We all remember the classic tale of Romeo and Juliet. It was a story of love, tragedy, and (SPOILER ALERT) a SERIOUS lack of communication. While tragic in the end, it’s a great story to recall around Valentine’s Day, and it's one that can be used to help your customer make sure their story has a better outcome.

Sometimes even a star-crossed couple will make the largest decision of their lives – the decision to purchase a home. While many couples will pool their assets, get a joint mortgage, and take title together, sometimes that’s not possible or one spouse already owns a home before marriage. In pre-marriage ownership scenarios, if one spouse solely owned the home before the marriage, their new, non-owner spouse will need to sign a deed and/or mortgage on the property for the owner spouse to sell it or mortgage it - unless they get a divorce prior to the sale. (Hey, Romeo & Juliet WAS a tragedy after all!)

So, in Florida, even if a spouse is not going to be on the title or a promissory note to repay a mortgage, they still need to sign the deed when selling the property or getting a loan. That's because, unlike the Capulets and Montagues, today’s couples have something that Romeo and Juliet didn’t – the Florida Constitution.

Article X, section 4, of the Florida Constitution, also known as the Homestead Exemption, is a powerful law that offers many benefits to Florida citizens. You may already be aware of the tax benefits of declaring your "homestead" that are outlined in section 6, but section 4 has some other, lesser known, and noteworthy protections, including:

1. Exemption of Forced Sales, Even at Death
2. Restrictions on Wills & Estates
3. Rules on Alienation or the Voluntary Act of Disposing of a Property

Section 4 helps guarantee that a Florida homeowner cannot be forced to sell their home to repay a debtor in most situations outside of mortgage repayment, mechanical liens, and outstanding property taxes. It also allows tax protection when the couple sells their home and intends to use the profits to buy another home.

To protect as many citizens as possible under these laws, married couples are required to sign the deed to the property when they sell the home. This means that if the Capulets had ever convinced Juliet to leave the Montague she married, she could not have sold their home without Romeo knowing about it. Also, neither she nor Romeo could leave the home to a minor child in their will, without the other party waving at least a portion of their rights.

So, while we are sure that a rose by any other name would smell as sweet, make sure your customers understand why both spouses' name should be on any deed once married and stay tuned for more tips to help your customers to come as we move further into the year.

Until then, parting is such sweet sorrow.....

Florida Agency Network (FAN) is dedicated to ongoing education and being at the forefront of the industry, so it was only natural for us to have several FAN Executives attend this year’s 2019 National Settlement Services Summit. From the Underwriter Panel and Compliance Management Systems Seminar to the Consumer Privacy and Protection Workshop, the eClosing Seminar, and all the interesting topics in between, Aaron Davis, Mike Larosa, Amy Gregory, Andrea Somers, and Jay Roberts made the most of their experience – and, of course, had a whole lot of fun along the way!

Our FAN team received some excellent takeaways from this year’s Summit, including a few key points from their favorite speakers:

1. Growing a Title Business Is All in the Marketing. Our team learned how to better market their differentiators to further command Title Companies' recognition and grow their businesses. This year, it’s all about leveraging Remote Online Notarization, or RON, to separate yourself from the crowd.
2. Compliance Is Best When Intertwined with Automation. Those who haven’t automated their compliance management systems are sure to get left behind. It’s always best to work with integrated, automated compliance management systems to keep clients satisfied – and regulators at bay.
3. eClosings Are the Future. Consumers absolutely love eClosings, but there are too many Title Companies out there that don’t have the experience to make an eClosing a seamless experience. Fortunately, we are glad to be ahead of the game. FAN not only was the first to do this in FL, but we do more eClosings in Florida than any other Title Company at this time. Want more information? Learn more about eClosings today.

We are still buzzing about all of the things we learned, are busy strategizing the best ways to move forward with all the recent industry changes, and are eager to see what’s in store for FAN in the year ahead!

Buyers generally seek the least expensive home in the best neighborhood they can handle. Like the guy in the video says, you want to present a home that fits in the neighborhood but doesn’t stand out too much.

For example if neighbors are all 4 bedrooms, 3 baths and 3000 square feet additions that make your home 5, 4, and 4000 will make yours harder to sell.

