inside Bianca’s at the Delano. While taking in the pool and the ocean, you might even spot a celebrity or two. For $55 per person, enjoy a spread of breakfast and lunch staples.

Must eats: hazelnut French toast, steak and eggs

Dress code: off the runway

Hours: 11 a.m. to 3 p.m.

Where: 1685 Collins Ave., Miami Beach. 305-674-5752, Delano-hotel.com

Amy Vulpis is a full-time real estate professional with Balistreri Realty International, Inc. in Fort Lauderdale, FL who specializes in luxury waterfront property. She is dedicated to providing her clients with superior customer service. For any questions regarding buying, selling or leasing or more information on the South Florida Real Estate market contact Amy Vulpis, Realtor @ 954.591.4280 or visit http://www.amyvulpis.com/.

Fort Lauderdale Real Estate Frequently Asked Questions

General Residential Purchase Questions

Q: How is property tax calculated in Broward?

A: Approximately 2% of your assessed value price and an assessment of local property values of similar residences will set your annual property taxes. If you qualify for the Homestead Exemption, whereby your residence must be your primary residence, you will be required to have a driver license and voters registration card. Visit www.bcpa.net for a home buyer tax estimator.

Q: Tell me about the local school system?

A: The state of Florida takes its school systems seriously. Please visit www.floridasmart.com, go to “Education and School Directory”, to view everything from public to private school ratings as well as links to ratings and assessment sites. You can also visit www.browardschools.com for a school locater.

Q: How long does it take from preparing a sales contract to closing on a residence?

A: This will depend upon whether you are making a cash purchase or financing your luxury residence. Your mortgage adviser will let you know how long to allow for your loan to be processed. A cash transaction can close, subject to title search, within two days. The average settlement time is 30 days from contract to closing. Remember, that if you are purchasing a condominium you may need to allow time for the condominium approval process. It is customary to provide 10% deposit on the contract price upon an effective contract.

Q: Do I need to be present in Fort Lauderdale for the closing?

No, I will work diligently with you from contract to closing and attend the closing on your behalf. Documentation can be sent by courier from the attorney or title company to your address for completion accordingly. In addition, with today’s technology, documents can be sent electronically, as well.

A: Do I need to hire an attorney to handle my luxury real estate transaction?

When transacting to purchase a property in South Florida you are entering into a legal transaction. It is recommended that you have independent legal representation to review your contract and documentation accordingly. Alternatively, you may be working with a title company that has an attorney on staff.

Q: Should I purchase a condominium or a single family residence?

A: This is a very personal choice and really depends upon the type of Florida lifestyle you seek and the amount of time you will spend in your residence.

Boaters often appreciate the convenience of private boat dockage at their residence. If you are looking for minimal maintenance and resort amenities then one of Fort Lauderdale’s condominium communities or a hotel-condominium may be appropriate.

Q: I have a boat – what does my Realtor need to know to assist me in finding the perfect waterfront residence?

A: Ideally, the length, beam and draft of your vessel are important. Also some waterways are not appropriate for sailboats. Please consider your boating requirements as you start your search. For instance the width of a catamaran will prohibit you from living on certain waterways. Each residential area will have setback requirements for boats. By working with a knowledgeable luxury real estate specialists you will avoid any problems or frustrations and find the perfect dockage!

Be diligent when purchasing a condominium or townhouse with deeded dockage to verify the dock number and any rules/regulations that apply.

When is the main sales season? When can I get the best buy?

The seasons are becoming less defined as our population grows but typically the main season runs from the end of September/October to the end of April. This is also when most of our seasonal residents are in town escaping the colder climates both in the US and overseas.

Security is a priority to me as a buyer; please identify the gated and secured communities in the Fort Lauderdale area?

There are three options. For the ocean and beach enthusiast Sea Ranch Lakes is an oceanside community with a village atmosphere. Harbor Beach offers deepwater dockage close to the inlet, a private marina and access to a beach club. Bay Colony also offers deepwater canals and close proximity to the school system, major highways, shopping, etc.

Condominium communities have varying levels of security subject to the building.

As a Foreign National can I obtain financing in the US?

A 25 to 30% down payment will be required. Income documentation is not typically required with a 30% down payment. A US credit report will be obtained regardless of social security status or tax id number. Credit from the country of origin does not necessarily apply. All foreign national borrowers will be required to have a US bank account with an auto debit for mortgage payments.

