Fund News

Since 2016, Fund Members have been responsible for collecting information to comply with Geographic Targeting Orders (GTOs) issued by the Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Department of Treasury. Twelve GTOs have been delivered to Old Republic National Title Insurance Company and other title insurance underwriters covering time periods of, at most, 180 days, the maximum allowed by regulation. Read the article

02/01/2022

During the course of routine audits performed on every Fund Member, Fund auditors examine a representative sample of closing files and their settlement statements. The auditors often encounter, and call the Fund Member’s attention to, fees prohibited by law in Florida or by the federal Real Estate Settlement Procedures Act (RESPA). This article will review and explain why these fees are problematic. Read the article.

01/01/2022

Fund underwriting attorneys respond to thousands of calls and emails every year. The following five questions are among the most common questions received during the past year.
 

1. Why does the commitment call for a trustee of a trust to convey as trustee and individually?
2. May I use this power of attorney for my closing?
3. What do I do when the owner tells me that a mortgage shown as a requirement to be satisfied on the commitment has been paid off?
4. Can I use a prior policy to waive commitment requirements?
5. Is the policy endorsement that the lender is requesting available in Florida?

Read the article

12/01/2021

“Heirs Property” refers to land passed down to family members through the laws of intestacy and held by descendants as tenants in common. For many years, heirs property owners have lost their property involuntarily through partition actions in which a cotenant in common seeks a forced partition sale of the property. Such partition sales often negatively impact low to moderate income owners or other disadvantaged groups who do not have ready access to affordable legal representation. Read the article.

11/01/2021

Under Florida law, licensed contractors and other professionals who supply labor, services, or materials to improve real property are entitled to a lien against the property they improve. Generally, an owner understands that if they engage a contractor to improve their property, it could be subject to a lien if they fail to pay. This concept is not as straightforward when the owner leases the land to another who intends to construct improvements upon it. Is there potential for the tenant’s construction liens to attach to the real property? The answer is maybe. 

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10/01/2021

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

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

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

07/29/2021

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

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