Video Summary

 

I’m going to do something a little different. This is going be an update on flood insurance legislation. I usually do not read; however, this is so comprehensive or has a long list of items, I have to refer to a report that I have, so you have to pardon me if I read this, but sort of give you an update, I think it’s timely as to where we are as far as flood insurance is concerned.  Here are some of the highlights. It caps the annual flood insurance increases to 18 percent for properties built after 1975 and if you went ahead and had to pay an outrageous premium before 1975, you can see about applying for a refund.

 

There is grandfathering, which is reinstating, which means if you built your house, or the house was built pursuant to the FEMA guidelines, well then it’s grandfathered in and you’ll keep getting the same flood insurance premium. The grandfathering now stays with the property, so that if you sell the property, it doesn’t necessarily mean that you have to have a new, that it triggers any change, so even if you sell the property, the flood insurance rating or whatever stays the same. Residential policy holders will incur a $50.00 surcharge annually and for businesses and second homes, the surcharge is $250.00. Next, FEMA will strive to reach a goal where the premium is no greater than one percent of the coverage of the property. So, if you had a $200,000.00 house, then your premium, they’re trying to keep it at $2,000.00. They have gone back under the Act now that the substantial improvement issue, you’re up to 50 percent guideline under the Act, they were rolling that back to 35 percent, but now it’s 50 percent. The established ombudsman under flood insurance or someone you can contact to try and answer your questions about that, unfortunately, I don’t have the number or how to get in touch with them and I don’t even know if that’s been established yet or not. They also are going to make arrangements so flood insurance can be paid in monthly payments and if you appeal your flood designation to FEMA and you win, well, FEMA will reimburse your premium. They are trying to set up a regulatory framework that’ll encourage other insurers to come in and write flood insurance and this will be basically for residential coverages, this won’t be for, apply to second homes or commercial properties.

 

They also changed what they mean by flood and then they have different types of coverages that you can obtain.  You can get a standard coverage, a preferred coverage, a customized coverage and a supplemental coverage. I’m not gonna go through what all each one of these coverages are, it’s enough to know that you can see about getting your coverages customized and you can see how much the premium difference there is. It allows surplus lines agent to send the contract out for endorsement for surplus lined companies without making a diligent effort to find coverage with the primary insurer. It prohibits state-created increases for hurricanes under the hurricane fund.  I’m not sure just what they mean by that.

 

 

Allows Florida Insurance Commissioner to provide for any federally required certifications and the bill is effective upon becoming law. Hopefully that gives you enough to know that there have been some changes. I suggest that if you have questions, hopefully your insurance agent is aware of all these changes, so if you speak to them, they will be able to bring you up to date as to what effect of your coverage’s.  If you want some of this material or whatever, if you contact me, I’ll be glad to send you a copy of this synopsis on the paper I’m reading from, which it’s a newsletter that I received from the Real Property Probate and Trust Law section of the Florida Bar.

 

My phone number is 727-847-2288.  Thank you.

 

Video Summary

 

Who should I appoint as my healthcare surrogate? First, what is a healthcare surrogate?  A healthcare surrogate is someone you appoint to make healthcare decisions for you and usually in the healthcare surrogate form, it’s whenever you’re unable to make healthcare decisions. That person should be someone who is close to you and understands your desires and wishes, certainly your spouse would be, I would think primary. If you don’t have a spouse or significant other, if you have a child that is particularly nurturing or helps you with your medical problems or appointments and is aware of it, I think that they would be a great candidate. Also if you have any one of your children or family or friends who are nurses who are involved in the healthcare profession.

 

I also put in, whenever I designate or fill out the healthcare surrogate form, what they call a HIPPA waiver, because this person will be the one that will be the point person for your relatives and friends who want to know how you’re doing, because the medical community cannot release information to anyone without a HIPPA waiver. We usually attach a HIPPA waiver to your healthcare surrogate form so that they will release medical information to your healthcare surrogate. Hopefully, that will give you some sort of guidelines. Certainly don’t name the healthcare surrogate as the same person as your Power of Attorney who will handle financial matters and that you would want to designate someone that has a little more business expertise and that may not be the same person.

 

If you would like to have a healthcare surrogate done or some estate planning, give me a call at 727-847-2288.  Thank you.

 

Video Summary


Can I terminate a Notice of Commencement? Before answering the question, I’d like to first talk about a Notice of Commencement and why we have notices of commencement.  They are an integral part of the construction lien law in Florida. And it’s the owner’s responsibility to record this Notice of Commencement before starting construction. In fact, in order to get a building permit, you must have a Notice of Commencement recorded.

 

The Notice of Commencement gives everyone who works on the property the name of the owner of the property so that they can give them a notice to owner that they are working on the property. It also gives the contractors name and address so that they sub contractor can also give notice to the contractor that he is giving notice to the owner that he’s working on it. So this all ties into the owner then, having the responsibility to obtain a waiver from anyone that is working on the property that has given notice to owner.

 

So in order to terminate your Notice of Commencement, you obtain an affidavit from your contractor that says he has completed all the work or he has been paid for his services and he has paid all of his subcontractors and material men. So at that point you are then in a position to terminate the Notice of Commencement and you can rely upon the contractor’s final affidavit.

