Thursday, September 24, 2015

Changes To The Mortgage Closing Process Upcoming


The Real Estate Settlement Procedures Act (RESPA) and Truth in Lending Act (TILA) disclosures and regulations have been integrated by the Consumer Financial Protection Bureau (CFPB). The new CFPB disclosure forms will be used for any transactions involving a mortgage. The effective date for implementing the new TRID forms is October 3, 2015. This initiative is aimed at making the mortgage process easier for buyers to understand.

The new tools are aimed at educating consumers, aiding in comparison shopping, and helping to prevent surprises at the closing table.  The closing disclosure must be received by the buyer at least three business days before closing.  It is meant to disclose all of the costs of the transaction to be paid by the consumer.

For assistance with understanding the new Loan Estimate and Closing Disclosure forms for most transactions involving a consumer mortgage, Keyvan Kohan is here to help.  Call Kohan & Associates at 727-565-1658 or check us out on the web at

Tuesday, September 15, 2015

Shine on St.Pete

What do the Iron Man movies, Smithsonian museum, MTV's Real World, and Facebook headquarters all have in common? Artists whose work has appeared in these locales also have transformed exterior building walls across St. Petersburg.  The Shine St. Petersburg Mural Festival  ( brought together an impressive roster of internationally famous artists to bring the city to life in a big way. They are coloring the city with vibrant style.  A few of the mural painting artists include Hitnes (Rome), 123Klan (Canada), Ricky Watts and Shark Toof (California), and others from New York, Georgia, Orlando, Miami and St. Petersburg.

Feel free to come walk the city to see for yourself ( It may just make you want to move into a downtown condo. Kohan & Associates can help.  Call 727-565-1658 or visit our website at

Friday, September 11, 2015

Forced Into Loss by the Law

Bay Isle Key Apartments - St Petersburg, FL, United States
Hundreds of Florida condo owners are discovering that they won't receive as much help as they hoped.  A new law was designed to increase owner's rights as condos are being converted to apartments. But when their properties go rental not all owners are compensated at the full price they paid. Many are being forced to sell at huge losses.

Governor Rick Scott signed the law in July. However, just prior to the House voting on this measure, it was changed to provide full compensation only for owners with Homestead exemptions. This came as a blow to those who bought second homes or investment properties.

Bay Isle Key, a 370 unit complex in north St.Petersburg, is one of hundreds of Florida condo developments converting to apartments. (  

When investors acquired 80 percent of a buildings units, they could terminate the condo association, convert the complex to rentals and force individual owners out.  The new law says owners will be paid the current fair market value, not what they paid.  In several cases, today's market value is far less than what a condo originally cost at the peak of the boom.

For knowledgeable real estate advice, call Kohan & Associates at 727-204-5001 or visit