Page 18 - Boca Club News - December '20

Page 18, Boca Club News
Legal

Anatomy of a House Sale

By Michael J Posner, Esq., a partner the transaction, or if the homeowner locates a buyer on his selected by the Seller. In Broward and Miami-Dade Counties,
in Ward, Damon, Posner, Pheterson & or her own. For example, a common reduced commission is the closing agent is customarily selected by the Buyer.
Bleau, P.L. a mid-sized real estate and known as the 5-2-1. listing. In this type of listing, the listing Usually, the person selecting the closing agent also pays the
business-oriented law firm serving all agent gets 5% if he or she has both sides of the transaction; cost of the title premium. The other large cost customarily
of South Florida, with three offices in 2% if he or she is the listing agent with 3% going to the selling paid by the Seller is the Florida Documentary Stamp Tax
Palm Beach County. They specialize agent; and only 1% if the seller finds the buyer on his own. due on the transaction, which is based on a rate of $7 per
in real estate law and can assist Once a house is listed for sale, it will be subject to viewing thousand in real property value. For example, a home that
sellers and purchaser with closing both online as well as possibly in person, especially once sells for $300,000 will have doc stamps in the amount of
and financing of residential and the COVID-19 pandemic ends. This includes the placement $2,100 due and payable from the Seller at closing.
commercial real estate including remote closings. They can be of a lockbox on your home, which allows Realtors access Once the inspection period passes, and any financing
reached at (561) 594-1452 or at mjposner@warddamon.com for showings when you are not home. As a precaution, any contingency has been met (the buyer has obtained loan
A combination of low interest rates, COVID-19, the desire valuables or medicine should be securely locked to prevent approval), the deposit becomes non-refundable and the
for more space and the ability for many workers to work any question of loss during such visitations. While those risks parties move towards closing. The closing does not have to
remotely in new locations, has led to a very active and robust are small, they do occasionally happen. be formal, and in most cases today closing is done through
residential real estate market. Selling a residence is a multi- When a Buyer decides to make an offer, he will submit an escrow transfer with the Sellers signing separately from
step process that involves a team of professionals, including a contract to your agent for review and approval. The most the Buyers and the sale documents exchanged for the net
Realtors, attorneys, title agents, lenders and government common contract used is called the FAR/BAR Contract. Most proceeds to the Seller and access to the property for the Buyer.
officials, all of whom are necessary to conduct and complete attorneys, Realtors and title companies are familiar with this This includes frequent remote notarization of the Buyers’
a typical house sale. contract and its riders. The contract can either be an “as-is or Sellers’ signatures on closing documents, though many
The beginning of the process is the decision on how contract” wherein the Buyer gets a set number of days to lenders still require a wet signature on mortgages and notes.
to market and sell the property. Traditionally, most people complete an inspection and determine whether to cancel the After closing, the title agent will issue a final Title
interview and hire a local real estate agent to handle this contract for any reason, or proceed to close regardless of the Insurance Policy, insuring the Buyer and the Buyer’s lender
portion of the transaction. While most Realtors utilize a property’s issues, or a limited repair contract, which requires have insurable and marketable title to the property. If the
standard form for a listing agreement, promulgated by the Seller to make certain repairs up to a fixed percentage Buyer intends to reside at the property, the Buyer should
their local Board of Realtors, this form is negotiable and (usually a maximum of 3%), and if the Seller makes the then make an application for homestead with the property
does not have to be signed as presented. Some issues to repairs the Buyer cannot cancel the contract. In practice, appraiser in order to obtain the tax benefit provided by
consider include the length of the listing, whether the listing 90% of the contracts I deal with are the as-is contract, with Florida law.
automatically renews, the terms and conditions of the sale, a fixed inspection period and free right to cancel. Because selling or purchasing a home is complicated, and
such as allowing VA or FHA financing, or the offering of Once the contract is fully executed, a closing agent must is also generally the most expensive transaction a party will
both leasing and sale. be selected. Please note it is the Seller’s or Buyer’s choice--- participate in, having an experienced real estate attorney assist
The biggest issue is the Realtor’s commission. The person not the Realtor’s choice---as to whom to utilize, and I highly you in the transaction is, in my opinion, a wise investment.
listing the house is known as the listing agent, and the person recommend that a real estate attorney be chosen instead of This choice can save you money (for example, by requiring a
who brings the buyer to the transaction is known as the just a non-attorney title company. An attorney can provide Seller to provide a survey affidavit in lieu of a new survey) and
selling agent (because the seller indirectly pays that agent). greater protection and address more issues should they arise, protect you should issues arise, such as improper disclosures,
Traditionally, both agents were paid a 3% commission. This and answer more questions regarding the purchase and sale. title defects, unknown liens and encumbrances and other issues
is negotiable, especially if the listing agent has both sides of In Palm Beach County, the closing agent is customarily that may be missed by the title agent or Realtor.
Health & Wellness

