Fund News and Alerts

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

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! FinCEN GTO – Extended

A new Geographic Targeting Order (GTO) has been issued effective April 25, 2023 and ending on October 21, 2023.

View the New Geographic Targeting Order (GTO)

04/24/2023

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

ALERT! Change in premium rates

On Monday, April 3, 2023, proposed Senate Bill 7052 was filed.  Section 23 of that bill would effectively eliminate promulgated rates for title insurance in Florida.  Recognizing the huge potential impacts of such a change to Florida’s rate structure, The Fund, the members of the Florida Land Title Association and the Real Property, Probate and Trust Law Section of the Florida Bar immediately began efforts to educate Florida lawmakers on this issue.  We emphasized how our current rate structure supports title agents.  While we want to make you aware of this proposed legislation, please rest assured that The Fund and its professional team in Tallahassee are working to oppose Section 23, of Senate Bill 7052.

04/05/2023

Alert: Vacant Lot Scams – Beware of Notarizations Taken Abroad

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.

03/30/2023

Alert - Scam Involving Sale of Vacant Lots – it is still with us!

Alerts about this scam have been sent to Fund Members in 2009, 2010 and 2018.  This scam has not gone away!

04/12/2022

Alert - Closings Involving Sanctioned Russian Banks Cannot Be Completed

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.

03/04/2022

Critical Fraud Alert - Forged Deed

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).

02/16/2022