REAL ESTATE BY JOHN MCLOUGHLIN

The Aim of the Business Connections is to bring together a professional team of professionals that can assist each other and also offer out advice and services to any companies or individuals operating within the Central Florida area. We offer a full range of professional services including and not limited to Real Estate, Immigration, Business Brokerage, Property Management and House Cleaning.

We encourage visitors to the group meetings to connect with the professionals attending. This group is not like other network groups where several categories’ are over represented, the focus with the group is to help build stronger business connections within the team and assist others. For more information and to receive an invite to the next meeting contact John McLoughlin john@bcflorida.com

www.bcflorida.com

Real Estate Glossary of Terms (In Brief)
Dated 4 January, 2010

Real Estate Glossary of Terms (In Brief)

Estate Agent UK / Florida Realtor

In the UK it is common if you are buying or selling a property that you use an Estate Agent. The estate agency in the UK is very localized and is just starting to become more national with companies advertising properties from different areas. The Estate agent is the trained professional that will assist you buy, sell or rent your property for a fee.

In Florida in order to have someone assist you buy/sell or rent a property they must me licensed sales agent by the state to do so. When they become licensed they can work for a Broker or start up on their own when they have 24 months experience. In order to progress from a sales agent they need to take continued education and training to become a Realtor and also a broker.

Multiple Listing Service (MLS)

Most properties in Florida are listed on the MLS and can be viewed anywhere in the world. The person who puts the property on the system is generally the listing agent and they will handle any negotiations and viewings for the property.

Survey

In the UK the traditional survey would encounter reviewing the property for defects and also providing a cost valuation. Currently the UK is going through a transition where it is now called and Home Information Pack (HIP) these services used to be carried out by a Chartered Surveyor but now can be carried out by a Home Inspector or Surveyor with the relevant training. A Survey in Florida would be a survey of the land together with elevation levels and dimensions.

Home Inspection

In Florida the Home Inspection would review the property for defects and produce a report for the client either buyer or seller. The report depending on the sales contract can be used to negotiate the sales price or require the sellers to rectify the repairs. There are currently no regulations in Florida requiring a home inspector to be either qualified or experienced. Before you schedule a home inspection you should ensure the inspector is experienced to a minimum competence level.

Valuation

In the UK the valuation would generally be carried out by a Chartered Surveyor with local knowledge. This process is also under review with the (HIP) reports. The valuation would be based on location and comparable properties.

Appraisal

This would be carried out by a licensed appraiser who would base the value on the location and comparable properties sold within the last six months. A Realtor can provide a Comparable Market Analysis (CMA) but this cannot be used as an appraisal.

Real Estate Contract

In Florida a real estate contract can be prepared by anyone who is licensed, the contract would need to be agreed by both parties before it can be finalized. The contract would be used by the attorney or title company to close the transaction.

There are several forms of contract and each one would be related to the requirements of the property. Careful review should be made of all contract terms.

Title Insurance

Title Insurance is issued by a Title Company after a series of background checks have been carried out on the property to ensure there are no outstanding debts or encumbrances associated to the property that could be passed onto the new buyers. The Title Company will issue an insurance policy to the buyers as protection against this.

Closing

The closing of the transaction is normally carried out by either an attorney of Title Company after all the relevant checks have been carried out on the property and all finances have been agreed. The close agent will hand over the keys to the property on conclusion on the closing transaction.

Home Warranty

A home warranty is a coverage provided by an independent company into the serviceability and damage against many aspects of the property. Coverage depends on the property and the client requirements. A home warranty can be arranged by anyone connected to the property. Sellers often include a home warranty to enhance the sale of the property.

If you have any further questions with regard to any real estate terms please contact John McLoughlin directly john@britishamericanproperties.com

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SETTLEMENT CRACKS EXPLAINED IN FLORIDA
Dated 19 September, 2009

Does your Florida property have cracks to the exterior walls and are you concerned about them? If so let me help explain how they probably got there.

My Name is John McLoughlin I am a UK Chartered Surveyor, Building Engineer and Florida Home Inspector

Many properties in Florida are built on a concrete slab foundation with concrete block exterior walls covered with stucco for waterproofing. In many properties that I have inspected for clients there has been an element of cracking observed to the exterior walls.

If you ask many Florida builders and even realtors they will say this is common in Florida but rarely can they explain correctly why this is.

The majority of the ground soil in Florida is sand based and in many areas the properties have also been built on reclaimed swampland. The construction process involves making the soil stable to support the weight of a structure. Various methods are adopted including “dewatering” and back filling with soil imported from other areas.

Before construction can take place the soil needs to be compacted using heavy machinery.