What do I need to do to prepare for the hurricane season?

The hurricane season typically runs from June to November and South Florida residents are accustomed to preparing accordingly. Your house or condominium may have hurricane shutters or impact glass. If you are going to be away during the season you may wish to shutter the house. Your condominium community will have guidelines for residents in place.

Sophisticated weather tracking usually provides a few days notice for storms approaching.

What about insurance, can I obtain insurance for my residence without any problems?

The sales contract has a provision for obtaining appropriate insurance coverage, please review carefully and ask any specific questions.

If you are considering a condominium the community will have a blanket insurance policy which covers the building and exterior. You will be responsible for the interior and personal belongings.

I am very active outdoors, what does Fort Lauderdale have to offer?

With our seven miles of beaches and 165 miles of waterways, Fort Lauderdale is a water sports paradise. Known as the Venice of America, our waterways offer boat cruises both historic and recreational, water “buses” for downtown travel, gondola rides and personal recreational boating along the Intracoastal Waterway to the ocean. Over eighty city parks cover our county from neighborhood playgrounds to sprawling acreage offering tennis, field games, bike tracks and hiking trails. Nature seekers will enjoy canoeing, hiking, picnics, fishing, camping and RV parking at sites like Hugh Taylor Birch Recreation Center right on A1A across from the ocean. Western Fort Lauderdale opens to Everglades National Park and the Seminole Indian Reservation for wildlife expeditions, bird watching and airboat rides, to name a few. There are endless outdoor opportunities in this tropical locale.

Please tell me about the main cultural attractions.

Because of our outstanding, tropical climate, Fort Lauderdale enjoys year-round cultural events. The Broward Center for the Performing Arts, the Florida Grand Opera, and the Fort Lauderdale International Film Festival are the crown jewels of our performing arts centers. Sport centers include tennis centers and the Fort Lauderdale Aquatic Complex which houses the Swimming Hall of Fame. Our beaches and parks are unsurpassed, attracting worldwide vacationers year-round. Visit www.sunny.org/visitors/ for a more in-depth search of available attractions.

I believe that a luxury condominium lifestyle is most appropriate for me, What do I need to know?

The following questions answer the most frequent concerns:

What are my responsibilities as a condominium owner?

There will be a set of rules and regulations for the condominium community you are considering. These will be given to you at the time of contract for your review within a specified time period. This time period is usually three days for resales and ten for new construction. It is important to please ask any questions OF your realtor and/or the condominium board at this stage. Outside of the rules and regulations you are free to enjoy your condominium which is easy to lock up and leave at any stage.

What about animals, the family pets?

Many of the newer condominiums allow most breed of dogs, there will be a wider choice with smaller dogs. There may be weight and size, possibly even breed, restrictions. Tell us what type of pets you have as you start your search to ensure the widest choice of pet friendly communities.

What does the condo fee include typically?

The maintenance fee is either paid monthly or quarterly. This preset amount will be disclosed to you at contract together with any assessments which are pending at that time. The fee will include the building management insurance, maintenance, pool maintenance, security, valet, exercise rooms and common areas, water, possibly cable. I would be happy to obtain a list for you of what is included.

Can I review the condominium financial records?

Yes, these records will be provided to you at the time of contract and are usually included with your Rules and Regulations package. Please review and ask any questions accordingly within the time period on your contract.

Is there a personal interview process involved?

The condominium approval process varies from community to community. You will be required to fill out an application for a background check into any criminal activity. A credit report may also be requested. After your interview (either in person or by telephone – subject to the community) you should be issued with a letter of approval which should be taken to the closing (and will be required by your mortgage lender).

Any additional questions or concerns, please contact me directly.  I am available 24/7 for all your real estate needs.

Amy Vulpis is a full-time real estate professional with Balistreri Realty International, Inc. in Fort Lauderdale, FL who specializes in luxury waterfront property. She is dedicated to providing her clients with superior customer service. For any questions regarding buying, selling or leasing or more information on the South Florida Real Estate market contact Amy Vulpis, Realtor @ 954.591.4280 or visit http://www.amyvulpis.com/.

Military Veteran’s FAQ VA Guaranteed Home Loan Program

Q: What is a VA Guaranteed Home Loan?

