Tenants Now Paying Association Dues

The story is common all over Key West in the down turn of our economy. An investor owns a condo or townhouse, they owe more on the property then it is worth so they stop making payments. In the following years that it takes to foreclose the property is rented and the owner continues to collect the rent, but not pay the mortgage company or the association. At this point the association falls short of money and has to postpone needed repairs and maintenance or collect more money from the owners who are current. This puts a burden on the association and their members. It also has a negative effect on property values by making it harder for a new buyer to get financing. When their mortgage company sees a high number of owners not paying the association it makes no difference how good their credit is the property won’t qualify.

A new law passed by the Florida legislature makes it easier for condo and homeowner associations to collect back dues owned to them. They now have the right to collect the rent directly from the tenants until the dues are current. If the tenant is ordered to make a payment to the association, it counts as rent credit. The tenant pays the remaining balance to the landlord. For example, if a lease agreement calls for the renter to pay $600 a month including $100 association fees, traditionally they would have paid the whole amount to the landlord. Now, under the law, the tenant would pay the landlord $500 and the association $100.

When a renter is required to pay the association directly, they should keep a copy of the notice from the association seeking payment, as well as cancelled checks and/or receipts. If the landlord demands the entire $600, the tenant should send them copies of the documents and receipts showing their payments to the association.

“If the landlord files an eviction, it’s very important that the tenant doesn’t sit back and assume the payment to the association will protect them; they need to answer the eviction lawsuit,” In this situation the Landlord will not be able to evict the tenant for nonpayment only the condo association can. The law helps the tenant if they are doing what they’re supposed to do while the landlord isn’t.

FOR IMMEDIATE RELEASE

JOANNE TARANTINO Earns NAR Short Sales and Foreclosure Certification Buyers and Sellers Benefit from REALTOR® Expertise in Distressed Sales

JOANNE TARANTINO with PRUDENTIAL KNIGHT GARDNER REALTY has earned the nationally recognized Short Sales and Foreclosure Resource certification. The National Association of REALTORS® offers the SFR certification to REALTORS® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.

According to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or foreclosures. For many real estate professionals, short sales and foreclosures are the new “traditional” transaction. REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.

“As leading advocates for homeownership, REALTORS® believe that any family that loses its home to foreclosure is one family too many, but unfortunately, there are situations in which people just cannot afford to keep their homes, and a foreclosure or a short sale results,” said 2009 NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “Foreclosures and short sales can offer opportunities for home buyers and benefit the larger community, as well, but it’s extremely important to have the help of a real estate professional like a REALTOR® who has earned the SFR certification for these kinds of purchases.”

The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk, and provides resources to help REALTORS® stay current on national and state-specific information as the market for these distressed properties evolves. To earn the SFR certification, REALTORSÒ are required to take one core course and three Webinars. For more information about the SFR certification, visit www.REALTORSFR.org or call 1-877-510-7855.

Gulfview Townhouse Just Reduced!

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3 Bedroom, 2.5 Bath Townhouse

Beautiful open water Gulf views in gated community. Out door deck area w/private pool & fountains. 2 upstairs balconies. Hurricane shutters for all windows. Carport with storage. One owner is a real estate licensee. Total annual insurance costs are $3,370. Bank is local and a decission would be made quickley.

MLS Link: http://keywestmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Keywest&PRGNAME=MLSLogin&ARGUMENT=8Aaav9tRjeIvgJEhSou08sKFOwQm9%2Bn%2BuJYQHXtJPOI%3D&KeyRid=1

Joanne Tarantino - CRS

Prudential Knight & Gardner Realty

(305) 294-5155 x244 ~ (305) 304-2012

(305) 295-0946 Fax

Joanne1kw@gmail.com

http://www.kwhomes.net

http://joannetarantino.blogspot.com/

"TALL on Real Estate Service"

REDUCED...Las Salinas Condo W210...$214,900

Just Reduced to $214,900
2 Bedroom, 2 Bath Condo @ Las Salinas, Unit W210
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MLS Link: http://keywestmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Keywest&PRGNAME=MLSLogin&ARGUMENT=NzmSemIBeFaKPHiL6Z0GkmZErtccBEFzKIYRIizIhJQ%3D&KeyRid=1

Joanne Tarantino - CRS
Prudential Knight & Gardner Realty
(305) 294-5155 x244 ~ (305) 304-2012
(305) 295-0946 Fax
Joanne1kw@gmail.com
http://www.kwhomes.net
http://joannetarantino.blogspot.com/
"TALL on Real Estate Service"