When a home site is established the building foundation is outlined with formwork ready for pouring of the concrete slab. This is the key area where things can influence as to if the property will get cracking to the outside walls.

The builder uses small compacting machinery to compress the soil which is generally operated by hand. If the compaction is not equal on all areas of the building footprint, weak spots will be established for future soil depression to take place.

The most common areas for this to happen are the corners of the building mainly because adequate attention has not been applied in this area.

You will find that the majority of building cracks will be located within 10 feet of the building corner. The cracks will appear stepped in nature as they are following the weakest route being the mortar joints between the blocks. At this stage depending on the severity of the cracks there is very little that can be done to prevent this apart from making the cracks water tight with sealant. The cracks will continue until the ground beneath has settled.

Correct supervision is required at the very first stage of the construction to ensure cracking will not appear at a later date.

For a more detailed account of this problem with full diagrams illustrating the process, review the article Settlement Cracks Explained on my web site and feel free to contact me at any time for further advice.

I look forward to assisting you with your enquiries and helping you find your future investment. My web site is www.homeinspectionforyou.com

http://www.homeinspectionforyou.com/settlement_cracks.html

CONCRETE FLOOR CRACKING
Dated 19 September, 2009

Does your have concrete floor cracks and are you concerned about them? if so let me help explain how they possibly got there.

My Name is John McLoughlin I am a UK Chartered Surveyor, Building Engineer and Florida Home Inspector

Many properties in Florida are built on a concrete slab foundations with concrete block walls covered with stucco for waterproofing.

In practically all the properties I have inspected there has been an element of cracking to the floor slabs and some very serious cases. Many builders and even realtors will say this is common in Florida but rarely can they explain correctly why.

The placing of concrete is a specialized skill and if not carried out correctly will result in a weak structure and extensive cracking. When concrete is pored it needs to be carried out swiftly as the curing process will begin as soon as the water is added to the mixture. The minim time period for concrete curing should be 7 days to reach hardness and concrete will continue to harden throughout it life if mixed correctly. The main problem which contributes to the concrete cracking is the speed it is allowed to cure and the failure to install adequate expansion joints.

Concrete is a material that will expand with temperature and more so while it is in the initial curing stage. The chemical compounds bonding together during curing will cause the concrete to get very warm and if no allowance has been included in the construction it will cause factures.

To prevent this concrete can be covered from direct sunlight or heat and protected with water mist until initial hardening has occurred. Expansion joints should be cut into the concrete directly after it has been poured unless already built into the construction.

For a more detailed account of this problem with diagrams illustrating the problem, review the article on my web site Concrete Floor Cracking and feel free to contact me at any time for further advice.

I look forward to assisting you with your enquiries and helping you find your future investment. Please review my web site http://www.homeinspectionforyou.com for all your home inspection questions and requirements.

http://www.homeinspectionforyou.com/concrete-floor-cracking.html

HOME INSPECTIONS IN FLORIDA
Dated 6 December, 2008

Many people are unaware that the Home Inspection industry in Florida is currently unlicensed and unregulated. There are government proposals to try to pass a bill and regulate the industry by 2010 but in the past this has been pushed out of favor. This unfortunately means that anyone can literally be working in the industry with little or no knowledge of construction or local building standards. Property in Florida is constructed differently as apposed to UK Building Standards and is not as stringent.

It is imperative that before purchasing a property that a professional Home Inspection is carried out. Several professional organizations have been established to assist with setting up a common Standard of Practices. Membership to these organisations is Not mandatory therefore all current members are clearly demonstrating their ability & commitment to professionalism for consumers who recognise the importance of regulation.

The American Society of Home Inspectors (ASHI) www.ashi.org aims to assist with regulation of the industry by requiring all inspectors who wish to become members obtain a minimum inspection experience of 250 inspections. These inspections reports are examined and graded to ensure the Professional Practices and Code of Ethics are maintained. When ASHI is satisfied with the inspector’s competence, the inspector is then required to take and pass a state exam. The exam is designed to test the knowledge and experience of the construction industry together with construction fault diagnosis and remedies. Becoming a member demonstrates to the Real Estate Industry the inspector’s level of professionalism.

To ensure you have a professional home inspection it is advisable to check that your surveyor/home inspector is accredited to either of the above organizations. A common Standard of Practice and Code of Ethics exist to ensure the high level of competence is achieved within the industry protecting the buyers.

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British Chartered Surveyor, Florida Realtor & ASHI
Certified Home Inspector Serving Central Florida www.britishamericanproperties.com

So who do you want on your side, the standard Realtor or the full team?

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