A: VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home which must be for their own personal occupancy. The guaranty means the lender is protected against loss if you fail to repay the loan. The guaranty replaces the protection the lender normally receives by requiring a down payment allowing you to obtain favorable financing terms.

Q: What is pre-purchase counseling and why is it helpful?

A: Pre-purchase counseling gives a person information on (1) the process of buying a home, (2) the key players in the home buying process, and (3) debt management. The goal is to create a better informed homebuyer. While VA does not require such counseling, we strongly recommend it. There is usually no charge for the housing counseling. An excellent online source of information for first time homebuyers is provided by Ginnie Mae.

To locate a housing counseling office call (800) 569-4287 or visit HUDs website. The Department of Housing and Urban Development (HUD) maintains both the phone number and website.

Q: Does my entitlement guarantee that I will get a home loan?

A: No, VA cannot compel a lender to make a loan that would violate their lender policies. Lenders must also comply with VA income and credit standards. If a lender is unwilling to make a loan to you, we can only suggest that you try other lenders.

Q: How much is my entitlement?

A: Your basic entitlement is $36,000. For loans in excess of $144,000 to purchase or construct a home, additional entitlement up to an amount equal to 25 percent of the VA county loan limit for a single family home may be available. VA county loan limits, which can change yearly, are available at this link. The loan limits are the amount a qualified veteran with full entitlement may be able to borrow without making a downpayment.

Q: How do I get a Certificate of Eligibility?

A: Web LGY: It may be possible to obtain a Certificate of Eligibility from your lender. Most lenders have access to the Web LGY system. This Internet based application can establish eligibility and issue an online Certificate of Eligibility in a matter of seconds. Not all cases can be processed through Web LGY – only those for which VA has sufficient data in our records. However, veterans are encouraged to ask their lenders about this method of obtaining a certificate.

You can apply for a Certificate of Eligibility by submitting a completed VA Form 26-1880, Request For A Certificate of Eligibility at the VA website or request proof of your military service. In some cases it may be possible for VA to establish eligibility without your proof of service. However, to avoid any possible delays, it’s best to provide such evidence.

Q: How do I obtain a VA Home Loan?

A: Here are the steps:

• Select a home and discuss the purchase with the seller or selling agent. Sign a purchase contract conditioned on approval of your VA home loan.
• Select a lender, present them with your Certificate of Eligibility if available, and complete a loan application. The lender can also obtain a Certificate of Eligibility on your behalf. http://www.academymortgage.com/mortgageproducts/VALoans
• The lender will develop all credit and income information. They will also request VA to assign a licensed appraiser to determine the reasonable value for the property. A Certificate of Reasonable Value will be issued. Note: You may be required to pay for the credit report and appraisal unless the seller agrees to pay.
• The lender will let you know the decision on the loan. You should be approved if the established value and your credit and income are acceptable.
• You (and spouse) attend the loan closing. The lender or closing attorney will explain the loan terms and requirements as well as where and how to make the monthly payments. Sign the note, mortgage, and other related papers.

Q: What are the benefits of a VA home loan?

A: There are many benefits of a VA Home loan:

• Equal opportunity.
• No down payment (unless required by the lender or the purchase price is more than the reasonable value of the property).
• Buyer informed of reasonable value.
• Negotiable interest rate.
• Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5% and exemption for veterans receiving VA compensation).
• Closing costs are comparable with other financing types (and may be lower).
• No mortgage insurance premiums.
• An assumable mortgage.
• Right to prepay without penalty.
• For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
• VA assistance to veteran borrowers in default due to temporary financial difficulty.

Q: What can VA not do?

A: Guarantee that a home is free of defects. VA guarantees only the loan. It is your responsibility to assure that you are satisfied with the property being purchased. The VA appraisal is not intended to be an “inspection” of the property. You should seek expert advice (a qualified residential inspection service), as necessary, BEFORE legally committing to a purchase agreement.

If you have a home built, VA cannot compel the builder to correct construction defects although VA does have the authority to suspend a builder from further participation in the home loan program.

VA cannot guarantee that you are making a good investment. VA cannot provide you with legal services.

Q: Should I have my home checked for Radon?

A: While Radon testing is not required, it is encouraged. For information on Radon and how to test, please read the Environmental Protection Agency guide found at this link.

Q: Is a guaranteed loan a gift?

