BROADCASTS.com

b"With Terry Story, 27-year veteran Real Estate Agent with Coldwell Banker in Boca Raton, FL
The past few years have brought about major changes in almost every sector of our lives. We now have VRBO, UBER, Airbnb, not to mention Twitter, and who knows what\\u2019s coming next?
Throughout her 28 years in the real estate business, Terry Story has had to adjust to many innovations in her industry. VRBO and Airbnb are the most recent disrupters to come along and have already had a profound effect on the market.
Airbnb could be coming to a house near you.
An online service that allows people to host or rent their homes for free, Airbnb allows people to host or rent their homes for free. However, says Terry, \\u201cpeople don't realize that in posting their homes on Airbnb there are regulations.\\xa0 There's liability, there's taxation involved.\\u201d It\\u2019s required to check in your area for any regulations or required permits or licenses.
In addition, you should check with your insurance agent to determine if you\\u2019re properly insured for damages or injuries incurred during your rental period. It may be your home that you\\u2019re renting out, but to the government you\\u2019re on the same playing field as commercial rental apartments or hotels, so make sure you know and adhere to the rules.
Terry says that in the state of Florida, you now have to collect a 6% bed tax in order to rent out your property in this manner. On another note, be aware that once you turn your home over to commercial use, you lose your homestead exemption.
Deposit not required!
Contrary to what most people believe, it\\u2019s not mandatory to put down a deposit before purchasing a home. Terry says that \\u201cfor a contract to be binding in real estate, it only requires consideration.\\xa0 Consideration is defined as something of value offered for something else of value. States vary, but in Florida the formation of a contract is accomplished when there is an offer and an acceptance between the contracting parties of the exchange of consideration, that is something of value, sometimes referred to as the meeting of the minds.\\u201d
A deposit is the way to go in almost every case because \\u201cthe seller is looking for liquidated damages in the event that you don't go through with the deal. The deposit goes into another section of the contract called liquidated damages.\\u201d
Terry says she\\u2019s never done a transaction without there being a deposit, it\\u2019s the accepted way of doing business; legally it\\u2019s not required; realistically it is.
Showing the money
The other requirement for a buyer is proof of funds. You have to show you\\u2019re financially sound enough to go through with the sale and to afford the responsibilities of the home.
Terry says that whatever changes or innovations are in store for 2017, your qualified real estate agent will be your best advocate if you plan to buy or to sell a home."