BUYER’S Information
ADDITIONAL COSTS Closing costs charged to a Buyer may include: attorney fees, title insurance premiums, recording fees, abstract charges, tax fees, survey charges, appraisal fees, property inspection fees, insurance and tax proration and escrows, discount points, condominium maintenance and assessments and origination fees, mortgage or lender transfer fees and taxes, credit reporting fees. Lenders are required by law to give you a good faith estimate of closing costs related to the mortgage on the property or business transferred in the real estate transaction.
PROPERTY TAXES A change of ownership or property improvement may trigger reassessments of the current property valuation and may result in higher property taxes.
SQUARE FOOTAGE GUIDELINES Gross square footage shall be based upon outside dimensions of a structure and is inclusive of the thickness of the exterior wall. Unless specified otherwise, the total square footage will be the total enclosed area, in a building, that is designed for living area and is capable of being heated or air-conditioned. All measurements are considered estimates.
SURVEY AND BUILDING INSPECTIONS When purchasing a property with a new mortgage financing, the lender will require a survey and building inspection. Sellstate Island Properties urges you to have both for your protection.
OVERVIEW OF MONROE COUNTY REQUIREMENTS FOR PROPERTIES LOCATED IN A COASTAL FLOODPLAIN
Floodplain Management Information All of Monroe County is identified as a coastal floodplain and may be subject to flooding. Monroe County enforces a Floodplain Management Ordinance that requires structures built after December 31, 1974 to have the lowest floor elevated to or above the base flood elevation. The owner or purchaser of a structure with habitable space below the base flood elevation may be faced with unforeseen expenses.
Monroe County Flood Inspection Procedure Monroe County implemented an inspection procedure in March 2002 that is expected to span a six year period.
Inspection of Residential Structures Transferring Ownership Monroe County has also implemented a program for inspection prior to the transfer of ownership of any property occupied by an elevated residential structure with a below base flood enclosed area defined as “new construction” (i.e., construction commenced on or after January 1, 1975). The required inspection shall occur no earlier than one hundred eighty (180) days prior to the transfer of the property.
REAL ESTATE INSURANCE Buyers purchasing real estate in the Florida Keys should consult a licensed Florida insurance agent during the inspection period of their contract to determine availability and cost of coverage for all perils including, but not limited to, hazard, flood, liability and wind storm insurance.
WIND STORM INSURANCE The Florida Keys are in a high velocity rated wind zone. Wind storm insurance may to be at a higher premium rate than other communities in Florida. You are encouraged to obtain a quote for insurance for this property during the inspection period of your contract. Different types of structures may qualify for insurance premium discounts.
FLOOD INSURANCE A majority of real estate in the Florida Keys is located in designated flood zones by the Federal Emergency Management Agency (FEMA). Buyers should ascertain the availability and cost of flood insurance coverage during the inspection period of the contract. It is important to verify this coverage because some improvements on the property may be deemed uninsurable or there may be restrictions on coverage if you plan to expand or renovate your property.
FEMA NATIONAL FLOOD INSURANCE PROGRAM POLICY 2-2005 FEMA issued a directive concerning the National Flood Insurance Program as a result of a September 9, 2005 U. S. District Court Order Regarding the sale of National Flood Insurance Program Insurance in Monroe County, Florida. The Court Order caused FEMA to suspend writing Flood Insurance on a building with an actual start of construction date on or after September 12, 2005 in Monroe County if the property is found in the list of parcels on the FEMA list.
COASTAL BARRIER RESOURCES SYSTEM ACT (CBRS) Certain properties in Monroe County may be affected by the Federal Coastal Barrier Resources System Act or proposed amendments. For further information contact the United States Department of the Interior, the Monroe County Planning Department or your legal representative.
LAND USE DISCLOSURE Monroe County and the Cities of Key West, Marathon, Key Colony Beach, Village of Islands, and Layton, hereinafter collectively “Local Government”, each have a Comprehensive Land Use Plan.
NON-CONFORMING STRUCTURES AND USE Any properties that do not conform to uses provided for in the land use category that the property or use is located in are considered non-conforming. Such uses and structures are currently allowed to continue but are not allowed to be expanded, enlarged or continued if substantially destroyed (more than 50% of the value of the structure).
LOCAL GOVERNMENT COMPREHENSIVE LAND USE PLAN The use of the property may be affected by the Local Government Land Use Plan. The transient rental of single-family residences in various zoning or land use districts is restricted. An allocation ordinance exists in most Local Governments which limits the number of building permits issued for residential dwelling units and for commercial construction. You should seek legal counsel or consult with the Monroe County and/or appropriate “City” Planning and Zoning Departments at my/our discretion. Monroe County is an area of State Critical Concern which heightens the degree of regulation by the State of Florida.
