The Aftermath of the 2018 Legislative Session

2018 Legislative Session; Bitcoin; E-Closings; Miami-Dade Ordinance The Aftermath of the Legislative Session.

Dear Members,

Crazy weather! At least it's not snowing but I put my sweatshirts away a month ago. I exaggerate. It is only one sweatshirt. You don't need more than one sweatshirt when you live in Orlando!

There's a lot going on. The biggest thing on my mind is the aftermath of the 2018 Legislative Session. Then a little more about electronic closings, Bitcoin and then what the heck is going on in Miami-Dade County?

Legislative Session

A big disappointment because remote on-line notarization did not pass. The bill got caught up in a lot of last minute wrangling over which documents were in and which were out. Then we just ran out of time because the Legislators focused on dealing with the Parkland tragedy. Some good things happened though so stay tuned for more info!


If you are asked to handle a transaction in which Bitcoin is the currency being used to pay for the property….STOP! You are not authorized to insure transactions that are funded by Bitcoin. Even if you don't touch the Bitcoin and it flows direct between buyer and seller. Even if the only money going into your trust account is US dollars for the closing costs you need to disburse. There are all kinds of questions about consideration, foreign investors, etc. If you have questions, reach out to an underwriting attorney. They are up to speed on why these transactions are very risky.

Electronic Closings

E-Closings remain the hot topic on everyone's minds. We have formed an E-closing team here at The Fund to gather and organize the information and resources that you need to understand the process. Our goal is to get all of you ready for this new way of doing business.

Miami-Dade County New Ordinance

I'm not sure if you have heard about this new ordinance that was passed requiring sellers to inform buyers by including language on the deed if the property is in one of their 1,070 special taxing districts……. and for the buyer to acknowledge they have been so informed. As you can imagine this could cause a whole host of issues. FLTA is working on finding a resolution with the local officials. We will continue to keep you informed as we learn more. PS. Effective date is May 17, 2018.

That's all for now. Let me know how we can help you.

Melissa Jay Murphy
Executive Vice President, Chief Legal Officer, and General Counsel and Secretary