Improvements should make it show well and fit well in the neighborhood. Last-minute capital investments in large structural changes aren’t likely to pay off.

But cosmetic upgrades like paint and landscaping help a home “show” better and often do pay off.

Of course, all systems and appliances should work to get a top price. To make your home competitive and attract buyers and bids work with a professional real estate agent and start early.

As you’ll see in the video, every home and market is a unique situation. Good marketing plans are specific to both. But every plan will include: Preparation Pricing and Marketing Activities.

Preparation takes time - typically, months. Homes must be in “show” condition all repairs and upgrades complete and all photos and video completed before the home goes on the market.

Pricing, likewise, should be planned in advance. Your broker will advise on both the best price and the best TERMS things like closing costs and seller credits to balance sales speed with sales price. Once the home is on the market it will quickly be entered in the MLS and will show up in Internet searches by agents and buyers.

Your broker will advise other marketing activities including advertising, signage, showing and open house events so make the best of your situation. Their aim is to get negotiable offers, and then take the offer you accept through the closing process.

Home size is one of the key figures used in comparisons.

But you may have different measurements to choose from,  as you'll learn in this video, including builder, appraiser, tax records and possibly owner records.

Which one is right, and which one is best?

The official figure is the one in tax records - typically, the county.

Any other figure must be documented by a builder’s floor plan an appraisal or an official floor plan, prepared by a company for a fee.

If your house has been remodeled and you’re planning to sell you may want to confirm that the official record matches your actual house - and update if required.

Most lenders will require an appraisal which will verify the figures you used. So be accurate and keep records to make the most of your sale.

While this video simplifies things to help you remember: your aim is to get the best price AND terms in your market during the period you’re selling.

Market conditions interest rates and competition all matter.

The price you want, and the price a buyer will pay are framed by those complex conditions So pricing isn’t completely predictable.

Other factors include:

• How your home compares to other homes for the same buyers
• The inventory of homes and the level of buyer demand

Your needs also affect negotiations - for example, if you must sell quickly - but the final price will be determined by the market not by your needs.

Buyers look at the same comparables and market conditions and they want to pay as little as possible while meeting their needs.

Remember that the price isn’t the entire deal - repairs, closing, points, appliances and other factors can all change the value you finally receive. Listen to your broker, stay informed, be patient if you can and make your best reasonable, unemotional decisions.

This video tells you what any real estate professional would tell you. Ask them:

• How long do homes in my neighborhood currently stay on the market?
• How would you price my home?
• What data did you use to arrive at that price?
• How would you market my home?
• What activities would you expect of me to market my home?
• How will you handle representation if one of your buyers is interested in my home?
• May I speak with sellers you’ve recently represented?
• How long a period would you want on a listing agreement for my house?

It’s best to ask these questions, and be comfortable with your choices before signing a listing agreement.

If you’re selling, don’t do these things - take some notes from the video!
1. Don’t Sell Before The House Is Ready.

If it doesn’t present well, it won’t sell well.

2. Don’t Over-Improve

People buy houses in neighborhoods.

If yours is so “improved” that it sticks out you’re hurting your chances at selling.

3. Hire Wrong

Make your agent choice for business reasons.

Personal relationships matter, but experience and expertise will determine financial success in your sale.

4. Don’t Hide Anything

Covering up or ‘failing to mention’ real problems doesn’t work.

State disclosure laws are strict and you can be sued after the sale for anything that should have been made clear.

5. Don’t Rush

You should know about your mortgage, including pre-payment penalties your market conditions and trends and your options for your next home before jumping on the market.

6. Don’t Get Too Emotional

Your attachment to your house and your own financial needs

don’t really matter in the transaction.

If you can’t set them aside the sale won’t go as you’d like it to.

Remember - it was your home but to the buyer it’s as a house.

As this video explains, a signed sales contract doesn’t mean your house is sold. There are still financial, contractual and legal steps for both sides.

The buyer has to get financing to meet the contract terms - which includes credit checks.

The property is inspected and appraised; title insurance and escrow accounts are set up while you locate new housing, pack and move. And take care of any obligations like painting or repairs. After the contract is signed, it can take a month or more of closing steps to reach the closing meeting.

So plan on that when you plan to sell.