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New Changes to the Florida Condominium Act

by Kijner & Sons International Realty




On July 1, 2017 several new amendements to chapter 718 of the Florida Condominium Act went into effect. Here is what you need to know if you are looking to rent or buy a condo in the Sunshine State.

  • A unit renter has the right to inspect and receive a copy of the association’s by-laws and rules.
  • The association must issue an estoppel certificate (letter) within 10 business days of receipt of a written electronic request for said certificate.
  • If the estoppel certificate is not delivered within 10 business days from request, no fee may be charged for the preparation and delivery of said estoppel certificate.
  • The estoppel certificate if hand-delivered or sent electronically must be valid for 30 days; and 35 days if sent by regular mail.
  • The fee is limited to up to $250.00. However, for an expedited request to be delivered within 3 business days, the association may charge an additional $150.00. Furthermore, if the owner is delinquent on the payments, the association may charge an additional $150.00.
  • All condominium estoppel certificate must contain the following:
    • Specific assessment information
    • An itemized list of all assessments
    • Regular periodic assessment and frequency
    • Assessments and other moneys to become due
    • If there is a capital contribution fee and the amount
    • Resale fee or any other fee and the amount
    • If there is a right of first refusal to the association or to its members
    • Contact information for all insurances maintained by the association
  • Board of director members are limited to a maximum term of 8 years.
  • Denial of condo documents may be cause for a felony charge.
  • Associations with 150 or more units must post digital copies of the condo documents on its website as of July 1, 2018.

Effective July 1, 2017, Condo Associations and Homeowners Associations will have a limit on the amount they will be able to charge homeowners for an Estoppel Certificate (estoppel letter). The cap is as follows:

  • For Homeowners who are current in their assessments: $250.00
  • For expedited services, to be delivered within 3 days from request: $100.00 extra
  • For Homeowners who are delinquent in their payments: $150.00 extra

This bill also requires certificates to be valid for 30 days if delivered electronically, and 35 days if delivered by mail. This uniformed fee will facilitate accuracy for closing agents when preparing closing estimates for sellers.

If you are looking to rent or buy a condo in Miami Florida, contact us today at info@kijner.com.

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Source: Fortune International Realty

The Difference Between a Condominium and a Cooperative

by Kijner & Sons International Realty





Many people looking to buy a property in New York City are often debating between investing in a condominium or a cooperative. But what is the difference? Before choosing one over the other, let's review their definition, your ownership rights and what every buyer should know before acquiring such properties.

What is a condominium

A condominium is a real property transaction where ownership rights are fee simple, that is, the broadest form of ownership available. You are allowed to you to use and possess your property and you may own your condo in any form you wish (in severalty, as joint tenancy, as tenants in commons or tenants by the entirety).

With a condominium you own real estate - the space inside the unit - and you share in the ownership of the common elements such as the swimming pool, the walkways or the garage. As such, you will receive a deed to your unit that will include an undivided interest in the common areas. You can learn more about your rights in the condominium bylaws. Subletting is possible with some restrictions depending on the condominium building.

What is a cooperative or co-op?

With a co-op, you own share in a cooperative's corporation, which is not real property but personal property. Since you do not own any real estate, you do not have fee simple ownership rights. You own shares which reflect equity in the corporation and instead of a deed, you will receive a proprietary lease and stock certificates.

A cooperative is a not-for-profit corporation, a joint venture with its shareholders, formed for their benefit and governed by them. As such, the cooperative is the one owning the land, the building and all rights and interests. In short, you have a right to occupy your unit and use the common areas and facilities. And of course, unlike with buying a condo unit, we will need to submit a thorough application known as a board package that is unique to each co-op. This package will be reviewed, approved or denied by the co-op board based on a variety of personal and financial documents including but not limited to your purchase application, a contract of sale, employer and personal reference letters, your income tax returns, a financial statement listing assets and liabilities...Finally, subletting is much more restricted and is some occasions, not allowed.  

What is a Condop?

Some of you might have heard of a hybrid between a condominium and a cooperative known as Condops? What is it you ask? 

A condop is a mix-used building where the residential portion (co-op) is separate from the commercial component (condo). This form of property is appealing to many developers or sellers for tax reasons. They retain ownership of the non-residential space in the building that they use for commercial purpose. In a condop, a buyer will receive co-op corporation share and a proprietary lease. Condops are usually based on the 80/20 rule where 80% of the building is used for residential purpose and the remaining 20%, for commercial purpose.

Do you have additional questions? Are you looking to buy a condominium or a cooperative unit in New York City? Contact our Manhattan office today at nyc@kijner.com

How Can Foreigners Purchase Properties in Thailand?

by Kijner & Sons International Realty






One of the mos
t common questions our office receives from prospective investors is: How can Foreigners purchase properties in Thailand?

Kijner & Sons International Realty's Bangkok Office is pleased to offer you this pdf guide answering some of the most recurring questions asked by foreign investors looking to acquire properties in the Land of Smiles. Our guide will cover the following subjects:

> The type of real estate properties in Thailand
> The difference between leasehold and freeholder properties 
> Condominium ownership
> Payment instruction for the purchase of a condominium in Thailand
> Home ownership
> Transfer of ownership

To download KSI Realty's guide, please click here!