 

There are some other circumstances whenever you may want to terminate your Notice of Commencement in the event that you started construction or you filed a Notice of Commencement and then you got a mortgage. Now you have a problem because the liens revert back to the Notice of Commencement, so now you have a mortgage and the lender won’t close on it because you can’t give them clear title or first lien position because the liens revert make to the Notice of Commencement.

 

So there is a process whereby you can terminate the Notice of Commencement and then later file a new one. I don’t have enough time to talk about whenever a contractor goes bad and you terminate his services, on how to file a Notice of Recommencement after a termination of a contractor.

 

If you have any questions about Notice of Commencements, give me a call at (727) 847-2288. Thank you.

 

Video Summary

 

What do you need to know before buying a house on the short sale? Well first off, let’s talk about buying a house. If you’re a buyer, there’s no difference between buying a house on a short sale then it is buying a regular house because a short sale only means that the lender, which is the seller’s obligation to pay off, is receiving less than the full amount of the loan.

 

So therefore, they are short on the payoff and that is a situation between the seller and their lender. So there is no difference between buying a house in a short sale than there is from just buying a house whenever the cash deal other than the practical problems of how long it takes for the lender to approve the transaction.

 

So you don’t know whether you’re going to have a deal or not and it may take a considerable amount of time before you hear from the lender. So you need to have a great deal of patience as far as that’s concerned before you know whether you actually have a deal or not.

 

One of the other things that I strongly recommend is doing a lot of due diligence and suggest you do that in advance although you may not have a deal, is to determine how, if there’s any problems with the house. Make sure there are no sinkholes or other problems and that the seller has the obligation of disclosing to you any matters that may material effect the value of the property, which are not readily observable.

 

However, that representation isn’t any better than the person who gives it so if it’s false or they didn’t do a good job on it, you can sue them. But if they’re on a short sale, they probably don’t have any money, so you come up with an empty remedy since you don’t want to spend a lot of money with lawyers suing someone that doesn’t have any money.

 

So it’s really important that you do a lot of due diligence to make sure that there is no defects with the house such as sinkholes, the roof isn’t leaking or going to have to be replaced, the air conditioning system, make sure you’re not in a flood plain where you’re going to have to pay a lot of flood insurance. All of these things need to be checked out in advance whenever you’re buying a house on a short sale.

 

But basically as far as the buyer is concerned, you have a contract between the buyer and the seller and the seller is the ones with the problem trying to get the lender to take less than the amount that is owed. So if you have anymore questions and need any representation in purchasing a house, give me a call it’s (727) 847-2288.  Thank you.

 

Video Summary

 

How do I write corporate minutes? Well first let’s talk about what we mean by corporate minutes. Each year, at least once a year, you need to have a shareholders meeting and under your bylaws of your corporation you have to give notice to the shareholders that you’re holding a meeting. What you customarily do is simply have a waiver signed particularly whenever let’s say one or two shareholder corporation and they simply waive notice of the meeting. The shareholders then primary function is to elect the directors and so you write up the minutes giving the date, time and place the meeting took place, who was present and how many shares of stock that each of the shareholders held and hopefully if they were present or not so that you have a quorum and you further go on down in the minutes and say that the shareholders conducted an election and elected so and so, which is usually themselves, as the directors of the corporation. And then you have the secretary sign off on the minutes and put those in the corporate record book with the waiver of the notice of the meeting.

 

Then the directors usually meet immediately thereafter, if it’s a small corporation, and again, if there are just one or two directors, you have them sign a waiver of the notice of the meeting. So then the directors, their primary function are to select the officers for the upcoming year and they elect who the president, vice president, secretary, treasure is concern. Also that they may approve any major purchases that the president or someone has done during the past year, possibly approve salaries; contributions to 401K’s, compensation, bonuses, and things such as this would then go in the director’s meeting for the various officers. And then again, you have the Chairman of the Board sign the minutes as well as the secretary for the corporation and then insert the waiver of the meeting and the minutes.

 

We, at my office, send out a questionnaire and a notice that these minutes need to be done. Each year we try to send it out the first part of the year and ask for the information and then we prepare these in duplicate; the shareholders minutes and the director’s minutes. Once we have them prepared in duplicate, we send them back out to be signed with one copy going in our file for the corporation, the other going in the corporate record book.

 

I believe we charge $250 for the preparation of the minutes each year. We also remind you that you must file with the Secretary of State each year and right now the fee is $150 must be paid before May 1st, 2000, well its May 1st of each year.

 

It is also very critical that you have shareholder meetings and director’s minutes if you want to enjoy the protection of not being liable for the corporate debts. Because if you’re going to be a corporation, you need to act like a corporation and have your annual meeting of shareholders, elect directors, the directors need to elect the officers and then whenever you are sued and they attempt to pierce the corporate veil, then you have the corporate minutes to show that these are corporate debts and the shareholders will not be personally liable for the corporation debts.

 

So if you have any questions about your corporate minutes, give me a call at (727) 847-2288.  Thank you.