Fund News and Alerts


2021 Legislature Amends Florida’s Community Association Laws

2021 Legislature Amends Florida’s Community Association Laws

Florida’s 2021 legislative session concluded on Apr. 30. Consistent with what the Legislature has done over a number of years, bills passed by both houses include some that make various alterations to existing laws governing community associations under Chs. 718, 719, and 720, F.S., as well as other statutes that tangentially relate to community associations. All bills described in this article have already been approved by Governor DeSantis and are now law. The article highlights new laws of potential interest to Fund Members. 
Read the article. 09/01/2021


Florida’s Uniform Commercial Real Estate Receivership Act

Florida’s Uniform Commercial Real Estate Receivership Act

In the wake of the pandemic, leveraged commercial real property may be more susceptible to default, foreclosure, loss, and waste. Historically, during the pendency of a commercial foreclosure action, one remedy creditors have had is the appointment of a receiver to protect and preserve the income and value of distressed property. But common law commercial receiverships based in equity developed haphazardly; they lacked clarity and predictability. An effort by the Business Law Section of the Florida Bar, acting with the assistance of The Florida Bar’s Real Property, Probate and Trust Law Section (RPPTL), fostered the codification of statutory guidelines. Read the article.

08/01/2021


Marketing Made Easy: Daily Tips & Suggestions

Marketing Made Easy: Daily Tips & Suggestions

Keep your motivation and marketing going with these helpful tips and suggestions. 

07/29/2021


Save Time with Double-Duty Calculators

Save Time with Double-Duty Calculators

Not Sure How You’ll Get It All Done? Our Real Estate Calculators can help! 

07/28/2021


Fund Members Must Be on High Alert for Mortgage Payoff Fraud

Fund Members Must Be on High Alert for Mortgage Payoff Fraud

True story: A closing agent received a spoofed phone call from a fraudster posing as the seller. The “seller” called to say that he had an issue with his mortgage lender’s payoff amount and said to expect to hear from the mortgage company. Soon after, an updated payoff statement was received with a slightly lowered amount due. The closing agent did not realize the wiring account number had changed and wired the payoff to the fraudster’s account. Read the article. 07/01/2021


Customize Affidavits Simply and Easily

Customize Affidavits Simply and Easily

 Customize, update, or edit affidavits quickly and easily by downloading affidavits as Word documents.

06/09/2021


Clearing Estate Taxes in Real Estate Transactions

Clearing Estate Taxes in Real Estate Transactions

When a Fund Member is handling a real estate transaction that involves a deceased owner, the potential for estate taxes is one of the many issues to be addressed. This is especially true for large estates, whether or not the deceased is a Florida resident. 

Under the terms of the Economic Growth and Tax Relief Reconciliation Act of 2001 (and subsequent amendments), any resident or nonresident dying on or after Jan. 1, 2005, is not subject to Florida estate taxes. Therefore, the focus of this article will be limited to addressing potential federal estate taxes during a real estate transaction.

Read the article.


 

06/01/2021


Trust Me – Addressing Trust Requirements In Commitments

Trust Me – Addressing Trust Requirements In Commitments

The Fund’s Underwriting department receives many inquiries from Fund Members seeking assistance with clearing trust requirements. Trusts can be complicated and often contain unrecorded terms and conditions that affect ownership of the real property interests held in trust. The purpose of this article is to introduce Fund Members to The Fund’s updated commitment clauses dealing with trusts and to explain why they are required and how the requirements can be cleared. With a little practice, Fund Members and their staff members can gain confidence in dealing with trusts.

There are three categories of deeds involving trusts that a Fund Member will regularly encounter — the Sec. 689.07, F.S., “as Trustee” deed; a land trust formed under the Florida Land Trust Act, Sec. 689.071, F.S.; and an express trust, either revocable or irrevocable, made pursuant to the Florida Trust Code, Ch. 736, F.S. The revocable inter-vivos trust, an express trust often used for estate planning purposes and to avoid probate, is by far the most common trust encountered by real estate practitioners.

Read the article

05/03/2021


Decanting a Trust: Is There Reason to “Wine” About It?

Decanting a Trust: Is There Reason to “Wine” About It?

Most people are familiar with decanting wine but do not know that a trust can also be decanted. According to Merriam-Webster.com, the term “decant” is defined as, “to pour out, transfer, or unload as if by pouring.” That is essentially what decanting a trust is. When a trust is decanted, the authorized trustee uses their authority to invade the trust principal to appoint all or some of the assets of the original trust to another trust. The authority of a trustee to decant a trust has been recognized in Florida since 1940. (Phipps v. Palm Beach Trust Co., 196 So. 299 (Fla. 1940)). The power to invade principal in trust or “decant” was later codified in Sec. 736.04117, F.S.

Read the article.

04/01/2021


Understanding Tenant Estoppels and the SNDA

Understanding Tenant Estoppels and the SNDA

Fee simple absolute title is usually described as “the full bundle of sticks.” Often, in a commercial transaction, the seller does not have the full bundle of sticks to convey. Typically, at least one tenant has the stick of possession via a lease. A purchaser or lender typically requires estoppel letters from every tenant and the landlord in order to determine the status of their rights and obligations under existing leases.

Read the article. 03/01/2021

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