Do you have more questions? A special query? We can help! If you are looking to invest in or move to Thailand, contact us at info@kijner.com

You can also look for our latest properties for sale or for rent by visiting www.rentsukhumvit.com/en now!

Investing in Miami this Summer

by Kijner & Sons International Realty

 

Located on the Atlantic coast of the United States in the south of Florida, Miami is a center of finance, commerce, culture, media, entertainment, arts and international trade.
Considered one of the cleanest U.S. cities, Miami has excellent air quality for years, vast green spaces, clean water and recycling programs available throughout the city. Miami is also the only major city in the United States bordered by two national parks, the Everglades and Biscayne National Park to the delight of nature lovers.
The downtown Miami and South Florida, who have a purchasing power of the strongest in the world, home to the largest concentration of international banks in the United States. Miami is not only considered the world capital of the cruise, but also as a fashion capital and culture in its own right thanks to the famous Fashion Week sponsored by Mercedes-Benz and the exceptional Art Basel Miami , one of the most important international exhibitions of modern art.
With more than 12 million visitors a year and a tropical climate, Miami is a major tourist hub. South Beach - considered one of the most glamorous in the world with its concatenation of nightclubs, restaurants, trendy, fashionable boutiques and historic Art Deco buildings - with sandy beaches and water Turquoise, Miami is the ideal place whether you're a night owl or a fisherman Emeritus.
KSI Realty offers a wide selection of properties in Miami, you want to purchase a multi-unit building on Homestead, an apartment on Brickell, a condominium in Coral Gables, a terraced house in Ventura or a villa in Bal Harbor. That you have realistic investment with performance requirements, expatriation for educational or professional reasons or retirement, we have a solution tailor-made!
We invite you to create your free lists of property searches on Miami. This FREE service allows you to find your dream house in the neighborhood or area of ​​your choice. Your first email will detail all the properties currently for sale that match your selection criteria. Then each morning you will receive a list of all new properties for sale and the price changes since your last search. You can edit or delete them as selection criteria and contact us to refine your search. Longer need to rely on manual searches. Complete the e-form via the following link: http://www.homesforsaleinmiamifl.com.realproserver.com and start your auto search now! It's that simple!
Questions, another trip to Miami for the summer holidays in July or August? We remain attentive to your needs support to open your U.S. bank account from France or elsewhere within 72 hours, creating your U.S. company, the transfer of funds absolutely free of charge and intermediation advice in wealth management, legal and accounting necessary to the success of your investment property in Florida!
Finally, find all essential information regarding an investment in Florida under our section "How to Invest in Florida" by reading our special reports:
> Http://www.kijner.com/Comment-investir-en-Floride
> Http://www.kijner.com/Q-R-Floride
> Http://www.kijner.com/LEB5
Our entire staff wishes you a happy summer in sunny Florida!

 


Located on the Atlantic coast of the United States in the south of Florida, Miami is a center of finance, commerce, culture, media, entertainment, arts and international trade.

Considered one of the cleanest U.S. cities, Miami has excellent air quality, vast green spaces, clean water and a recycling program available throughout the city. Miami is also the only major city in the United States bordered by two national parks, the Everglades and Biscayne National Park to the delight of nature lovers.

The downtown Miami and South Florida - which have one of the strongest purchasing powers in the world - are home to the largest concentration of international banks in the United States. Miami is not only considered the "cruise capital of the world", but also as a fashion and culture capital in its own right thanks to the famous Mercedes-Benz Fashion Week and the Art Basel Miami, one of the most important international exhibitions of modern art.

With more than 12 million visitors a year and a tropical climate, Miami is a major tourist hub. From South Beach - considered one of the most glamorous places in the world with its concentration of nightclubs, trendy restaurants, fashionable boutiques and historic Art Deco buildings - to its sandy beaches, Miami is the ideal place whether you're a clubber or a fisherman.

KSI Realty offers a wide selection of properties in Miami. Are you looking for a multi-residential property in Homestead, an apartment on Brickell, a condominium in Coral Gables, a house in Ventura or a villa in Bal Harbor? Are you looking for an income producing property, an expatriation for educational or professional reasons or retirement, we have a tailor-made solution for you!

We invite you to create your free lists of property searches.

http://homesforsaleinmiamifl.com.realproserver.com is a FREE service to help area home buyers find their dream home. Your first email will list all homes currently for sale that meet your search criteria. Then each morning you will be emailed a list of all of the new homes for sale and price changes since your previous search. No more having to rely on manual searches. Fill out the form and start your auto-email home search today! It's just that easy!

Finally, find all essential information regarding an investment in Florida under our section "How to Invest in Florida" by reading our special reports:

http://www.kijner.com/Investing-in-Florida
http://www.kijner.com/Why-investing-in-Florida

http://www.kijner.com/Q-A-Florida

http://www.kijner.com/EB5

Questions? Planning a trip to Miami this summer? Send us an email now at info@kijner.com!

Our entire staff wishes you a great summer in sunny Florida!

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