In many respects an association foreclosure mirrors a bank foreclosure, with some minor differences.
Once an account is delinquent, the association is permitted under Florida Statutes to place a lien on the subject property for nonpayment of assessments.
Prior to recording this lien, the association is required to send the offending homeowner a Notice of Intent to Lien and to provide a period of time with which to bring the account current (30 days for a condominium association, 45 days for a homeowners’ association).
If the account is not brought current during this time period, the association is permitted to record its lien and institute a foreclosure action in the subject property and against the offending homeowner.
Prior to filing the lawsuit, however, the association is required to offer the offending homeowner one last chance to bring the account current.
Because of Florida’s boom in development during the 1990s and early 2000s, many properties are included in planned unit developments, more commonly known as homeowners’ and condominium associations.
If a property is located within one of these developments, activities conducted on and uses of the particular property are governed by the association charged with overseeing the day-to-day operations of the development.
Although we tend only to notice the activities of the association as they relate to aesthetic matters (landscaping, trash disposal, pool maintenance, etc.), much of the association’s duties relate to community finances and enforcement of the association’s governing documents.
While the legal principles involving associations is vast, this blog will focus on one small aspect of the association puzzle: association foreclosures for nonpayment of assessments.
In our continued effort to keep our agents and escrow officers apprised of trends in the Title industry, our claims counsels and administrators have provided the following claim summaries. It is our goal to share these stories and help you avoid similar scenarios in the future. In this article, we will focus on Naked Releases.
A naked release is a release of a lien or mortgage that is not done in connection with a sale or refinance transaction. These releases are a red flag and merit further investigation. Naked releases often involve forgery which are expensive to resolve and cause significant losses.
Here’s how it played out:
Alliant National’s Agent Verification Process Achieves SSAE 18 Certification
Fourth consecutive year of compliance certification independently validates underwriter’s rigorous standards and procedures
LONGMONT, Colo. – The nation’s largest title insurance underwriter with no direct or affiliate operations today announced its successful completion of the Service Organization Control (SOC 1) Statements on Standards for Attestation Engagements 18 (SSAE 18) Type II examination. The certification, endorsed by the American Institute of Certified Public Accountants (AICPA), means Alliant National has maintained effective controls over its Agent Quality Management System.
The successful SSAE 18 Type II examination independently validates Alliant National’s rigorous standards and processes for approving, monitoring and reviewing its independent agents, which results in its agents being designated as Authorized Service Providers or Certified Service Providers of Alliant National.
“Alliant National was the first title insurance underwriter in the nation to obtain an SSAE18 Type II compliant status and is the only title insurance underwriter to achieve compliant status for four consecutive years,” said David Sinclair, Alliant National’s chief operating officer. “This certification provides unmatched independent assurance of our agent oversight systems to lenders and all stakeholders.”
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Alliant National is an industry pioneer that distinguishes itself from competitors by putting the interests of agents first. Bolstered by financial stability, strong underwriting capability and independent agents’ in-depth knowledge of local markets, the company has established a nationwide network with deep roots in local communities and a wealth of expertise that is flexible, nuanced and continuously growing.
Alliant National is the largest title insurance underwriter in the country with no direct operations to compete against its agents, with agents holding more than 50 percent of ownership in the company. Alliant National’s CEO, Bob Grubb, can be reached at 303.682.9800 x300 or firstname.lastname@example.org.
About Alliant National
Alliant National is an industry pioneer that distinguishes itself from competitors by putting the interests of Independent Agents first. Bolstered by financial stability, strong underwriting capability and Independent Agents’ in-depth knowledge of local markets, the company has established a nationwide network with deep roots in local communities and a wealth of expertise that is flexible, nuanced and continuously growing.
Alliant National’s CEO, Bob Grubb, can be reached at 303.682.9800 x300 or email@example.com.
Visit joinalliantnational.com for additional information.
About Alliant National Title Insurance Company
The Independent Underwriter for The Independent Agent® Alliant National believes in putting other people first. The company partners with 400+ trusted independent title agents as a licensed underwriter in 22 states, with annual revenues exceeding $120 million, and protects the dreams of property owners with secure title insurance.]]>
How many times have you looked around your home and thought, “Wow, that stain on the ceiling is huge. I need to fix that water leak.”
How about, “I’m so glad those termites haven’t come back.” Or, have you moved that potted plant to cover the water stain that seeped up through the hardwood floor?
While these are things we’ve probably all done or thought at one point or another, these instances can have big effects if not properly disclosed during the sale of your home.
Even something as minuscule as a bump in the floor can signify a larger structural issue and cause you a massive headache months or years after the sale of your property. Sometimes there can be confusion about which defects warrant disclosure.