Fund News and Alerts

DoubleTime 9.4 Now Available

What’s new in DoubleTime 9.4? 

DoubleTime 9.4 includes the following enhancements: ALTA 2021 Closing Protection Letter, 2023 Standard Commitment Clauses and the revised Old Republic Privacy Notice document.

Version 9.4 includes enhanced functionality in the ‘Signature/Notary’ area to comply with the new statute effective January 1, 2024 of adding an address to each witness on instruments to be recorded.

Install DoubleTime^®9.4 to use new software features.

07/28/2023

ALERT! IRS Form 1099-S Filers Beware

All IRS Form 1099-S filers beware!  Obstacles lie ahead for both electronic and paper form submitters.

07/06/2023

New Trust on The Block: Community Property Trust Act

Effective July 1, 2021, the Florida Legislature passed the Community Property Trust Act as Ch. 736, Part XV, F.S., (the Act). Prior to the Act, Florida was a pure “common law property” state, meaning that the way title was held determined who owned the property. In community property states, “community property” means that the assets acquired during the marriage are owned by each spouse equally, regardless of how title is held. The Community Property Trust Act gives people the option of holding assets in Florida as “community property” by transferring them to a community property trust.

Read the article

07/01/2023

Standing By: Letters of Credit in Commercial Real Estate Transactions

A letter of credit (LOC) is a document from a financial institution guaranteeing payment once the conditions of the LOC are met. They may be useful in a variety of commercial real estate scenarios, from purchase and sale to landlord/tenant issues. 

Another description of the LOC comes from the decision in In re Lancaster Steel Co., Inc. 284 B.R. 152 (S.D. Fla. 2002): “A unique commercial vehicle designed to substitute the creditworthiness of a neutral party for that of a party interested in an underlying transaction and assure prompt payment of obligations.

Read the article

06/01/2023

An Easy Way to Promote Your Practice & Value to Real Estate Professionals

We know you are essential to the closing process, and to help real estate professionals and consumers gain the same understanding, we have launched a statewide “Value of a Real Estate Attorney” awareness campaign. The campaign will be promoted on the below channels. 

• Florida Realtor Legal News
• Title Report Ads
• Paid Search ads - internet online searches
• Social Media
• Outdoor Billboards - Orlando, Miami, Tampa
• Realtor Association Magazines - Orlando, Miami, Tampa

05/25/2023

ALERT! Legislative Update re Foreign Interests in Real Property - En Español

La legislatura estuvo ocupado este año, y aunque hay varias leyes que afectan bienes raíces que estamos analizando para ustedes, aquí explicamos una nueva ley en particular:

• SB 264, Capítulo No. 2023-33, efectivo a partir del 1 de Julio de 2023. Ver, https://laws.flrules.org/2023/33

Entre otras cosas, esta ley establece algunos requisitos distintos sobre cuando y la calidad o tipo de interés que un principal extranjero puede mantener, si es que puede tener, en ciertas propiedades en la Florida.

05/15/2023

ALERT! Legislative Update re Foreign Interests in Real Property

The legislature was busy this year, and while there are several laws impacting real estate that we are analyzing for our Members, here is one to note in particular:

• SB 264, Chapter No. 2023-33, effective July 1, 2023. See, https://laws.flrules.org/2023/33

Among other things, this law sets some distinct requirements on the timing and type of interests foreign principals may maintain, if at all, in certain Florida real estate.

05/15/2023

Chapter 159 and How to Clear the Standard Exception

Fund commitments contain a standard exception for any lien provided by county ordinance or by Ch. 159, F. S. More specifically, the exception excepts from coverage, “Any lien provided by County Ordinance or by Chapter 159, F.S., in favor of any city, town, village or port authority, for unpaid service charges for services by any water systems, sewer systems or gas systems serving the land described herein; and any lien for waste fees in favor of any county or municipality” (the Exception). Of particular note, this Exception not only relates to Ch. 159 municipal liens, but also liens created by county ordinance. The goal of this article is to explore why the Exception is included on Fund commitments, and how to delete it. Read the article

05/01/2023

ALERT Update! Change in premium rates.

I am very pleased to update you on the legislation filed earlier this month that changed the way title premiums are set (from promulgated to "file and use").

An amendment has been filed that removes this provision from the Senate version of the bill.  (It was not in the House version of the bill from the beginning.)  This is great news for us.

04/19/2023

ALERT Update! Change in premium rates

On April 5, 2023, I sent an alert about Senate Bill 7052 which contained provisions changing Florida's title premium rate from a promulgated rate to a "file and use" model.  Today's alert is an update on that situation.

04/12/2023