Fund News
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From Oaths to Pixels: Navigating Remote Online Notarization in Florida
As Florida has embraced technological advancements in the notarial process by allowing online notary publics to perform remote online notarization (RON), certain scenarios recur for Fund Members, leading to questions about Fund Underwriting approval requirements. The most frequent questions posed by Fund Members involve the requirements for Fund Underwriting RON approval when the signer is a foreign national. These situations require additional analysis as opposed to scenarios where the signer is a United States citizen.
07/01/2024 -
Restoration of Priority: Applying the Revised Notice of Termination Statute
Title insurers are routinely called upon to insure loans on property before, during, and after construction. The priority of the loan is of paramount importance to the lender in every instance. Florida’s Construction Lien Law, Sec. 713.13, F.S., contains the concept of the notice of commencement. The notice of commencement marks the beginning of construction and establishes a single point in time to which any liens filed against the property relate back. A notice of commencement is valid for one year (or longer if so provided). Its primary purposes are to create an equal playing field for all who work on a project and eliminate disputes over the priority of lienors’ claims filed at various times during construction. A notice of commencement can create a challenge to the loan priority if it is recorded and unexpired prior to a mortgage in a current loan transaction.
06/03/2024 -
Issuing Implementing Rules to Florida’s Foreign Interest Law
The Department of Agriculture and Consumer Services Joins the Department of Commerce in Issuing Implementing Rules to Florida’s Foreign Interest Law.
On Mar. 15, 2024, the Florida Department of Agriculture and Consumer Services (FDACS) issued rules implementing the provisions of Ch. 2023-33, Laws of Florida, relating to the interests of foreign principal ownership of agricultural land. The FDACS rules went into effect on Apr. 4, 2024, and are in Ch. 5J-27, F.A.C. The rules mirror in many ways the implementing rules issued earlier this year by the Florida Department of Commerce (FDOC) relating to the interests of foreign principal ownership of non-agricultural real property. The FDOC rules are in Ch. 73C-60, F.A.C. This article will highlight some key aspects of the FDACS and FDOC rules.
05/01/2024 -
Goodbye, GTOs; Hello Forever Reporting?
On Feb. 7, 2024, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking. The new rule would replace the temporary Geographic Targeting Orders (GTOs) that have for years required title insurance companies and their agents to report residential real estate purchases above a certain dollar amount in certain localities by business entities without institutional financing. FinCEN issued the proposed rule on Feb. 16, 2024. The proposed rule is currently subject to a 60-day comment period.
04/01/2024 -
Addressing Title Objections to Development Agreements and Development Orders
Objections to development agreements and development orders generally arise in commercial transactions. This article is the third in a series of articles addressing specific title objections. Like its predecessors, it is designed to help Fund Members analyze specific objections’ merits and provide potential resolutions. For guidance in addressing title objections related to surveys or tenants, please see, “Addressing Specific Title Objections Relating to Surveys and Tenants,” 54 Fund Concept 49 (May 2022), and for guidance in addressing water and oil, gas, and mineral right objections, please see, “Addressing Title Objections to Water Rights and Oil, Gas & Mineral Rights,” 55 Fund Concept 69 (June 2023).
03/01/2024 -
New Measures to Reduce Real Property Fraud
Session Law 2023-238: Florida Legislature Creates and Enhances Anti-Fraud Law, New Quitclaim Deed, and Recording Requirement
During the 2023 Legislative Session, the Florida Legislature passed House Bill 1419. On Jun. 14, 2023, the bill was approved by Governor Ron DeSantis and assigned Session Law Number 2023-238. Principally, the new law creates procedures and guidelines designed to thwart real property fraud. In addition, new provisions are included which govern actions to quiet title resulting from alleged fraudulent conveyances as well as mandating a new form quitclaim deed. Except as otherwise noted, the provisions of the new law are effective on Jul. 1, 2023. This article will set forth many of the details of the legislation.
09/01/2023 -
Conveyances of Real Property Under the Foreign Entities Act
Florida Governor Ron DeSantis signed Senate Bill 264 (SB 264) into law on May 8, 2023. The law has an effective date of Jul. 1, 2023, and may have a tremendous impact on the ownership and conveyance of real property in Florida. The bill creates Secs. 692.201 – 692.205, F.S., and is commonly referred to as the Conveyances to Foreign Entities Act (Act). The Act contains wide prohibitions with respect to foreign ownership of certain real property. Under the Act, ownership includes direct or indirect ownership of, or a controlling interest in, real property. Although the Act does not impose compliance liability on the issuing agent or underwriter, being familiar with its terms allows agents to be better prepared to discuss its implications with buyers and sellers. The Act applies to certain types of property and certain foreign principals, so it is important to understand how each of these is defined.
08/01/2023 -
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.
07/01/2023 -
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 -
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
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