State Roundup: Florida, New Mexico, and Oklahoma
August 1, 2005
Florida: Lien bill passes
Commercial real estate practitioners will gain protection in commission disputes from legislation enacted in June. The bill, H.B. 1459, permits brokers to place a lien on the seller’s net property sale proceeds. Commissions earned for the leasing of property are also protected. To file a lien, the listing broker must follow a procedure that includes adding lien disclosure language to the listing agreement. A similar bill was vetoed by Gov. Jeb Bush last year because the lien would have been placed on the property. This bill addressed his concerns. The law takes effect Oct. 1.
New Mexico: Fast funding
Mortgage lenders must meet tight deadlines for funding real estate loans in the state under a law that takes effect Jan. 1. The measure, S.B. 652, requires lenders to submit funds to the title company no later than when the closing documents are reviewed and ready for buyers’ and sellers’ signatures. Lenders who fail to comply could be barred from selling loans in the state for up to a year.
Oklahoma: Minimum standards pass
Real estate licensees must meet minimum service requirements under a law backed by the Oklahoma Association of REALTORS® that took effect in mid-May. Among the required standards: presenting offers and counteroffers in a timely fashion and treating all parties with honesty. “This new law ensures that Oklahoma consumers will receive the protections they deserve when dealing with a licensed real estate professional,” says Theresa Stewart, GRI, OAR president.
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Updated: September 30, 2022