Fund News and Alerts

You can create a Closing Disclosure by going into the Closing File module and inserting a Loan. Once a loan is inserted, select, "Closing Disclosure" from the 'Settlement Statement' drop down menu and save your changes. You can now open the Settlement Statement module and enter data into the Closing Disclosure.

06/02/2015

By: Jeffrey A. Grebe, Esq

Inspections and repairs in residential real estate transactions can be a major source of disputes between buyers and sellers. Many of these disputes arise simply because the parties (and often their real estate agents) do not fully understand or follow the inspection and repair procedures under the standard residential real estate contract. This article will attempt to “de-mystify” the inspection and repair procedures and help all parties avoid costly pitfalls.

03/01/2015

BEFORE Preparing a Sales Contract

Florida’s homestead law is one of the most generous in the United States. Florida’s Constitution provides that homestead is (1) exempt from forced sale; (2) devise and alienation is restricted; and (3) homestead affords tax exemptions. Of primary importance to real estate agents are the restrictions on alienation of homestead property.

03/01/2015

Owners Don’t Always Have a Right of Approval

Section 718.112(2) of the Florida Condominium Act provides as follows: “Except as otherwise provided in this Section, there shall be no material alteration or substantial addition to the common elements … except in the manner provided in the Declaration.”

03/01/2015

We have been advised that on Friday, February 27, 2015, Doral Bank, San Juan, Puerto Rico, was closed by the Commissioner of Financial Institutions of Puerto Rico, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Banco Popular de Puerto Rico, Hato Rey, Puerto Rico, to acquire the banking operations, including all the deposits, of Doral Bank.

02/27/2015

We have been made aware of several completed and in-progress transactions where the funds to purchase the property were held by a third party and were in the form of an International Promissory Note (IPN) rather than cash. It is unclear at this time whether IPNs are legal tender. One of the sellers has filed suit to halt the transfer of the property after receiving no funds, but instead, an IPN.

02/13/2015

We have been advised that on Friday, June 20, 2014, Valley Bank, Fort Lauderdale, Florida, was closed by the Florida Office of Financial Regulation, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Landmark Bank, National Association, Fort Lauderdale, Florida, to assume all of the deposits of Valley Bank.

06/27/2014

Beginning on September 2, 2014, all Florida title insurance agents must collect a surcharge of $3.28 per policy and remit it to the insurer.  Please see the Fund Alert dated June 11, 2014 for information on the purpose and authority for the surcharge.

06/13/2014

On June 4, 2014, the Office of Insurance Regulation (OIR) ordered that a surcharge totaling $3.28 per policy be charged to reimburse the receivers assigned to administer the receivership of two underwriters who have gone out of business – National Title Insurance Company ($.28) and K.E.L. Title Insurance Group, Inc. ($3.00).

06/11/2014

The Office of the Attorney General's Consumer Protection Division ('the Office”) has asked FLTA to alert our members and other title industry stakeholders that certain titles to homeowners' residences deeded to The Fidelity Land Trust Company, LLC ("Fidelity Land Trust"), an LLC unrelated to Fidelity National Title Insurance Company, may be clouded. Assistant Attorney General Fulvio Joseph Gentili reports that Final Judgment has been issued against Fidelity Land Trust in the case of Office of the Attorney General v. Edward Cherry, et al, Case No. 12-269807(12)(17th Jud. Cir.), a case which involves a scheme that resulted in the execution and/or recording of a large number of quitclaim deeds or warranty deeds that have since been declared null and void.

06/04/2014