Posts Tagged ‘Florida’

PropLogix’s Title Industry Insights for 2019 Features Alliant National’s Jeff Stein

Alliant National’s Regional Counsel Jeff Stein was a featured contributor in PropLogix’s Title Industry Insights for 2019.

For the article, title insurance leaders share perspectives on topics that should be top of mind for settlement agents in 2019.

The story explores strategies and practices for title agents, including wire fraud prevention, marketing, e-closings and blockchain.

Jeff advises, “Blockchain, used appropriately appears to have the potential for robust security through the use of security keys and authentications. As we move forward with applications of Blockchain, we will have to be vigilant in vetting the security in each application.”

Read the full story here: Download

Hot Topics in Claims Avoidance: Avoiding HELOC Claims in Florida

BY GARY ROSNER & PAULA LEVY,
RITTER CHUSID, LLP

Often, sale and refinance transactions necessitate the payoff and satisfaction of revolving lines of credit, also known as home equity lines of credit (“HELOC”).

These mortgages are loans secured by the debtor’s real property which generally allow the borrower to access the equity in their property utilizing credit devices including checks, ATM cards and credit cards.

The ease by which these accounts may be accessed, drawing up the outstanding principal balance right before, or after, the closing, may leave the agent and underwriter vulnerable to claims.

The recommended practice concerning satisfying HELOCs, and insuring without exception, are as follows:

Florida Association Foreclosure, Part 2: The anatomy of a foreclosure by a homeowners or condominium association

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.

defect disclosure

When in Doubt, Shout it Out: Disclosure of Defects in Residential Resales

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.

This blog contains general information only, not intended to be relied upon as, nor a substitute for, specific professional advice. We accept no responsibility for loss occasioned to any purpose acting on or refraining from action as a result of any material on this blog.

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