It looks like the First Time Home Buyer Tax Credit may be sticking around a little longer than originally planned. There are still a few questions regarding amendments requested by the Senate Republicans, but if all can be smoothed over, the credit will be extended until April 30.Introduced last February as a means of kickstarting the sluggish housing market, over 1.2 million borrowers have claimed $8.5 billion out of the original $13.6 billion...more
For the home inspector, documentation is a key area of protection. This would include documenting the conditions encountered during the inspection process especially when you come across conditions that block the inspectors view or access. This would also include situations where, in the inspectors opinion, conditions may be unsafe for him/her to enter a section of a dwelling. Remember, it is your life at stake. For the multi-inspector firm the...more
When a home inspector gets sued, several things tend to happen. At first, the inspector is often dumbfounded; did he miss something on the inspection? Well, the Client apparently thinks so! But, what happens next?Well, if the inspector carries professional liability insurance, such as an Errors and Omissions policy, the inspector may need to immediately tender the complaint to his carrier. Depending on the coverage and terms of the policy, the inspector may be on his/her own at that point, or may relinquish all rights to their insurance company.Sometimes, if the carrier feels there is risk, or that the costs of defending the claim may be high, they will often offer a settlement. Sometimes that settlement comes from the inspectors deductible. In essence, the inspector loses, and never gets to tell his or her side of the story.Where the inspector has no E&O, they may try to contact the Client and see what the dispute is about. In some cases, the inspector may offer to take care of a problem, or may offer money to make things go away. Sometimes this works, but often the inspector retains an attorney, at an hourly rate. Bingo the legal bills start to pile up.But, what if there was...more
Arbitration is an alternate means of dispute resolution, which in theory expedites the process, helps clear the court calendar, and helps plaintiff and defendant avoid the costs associated with a trial. But, what happens when the decision of the arbiter is just plain wrong in your opinion? What if he erred in his assessment? What recourse do you...more
Theres an interesting question. While most disputes surrounding home inspections primarily deal with allegations of negligence on the inspectors part, what recourse actually exists for the defendant or plaintiff? Well, there are always the courts. Cheap you say? Maybe. Sure it only costs a couple of bucks to file the complaint, but what about costs...more
Having special knowledge can actually be considered a pitfall. For instance, an inspector who also carries a pesticide applicators license may find himself/herself in a bind someday for failing to report conditions conducive to wood destroying insect infestation, even though he was not contracted to perform a WDI inspection. Why you ask? Well, it is entirely possible that the argument could be made that the inspector had specific knowledge or expertise in a specific licensed area and that an obligation existed to inspect anyway. The concept of special knowledge is nothing new and has affected the conduct of Realtors for quite a while. This concept may also apply to inspectors who are becoming code certified. In these cases, where the inspector has special training and certification with regard to building codes affecting a minimum safety standard, the ramifications can be great. Remember, the home inspector is supposed to be a generalist. The inspector is not the authority having jurisdiction. This is why the general rule of thumb is for the inspector to refrain from citing code violations. Special knowledge can come back to haunt you every time. Home inspections are not code...more
The home inspection process is one of the few occupations where the professional inspector purposely places himself/herself between a rock and a hard place. Think about it for a moment. There are pressures from all sides. The client expects a...more
I exceed the Standard of Practice. Many inspectors make this statement all the time. Many put it in their brochures and on their website. But, what exactly do they mean? What measure can anyone apply, with any degree of certainty, to gauge what can...more
Prime RateIf in case you found the right lender for your Florida commercial real estate property, you should know that he will generally include a specific percentage of the total loan amount to the prime rate. The percentage can be anywhere between...more
Create a community within the buildingThe best way to build trust between the residents of the Miami Beach luxury condo and the buildings association is to foster a sense of camaraderie. Refrain from alienating any of your member or buildings...more
Doing everything yourselfThe internet has tremendously made it easy for every buyer to learn the usual tasks reserved only for real estate agents. This is one of the most common blunders homebuyers make when looking for homes for sale online. While...more
Research and due diligenceJust because the prospective tenant has an attractive credit report and handsome deposit check, doesnt mean its all good. Bogus tenants are prevalent nowadays. They doctor their credit reports to appear stellar and almost...more