Medical Matters: What You Need to Know About Cholesterol

By Richard Nagler, M.D., a member The causes of high levels of LDL include diabetes, fatty risks associated with LDL cholesterol levels that are below
of Broken Sound Club and retired liver and cirrhosis of the liver, chronic kidney disease, 70. The major reason for this is the overzealous dosage of
physician. After graduating from genetics, menopause, hypothyroidism (underactive) and cholesterol-lowering drugs. Cholesterol is essential for
the University of Pennsylvania and such certain drugs as anabolic and corticosteroids and cellular brain health. When the level of LDL cholesterol is
New York University’s School of progestins. Diet plays a significant role in elevated LDL too low, adverse mental effects are seen, such as depression
Medicine, Dr. Nagler served his levels with consumption of red meat, dairy products with feelings of hopelessness and an increased suicide rate,
internship and residency at Baltimore such as eggs (more about eggs later) and cheese, ice anxiety, agitation--even violent behavior, confusion, sleep
City Hospital and Johns Hopkins. He cream, hydrogenated oils, margarine, trans- and saturated disorders and difficulty making decisions. There are reports
followed that with a Fellowship in fats, processed and fried foods and baked goods. Other of an increased incidence of intra-cerebral hemorrhage
Gastroenterology at Yale University School of Medicine, and important factors are lack of physical activity, smoking in seniors and an increased incidence of some cancers,
was then Chief of Gastroenterology at Fitzimmons General (also lowers HDL), increasing age, obesity and race although a specific cause and effect has not been established.
Army Hospital in Denver. He returned to the Yale Medical (African American men). Increasing a fat and a cholesterol-containing diet has no
School for one year as an Assistant Professor of Medicine There are no symptoms to indicate a high LDL, which effect on raising LDL cholesterol in these patients. The best
before opening his own successful private practice in Internal should be less than 100mg/dl, but ideally around 70mg/ approach is to simply lower the dose of statins and other
Medicine and Gastroenterology. During that time, he also dl--especially in those over age 65 and those who have similar drugs in these individuals. Anti-depressants have
served for ten years as Chief of Medicine at Huntington known cardiovascular disease. These very desirable been shown to raise LDL levels in some patients.
Hospital in Huntington, N.Y. levels are not always readily achieved, but following a COQ10 is a naturally occurring enzyme in the body
Cholesterol is a waxy fat-like substance essential for low-salt heart-healthy diet---with lots of fruits, nuts, oily that protects cells from damage and plays an important
our existence that is found in all cells in the body. All of fish (including salmon, Chilean sea bass, tuna, trout and role in their metabolism. The vast majority of people have
the cholesterol our bodies need is mainly made in the liver, sardines), vegetables and whole grains, barley and oat sufficient amounts of it naturally, which is obtained from
but is also derived from animal and dairy foods. It is vital bran, soy, beans, eggplant, olive and canola oils, limiting freshwater fish such as salmon and tuna, vegetable oils
to the structure of cell walls. It is the precursor of the five animal fats---maintaining a healthy weight, 30 minutes and meats. Regarding the use of COQ10 supplements,
major classes of steroid hormones that are produced in the of aerobic physical exercise daily, no smoking, alcohol there is some evidence that they may reduce side effects
adrenal glands, testes and ovaries, which are: progestins, limited to one drink a day, and eliminating as much stress of statins, such as muscle aches and liver damage,
glucocorticoids, mineral corticoids, testosterone and as possible, is highly recommended. Regarding eggs, but claims of benefits in treating hypertension, CHF,
estrogens. These hormones are critical in a host of functions which are a very good source of protein, they are high Alzheimer’s, Parkinson’s and increasing energy are largely
in the body. They are also essential for brain cell health in cholesterol, but when ingested they do not raise blood unsubstantiated. In addition, it may interfere with blood
and for the production of bile salts by the liver, which are levels much at all. It is recommended to safely limit eggs thinners, thyroid hormone replacement and chemotherapy.
important in the digestion of fats and fat-soluble vitamins, to about seven per week. Egg whites can be consumed For these reasons, supplements are generally not
such as vitamin D. Cholesterol travels around the body bound with impunity. recommended.
to lipoproteins, which is how it is carried in the blood. Statins are the mainstay of medical treatment. They In conclusion, you should understand that cholesterol
The total amount of cholesterol is measured in the blood effectively lower LDL cholesterol by blocking its is an essential substance without which human life cannot
by adding up the HDL (good cholesterol), the LDL (bad production in the liver, reabsorbing LDL cholesterol exist. The HDL and LDL cholesterol levels should be
cholesterol) and 20% of triglycerides--a type of fat. Higher that has built up as plaques in arteries, and stabilizing measured annually with the goal of achieving an LDL of
levels (above 60mg/dl) of HDL cholesterol are beneficial, plaque, making it less likely to rupture. There are side less than 100mg/dl, but with those at high risk---especially
as it carries LDL from other parts of the body back to the effects which may occur, such as muscle aches, pain and diabetics and those with a history of cardiovascular
liver, which then removes it from the body. LDL builds up weakness, some memory loss, confusion, constipation disease---closer to 70mg/dl. This can usually be achieved
plaque, which is deposited in the arterial walls, which in turn and diarrhea. Cataracts, worsening diabetes, adverse by a combination of a Mediterranean type diet, no
causes narrowing and blockage of blood flow that leads to interactions with other drugs, liver and kidney damage smoking, regular physical exercise and statins. HDL levels
heart attacks, strokes and peripheral vascular disease. There is also occur. Alternative drugs include Zetia, which inhibits should be greater than 60. Similarly, it can be raised by
also VLDL made in the liver, which contains high amounts of absorption of cholesterol from the intestine. PCSK9 following a heart-healthy low-fat diet, regular physical
triglycerides that further helps cholesterol to build up plaque inhibitors given IV help clear cholesterol from the blood. exercise, alcohol in moderation and no smoking. If we
in the arteries. The effective lowering of LDL cholesterol that Niacin and bile acid-binding resins such as Questran and follow these guidelines, combined with adequate control
has been achieved over many years is a major factor in the cholestyramine are useful. For high triglycerides, Omega of blood pressure with the goal of 120/80, the risk of heart
significant reduction of heart disease (50%), strokes, kidney 3s are effective. attacks, strokes and peripheral vascular disease can be
disease and peripheral vascular disease. It is very important to recognize that there are increased reduced by at least 50%.