Posts Tagged ‘florida’

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.

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.

Claims Stories: Be Skeptical of a Recently Recorded Quit Claim Deed

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’s our goal to share these stories and help you avoid similar scenarios in the future. In this installment, we will focus on Quit Claim Deeds. Here’s how it played out:

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