A: No, it must be repaid, just as you must repay any money you borrow. If you fail to make the payments you agreed to make, you may lose your home through foreclosure.

Q: Can I get a loan for a home outside of the United States?

A: Unfortunately, the law only allows VA to guarantee loans on property in the United States, its territories, or possessions.

Q: Can I get a VA loan if I have had a bankruptcy in the last few years?

A: The fact you and/or your spouse have been adjudicated bankrupt does not in itself disqualify you for a VA home loan. The following rules apply:

• If the bankruptcy was discharged more than 2 years ago, it may be disregarded
• If the bankruptcy was discharged within the last 1 to 2 years, it is probably not possible to determine that you and/or your spouse are a satisfactory credit risk unless bothof the following requirements are met:
  • you and/or your spouse have reestablished satisfactory credit, and
  • the bankruptcy was caused by circumstances beyond your and/or your spouses control (such as unemployment, medical bills, etc.)
• If the bankruptcy was discharged within the past 12 months, it will not generally be possible to determine that you and/or your spouse are satisfactory credit risks.

Q: Why do I have to pay a fee for a VA home loan? Since I paid a fee for my first loan, why is there a larger fee for my second loan?

A: The VA funding fee is required by law. The fee is intended to enable the veteran who obtains a VA home loan to contribute toward the cost of this benefit, and thereby reduce the cost to taxpayers. The funding fee for second time users who do not make a down payment is slightly higher. The idea of a higher fee for second time use is based on the fact that these veterans have already had a chance to use the benefit once, and also that prior users have had time to accumulate equity or save money towards a down payment. First and second time users who make a down payment of at least 5 percent pay a reduced funding fee of 1.5 percent, the same as first time users making the same down payment. For a 10 percent down payment, the fee drops to 1.25 percent. The effect of the funding fee on a veteran’s financial situation is minimized since the fee may be financed in the loan. National Guard and Reservist veterans pay a slightly higher funding fee percentage. To determine the exact funding fee percentage, please review the funding fee table. Note: If you currently receive disability compensation your funding fee can be waived by the VA.

Q: I want to buy a house with a VA loan. Do I need to occupy the property?

A: The law requires that you certify that you intend to occupy the property as your home. This requirement is considered satisfied if you actually intend to occupy the property as your home and in fact so occupy it when the loan is closed or within a reasonable time afterward.

Q: I am a single veteran stationed overseas and want to buy a home in my home town. My friends who are married can do this with their spouses occupying the property in their place, but VA says I can’t do this with my parents or other relatives occupying on my behalf. Isn’t this discrimination against single veterans?

A: The law specifically provides that occupancy by the veteran’s spouse satisfies the personal occupancy requirement. The law makes no provision for occupancy by any other relatives as a substitute for personal occupancy by the veteran.

Q: May a veteran join with a non veteran who is not his or her spouse in obtaining a VA loan?

A: Yes, but the guaranty is based only on the veteran’s portion of the loan. The guaranty cannot cover the nonveteran’s part of the loan. Consult lenders to determine whether they would be willing to accept applications for joint loans of this type. Lenders that are willing to make these types of loans will likely require a down payment to cover risk on the unguaranteed, nonveteran’s portion of the loan. Unlike other loans, the lender must submit joint loans to VA for approval before they are made.

Both incomes can be used to qualify for the loan. However, the veteran’s income must be sufficient to repay at least that portion of the loan related to the veteran’s interest in (portion of) the property and the nonveteran’s income must be adequate to cover the rest.

Q: If a veteran dies before the loan is paid off, will the VA guaranty pay off the balance of the loan?

A: No. The surviving spouse or other co-borrower must continue to make the payments. If there is no CO-borrower, the loan becomes the obligation of the veteran’s estate. Mortgage life insurance is available but must be purchased from private insurance sources.

FAQ courtesy of Department of Veterans Affairs. For additional information regarding your VA Home Loan visit http://www.benefits.va.gov/homeloans/

Amy Vulpis is the wife of a Marine and full-time real estate professional with Balistreri Realty International, Inc. in Fort Lauderdale, FL who specializes in luxury waterfront property. She is dedicated to providing her clients with superior customer service. For any questions regarding buying, selling or leasing or more information on the South Florida Real Estate market contact Amy Vulpis, Realtor @ 954.591.4280 or visit http://www.amyvulpis.com/.