Fund News and Alerts

By: Tony Lavargna, Esq., Lavargna Law, PLLC, Stuart, and a Member of The Fund

Probate can be a deadly word for real estate closings, but it doesn’t have to be. There are some initial aspects of Probate that we can help navigate for our clients to make sure that a real estate deal stays on course.

Remote Online Notarization has not proven helpful when loan documents must be signed.  Most lenders require wet-signed Notes and in many situations, do not allow any loan documents to be signed electronically.  This has forced many title agents and borrowers into some form of face to face interaction between borrower and a notary, a situation that is not ideal under the current COVID-19 pandemic.

By: Jared Gaylord, Esq., of Marc. R. Gaylord, P.A., Hobe Sound, FL and a Member of The Fund

Unfortunately, COVID-19 is here to stay. The global pandemic has touched every aspect of American life. Real estate closings have not been spared. It is imperative to understand how the coronavirus can impact a real estate transaction to adequately protect yourself and your clients.

By: Jordan Lulich, Esquire at Lulich Attorneys & Consultants and Member of The Fund

Don’t judge a book by its cover. While for many, digital real estate closings seem like a daunting service to offer, I’m here to tell you that it’s quite simpler than you think. 

By Charles D. Nostra, The Fund

As we discussed a few months ago Property Assessed Clean Energy (PACE) loans, which are used to make certain qualifying energy efficiency and hurricane hardening improvements to commercial and residential properties, are increasing in popularity but unfortunately many buyers and sellers do not understand how they work and how they can complicate the real estate closing process.  Here is what you, as a real estate professional, need to know about this increasingly popular financial product.

The new Florida law authorizing remote online notarization (RON) is now in effect but it will take some time before there are Florida RONs registered and taking acknowledgements and oaths under the new law.  As such, title insurance agents are going to be presented with marketing, legal and underwriting issues related to the use of RON notaries from other states.

By Michael Rothman, Esq., The Fund’s Legal Education Manager 

Every real estate professional involved in a transaction with an out-of-town seller can relate to the dread of opening a FedEx envelope supposedly containing the fully executed deed, only to find that the seller signed in the wrong place, there are no witnesses, and the notary’s commission expired last month. Or, of the seller traveling abroad who missed her appointment at the local embassy, only to be told that the next available appointment won’t be for three weeks. Thankfully, with the advent of RON, the stressful days of “mailaway closings” may soon be a thing of the past.

By Michael Rothman, Esq., The Fund’s Legal Education Manager

Every real estate professional involved in a transaction with an out-of-town seller can relate to the dread of opening a FedEx envelope supposedly containing the fully executed deed, only to find that the seller signed in the wrong place, there are no witnesses, and the notary’s commission expired last month. Or, of the seller traveling abroad who missed her appointment at the local embassy, only to be told that the next available appointment won’t be for three weeks. Thankfully, with the advent of RON, the stressful days of “mailaway closings” may soon be a thing of the past.

By: Sebastian Jaramillo, Partner at Wolfe Pincavage LLP and Member of The Fund

Even though we are in the business of getting transactions closed and funded; on occasion, the deal falls through and we are left with the question of how to deal with the funds held in escrow. 

By: Michael G. Salmon, Managing Attorney at SalmonLaw PLLC and Member of The Fund

Liquidated damages ensure that earnest money deposits are central elements of real estate transactions utilizing the FAR/Bar residential sales contracts – the standard or “as is” contract (the “FAR/Bar Contracts”). As such, it should not be surprising that buyers and sellers have opposing motivations with respect to deposits. It is reasonable to expect real estate professionals representing buyers to get creative in protecting and/or recovering their clients’ deposits when real estate transactions go sideways. The route increasingly travailed by buyers, mortgage lenders and Realtors® is Paragraph 5(a) of the FAR/Bar Contracts relating to the Consumer Financial Protection Bureau Closing Disclosure delivery requirements (the “CFPB Delivery Requirements”), which come under the Know Before You Owe mortgage disclosure rule (i.e., TRID).