Edward O'Donnell

Reverse Mortgages – Information to make an Informed Decision

Many older Americans are turning to “reverse” mortgages to finance a home improvement, pay off a current mortgage, supplement their retirement income, or pay for healthcare expenses. Reverse mortgages allow older homeowners to convert part of the equity in their homes into cash without having to sell their homes or make extra monthly payments. In …

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A New Tax Deduction for Home Buyers

Home buyers who purchase in 2007 or later can deduct Mortgage Insurance Fees When Preparing Their Tax Returns. Mortgage insurance is NOT deductible for borrowers who purchased before 2007. Mortgage insurance is charged to buyers who purchase homes with less than a 20 percent down payment, a route used by most homebuyers. Because of the …

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Real Estate Careers Give Women the Flexibility to Balance Career and Family

More women are looking for flexible careers, and are finding that real estate fits their needs. A recent study by the Simmons School of Management describes this trend toward a career path that allows a woman to use the benefits of real estate sales to make substantial incomes while raising a family. Simmons is the …

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A Quick Reminder Regarding Referral Fees

The Department of Financial Services (DFS), Office of Insurance Regulation, recently published an article to remind real estate professionals of the laws governing title insurance companies. The giving of an inducement, or a thing of value, in return for the referral of title insurance business is a violation of Florida statutes. Florida Administrative Code, states “any …

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Commercial Brokers Can Force Commission Payments through Lien Act

If you sell or lease commercial real estate, Florida law changes effective October 1, 2005, may help you collect your commissions. The law allows brokers to file liens to protect their sales commissions, and may benefit brokers who either sell or lease nonresidential property. Before this change, a broker could file a lien against real …

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FREC Case Study

The Florida Real Estate Commission is charged with protecting Florida consumers from unscrupulous licensees, and takes its duties very seriously. DBPR Press Secretary Kristen A. Ploska reports that during the 12 months ending April 30, 2005, DBPR issued 84 citations to brokers and sales associates. The DBPR collected fines from 287 licensees during the period. …

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