Fund News and Alerts

International Promissory Notes

We have been made aware of several completed and in-progress transactions where the funds to purchase the property were held by a third party and were in the form of an International Promissory Note (IPN) rather than cash. It is unclear at this time whether IPNs are legal tender. One of the sellers has filed suit to halt the transfer of the property after receiving no funds, but instead, an IPN.

02/13/2015

Broward County Documents

Switch from Book/Page number as the primary document reference to an Instrument Number

Effective January 1, 2015, Broward County moved from an Official Records (OR), Book/Page number as the primary document reference to an Instrument Number reference system (for example, INSTR # 112725637).

02/12/2015

REVISED ALTA ENDORSEMENTS AND FORMS

On May 19, 2014, Florida's Office of Insurance Regulation ("OIR") approved certain revisions to the 2006 ALTA 9 and 14 endorsement series, the ALTA 10 Endorsement and minor revisions to the MF6, SF6 and USA Policy forms.  In addition, OIR approved the discontinued use of the 2006 ALTA 9.3 and 9.5 endorsements, as well as Florida's Assignment of Mortgage Endorsement and Florida's Form 9.1.  The foregoing revisions are discussed below.

08/08/2014

Valley Bank, Fort Lauderdale, Florida

We have been advised that on Friday, June 20, 2014, Valley Bank, Fort Lauderdale, Florida, was closed by the Florida Office of Financial Regulation, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Landmark Bank, National Association, Fort Lauderdale, Florida, to assume all of the deposits of Valley Bank.

06/27/2014

Title Insurance Policy Surcharge Begins September 2, 2014 - Frequently Asked Questions

Beginning on September 2, 2014, all Florida title insurance agents must collect a surcharge of $3.28 per policy and remit it to the insurer.  Please see the Fund Alert dated June 11, 2014 for information on the purpose and authority for the surcharge.

06/13/2014

Title Insurance Policy Surcharge to Begin September 2, 2014

On June 4, 2014, the Office of Insurance Regulation (OIR) ordered that a surcharge totaling $3.28 per policy be charged to reimburse the receivers assigned to administer the receivership of two underwriters who have gone out of business – National Title Insurance Company ($.28) and K.E.L. Title Insurance Group, Inc. ($3.00).

06/11/2014

Deeds Transferring Title to Fidelity Land Trust Company, LLC Are Rescinded and Deemed Null and Void

The Office of the Attorney General's Consumer Protection Division ('the Office”) has asked FLTA to alert our members and other title industry stakeholders that certain titles to homeowners' residences deeded to The Fidelity Land Trust Company, LLC ("Fidelity Land Trust"), an LLC unrelated to Fidelity National Title Insurance Company, may be clouded. Assistant Attorney General Fulvio Joseph Gentili reports that Final Judgment has been issued against Fidelity Land Trust in the case of Office of the Attorney General v. Edward Cherry, et al, Case No. 12-269807(12)(17th Jud. Cir.), a case which involves a scheme that resulted in the execution and/or recording of a large number of quitclaim deeds or warranty deeds that have since been declared null and void.

06/04/2014

ALTA is the Voice of the Title Insurance Industry

ALTA is the national voice of the title insurance industry whose members include underwriters, agents and title insurance service providers such as The Fund. You may have recently received an invoice from The American Land Title Association, ALTA, for your 2014 membership dues or license for the use of ALTA’s policy forms.

04/25/2014

Tallahassee Report – Contact your legislators in support of HB 321 and SB 570

This year, The Fund and Old Republic National Title Insurance Company are leading the charge to support important legislation that will ensure Florida citizens have ready access to local title insurance agents, including attorney agents. As described in the February 2014 Concept, the need for this legislation was created by the Florida Supreme Court’s significant limitation of the economic loss rule and decades of precedent in its March, 2013 decision: Tiara Condominium Association, Inc. v. Marsh & McLennan Companies, Inc., 110 So.3d 399 (Fla. 2013).

04/01/2014

Title Insurance Policy Surcharge Combined and Extended Until No Sooner Than June 13, 2014

In January 2014, the collection of the surcharge in  connection with the National Title Insurance Company receivership was delayed  until April 4, 2014.  The Office of  Insurance Regulation is currently in the process of combining the surcharge for  National Title Insurance Company with a surcharge for the new K.E.L. receivership  and determining the amount of surcharge to cover both.  Accordingly, the earliest that the surcharge  will be collected is June 13, 2014.

03/31/2014