Michael Petruccelli asks; Is the Florida Real Estate market improving?

Michael Petruccelli says; Real estate sales sped up substantially across Florida in January 2011 compared to the same month a year ago, as sales of existing homes and condos increased 14% and 36% by volume over the year.

Michael Petruccelli asks; What is a trustee?

Michael Petruccelli says; A fiduciary who holds or controls property for the benefit of another.

Michael Petruccelli asks; What is a variance?

Michael Petruccelli says; An exception to a zoning ordinance, usually granted by a local government. For example, if you own an oddly shaped lot that could not accommodate a home in accordance with your city’s setback requirement, you could apply at the appropriate office for a variance allowing you to build closer to a boundary line.

Michael Petruccelli asks; what is Truth-in-Lending?

Michael Petruccelli says; A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage, including the annual percentage rate (APR) and other charges.

Michael Petruccelli asks; What is underwriting?

Michael Petruccelli says; The process of verifying data and approving a loan.

Michael Petruccelli asks; What is a VA mortgage?

Michael Petruccelli says; A mortgage that is guaranteed by the Department of Veterans Affairs (VA), a federal agency. These loans are made to qualified veterans on approved property.

Mike Petruccelli asks; What is a Walk Through?

 Mike Petruccelli says;

(1) A Buyer's on-site inspection of the property being purchased,  just prior to closing.

(2) A detailed inspection of a new construction home, in which punch list and cosmetic items are addressed, prior to final acceptance.

Mike Petruccelli asks; What is a Zero lot line?

Mike Petruccelli says;

A term generally used to describe the positioning of a structure on a lot so that one side rests directly on the lot's boundary line (no set back).  Where allowed by zoning and/or deed restrictions, it is used for Condominiums & Town Homes.

Mike Petruccelli asks; What is zoning?

Mike Petruccelli says; 

Exercise of police power of city in regulating and controlling the character or use of property. Zoning laws divide cities into different areas according to use, from single-family residences to industrial plants. Zoning ordinances control the size, location, and use of buildings within these different areas. 

Mike Petruccelli asks Are Canadians migrating to Florida?

Mike Petruccelli says;

In the especially troubled housing markets, foreclosures are down, four years into the housing crash.

But that's thought to be just temporary. Sales are up in Florida, but in some areas more than half of those sales involve foreclosures and short sales.

There's one group of home buyers, however, for whom market conditions couldn't be better: Canadians.

For Canadians, it is an investment and something more; a reminder in the depths of winter, they own a place where it's actually warm.

[They're] all looking at buying property to rent out today to generate cash flow. In most major centers in Canada, you can't buy property and be cash-flow positive. Not even close.

Mike Petruccelli asks; What is a Broker?

Mike Petruccelli says;

Broker has several meanings in different situations. Most Realtors are "agents" who work under a "broker." Some agents are brokers as well, either working form themselves or under another broker. In the mortgage industry, broker usually refers to a company or individual that does not lend the money for the loans themselves, but broker loans to larger lenders or investors. (See the Home Loan Library that discusses the different types of lenders). As a normal definition, a broker is anyone who acts as an agent, bringing two parties together for any type of transaction and earns a fee for doing so.

Mike Petruccelli asks; What is a clear title?

Mike Petruccelli says;

A title that is free of liens or legal questions as to ownership of the property.

Mike Petruccelli asks; What is a chain of title?

Mike Petruccelli says;

An analysis of the transfers of title to a piece of property over the years.

Mike Petruccelli asks; What is a Broker?

Mike Petruccelli says;

Broker has several meanings in different situations. Most Realtors are "agents" who work under a "broker." Some agents are brokers as well, either working form themselves or under another broker. In the mortgage industry, broker usually refers to a company or individual that does not lend the money for the loans themselves, but broker loans to larger lenders or investors. (See the Home Loan Library that discusses the different types of lenders). As a normal definition, a broker is anyone who acts as an agent, bringing two parties together for any type of transaction and earns a fee for doing so.