Previous alerts on this issue have been sent in 2009, 2010, 2018 and 2022.
On April 12, 2022, The Fund released an alert regarding an increase in the volume of fraud scams concerning vacant lots; the most common being an unencumbered vacant property whose owner lives outside of the United States. The fraudster poses as the legitimate owner of the property and (in most instances) forges a deed from the true owner to our insured owner(s). A claim arises when the true owner of the property comes forward to challenge the insured deed, many times in the form of a suit to quiet title.
Alerts about this scam have been sent to Fund Members in 2009, 2010 and 2018. This scam has not gone away!
In light of the U.S. Federal government sanctioning of Russian banks pursuant to Executive Order, closings involving sanctioned Russian banks cannot be completed. This includes requesting payoffs of mortgages or the sending of any funds to satisfy a mortgage.
Michael Torsten Steen and Maria Catharina Steen are the true owners of Lot 12 and the N 5 feet of Lot 11, Block 4, Surfside No. 2, PB 23, Page 16, Public Records of Pinellas County (18212 Sunset Blvd, Redington Shores, FL 33708).
On June 16, 2021, FinCEN updated (“Modernized”) the website for filing Currency Transaction Reports (CTR). The new look will likely confuse experienced e-filers the first time it is accessed. 07/14/2021
Remote Online Notarization has not proven helpful when loan documents must be signed. Most lenders require wet-signed Notes and in many situations, do not allow any loan documents to be signed electronically. This has forced many title agents and borrowers into some form of face to face interaction between borrower and a notary, a situation that is not ideal under the current COVID-19 pandemic.
The new Florida law authorizing remote online notarization (RON) is now in effect but it will take some time before there are Florida RONs registered and taking acknowledgements and oaths under the new law. As such, title insurance agents are going to be presented with marketing, legal and underwriting issues related to the use of RON notaries from other states.
The Fund has become aware of unrecorded utility easements between 1940-1980, in favor of Sumter Electric Cooperative, INC. They were recently recorded in Lake, Marion and Sumter Counties.
It has been brought to our attention that there may have been suspicious activity regarding attempted sales of real estate with the typical scenario as follows: 04/11/2018
Alerts about this scam were sent to Fund Members in 2009 and 2010. We have not heard much about it since then, until now.