VACATION RENTALS Monroe County and the City of Key West have passed an ordinance prohibiting short term vacation rentals of (less than 28 days) in many areas. The City of Key West and the Village of Islands have very stringent regulations about where vacation rentals will be allowed. To rent a property for less than 30 days in Monroe County, and 28 days in Key West, you need a transient license or permit.
RADON GAS Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time.
MOLD In conducting inspections of the home you are strongly urged to be aware of potential mold problems. Mold is found both indoors and outdoors. The presence of mold may cause property damage or health problems.
ENERGY EFFICIENCY RATING The Purchaser may have the Energy Efficiency Rating of the building determined at Buyers expense by a person certified by the Department of Community Affairs.
CONCRETE DISCLOSURE Various concrete structures in the Keys, have been found to contain excessive levels of Chloride. This has caused a condition known as “spalling” which results from the rusting and expansion of steel rebar which reinforces the concrete.
HOME PROTECTION PLANS All parties acknowledge that they are aware that Sellstate Island Properties has home protection plans available.
LEAD BASE PAINT WARNING For homes, apartments or condominiums build prior to 1978.
Every purchaser of any interest in residential real property on which a residential dwelling was built prior to 1978 is notified that such property may present exposure to lead from lead-based paint that may place young children at risk of developing lead poisoning. Lead poisoning in young children may produce permanent neurological damage, including learning disabilities, reduced intelligent quotient, behavioral problems and impaired memory. Lead poisoning also poses a particular risk to pregnant women.
SEWAGE DISCLOSURE The City of Marathon and unincorporated Monroe County have taken steps to upgrade to central sewer systems.
ON SITE SEWAGE TREATMENT AND DISPOSAL SYSTEMS An ordinance by the Board of County Commissioners of Monroe County, Florida, establishes an inspection and compliance program for On-Site Sewage Treatment and Disposal Systems in Monroe County, as required by Policy 901.2 of the Monroe County’s Year 2010 Comprehensive Plan. The intent of this Ordinance is to require Operating Permits for the estimated 11,989 existing, un-permitted On-Site Sewage Treatment and Disposal Systems, and to provide for permit renewals of the approximately 17,000 existing, permitted On-Site Sewage Treatment and Disposal Systems.
CITY OF KEY WEST SEWER REHABILITATION PROJECT The City of Key West has been replacing sanitary sewer lines in the city. As part of this process, the city is checking all sewer lines for leaks. When considering purchasing property in Key West, you are strongly advised to determine the status of the sewer (lateral) lines for the subject property.
STOCK ISLAND SEWER PROJECT Stock Island is in the process of connecting properties to a central sewage system, with the property owner responsible for connection cost from the property to the central sewage connection adjacent to the property.
SEPTIC SYSTEMS Buyers are advised to get a thorough a septic system inspection that includes injection wells, aerobic systems, or any other waste disposal system inspected by a licensed local plumber.
GROUND LEVEL STRUCTURES If a home or business that is not in compliance with the Monroe County Floodplain Management Ordinance, there are regulations in effect, which prohibit substantial improvements, additions or reconstruction. Ground level structures constructed before January 1, 1975 are allowed improvements only up to 50% of the market or appraised value without having to meet the current base flood elevation.
HURRICANE WILMA Some lower level or ground level homes may have received flood damage during Hurricane Wilma on October 24, 2005. Please refer to the Seller’s Disclosure about any impact that the hurricane had on the property and what remediation or repair work was done.
Piracy, slave ships and salvaging wrecked ships were some of the first successful businesses operated in the Keys. In January 1828 the first newspapers, the Key West Register and the Commercial Advertiser began circulation. The Key West Gazette followed in 1831. In 1834 the Enquirer began circulation. The Citizen did not begin circulation until the 1900’s.
By 1830, the population of Key West was 517. By 1829, the 258 acres of Key West were mapped out into a town of 64 blocks.
Monroe County is divided into four parts. The Upper Keys (7 islands), the Middle Keys (12 islands), the Lower Keys (20 islands) and Key West. There are 5 incorporated communities in Monroe County; Key West (1828), Key Colony Beach (1955), Layton (1963), Islamorada (1998) and Marathon (2000).
Monroe County is 1,144,800 total acres. The 40 inhabited islands make up just 65,500 acres or 5.3 percent of the total land mass. The federal and state government owns most of the land and will keep it for conservation purposes. This land will never be developed.
210,000 acres, or 34% of developable land in the county, is vacant. 10% of that 34% is divided into 15,000 to 20,000 vacant lots that are located in the Everglades National Park and Big Cypress National Preserve.
Key West is now 2,600 acres. In 1829 Key West was just 258 acres. The military controls about 25% of Key West and a good portion of the military land was ocean that was “filled” to create land. This land “fill” explains why “Old Town” and “New Town” have those names. Key Largo is 22,000 acres. Big Pine is 6,500 acres. Cudjoe is 3,800 acres. Saddlebunch is 3,700 acres. Boca Chica is 3,500 acres. Sugarloaf is 3,200 acres. Stock Island is 1,800 acres.