title-insurance – Easy Law Finder

Are Consequential Damages Recoverable Under a Title Insurance Policy for the Time It Takes to Attempt to Cure a Title Defect?

May 18, 2024

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Time is very important in real estate, especially when property values are going down. If there’s a problem with the title of a property, the seller might ask their title insurance company to fix it quickly so they don’t lose the sale or the value of the property. But even if the title insurance company…

Get Your 20 Percent Deduction by Calling 1-800-888-199A

May 18, 2024

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by

Elf

in Florida BAR article

The Tax Cuts and Jobs Act was passed in 2017 and will affect how lawyers and law firms in Florida plan their income taxes in 2018. The new laws will provide tax benefits for many lawyers, but they may need to restructure their finances to take full advantage of these benefits. The article explains important…

Closing Protection Letters

May 18, 2024

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by

Elf

in Florida BAR article

Closing protection letters are offered by title insurance companies to address concerns of lenders about the liability of their approved attorneys or agents. These letters outline the conditions under which the title insurance company will accept liability for the acts or omissions of its agents. They indemnify lenders against damages arising from certain claims against…

The Interpretation of 7(a) and 7(b) of Title Policies Under Florida Law: Synergism Revisited

May 18, 2024

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by

Elf

in Florida BAR article

Title insurance policies do not guarantee that the title is without errors, and a title company can take legal action to fix any issues. If the title company’s action causes a delay or financial loss, it was unclear who would be responsible for covering those costs, but recent court cases have clarified this issue. In…

Servants of a Masterful Conflict

May 18, 2024

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by

Elf

in Florida BAR article

In a perfect world, a Florida real estate transaction would involve the buyer and their lawyer, the seller and their lawyer, a representative from the mortgage lender, and a title insurance agent. However, in reality, the buyer’s lawyer often takes on multiple roles, such as issuing title insurance, handling the lender’s documents, and preparing the…

Ten Tips for Handling Complex Probate

May 18, 2024

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Elf

in Florida BAR article

When someone dies, only one person can be the lawyer’s client, and it’s usually the one who can pay the fees and has the authority to handle the legal matters. It’s important to figure out who the client is before any meetings or discussions. In some states, the lawyer represents the person in charge of…

Trapped Between Tax and Foreclosure Law: A Receiver’s Power to Sell Mortgaged Real Estate and Its Effect on the CMBS Industry

May 18, 2024

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Elf

in Florida BAR article

Courts in Florida have made some decisions that have frustrated lenders and special servicers in the CMBS industry. These decisions prevent receivers in foreclosure cases from selling the real estate, which affects the industry. It’s important for lawyers representing these lenders to understand these decisions. In one case, the court ruled that a receiver couldn’t…

Partial Termination, Good Things Can Happen to Bad Projects

May 18, 2024

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by

Elf

in Florida BAR article

In the past ten years, the real estate market has been crazy. First, prices went way up, and now they’ve fallen a lot and are slowly going back up. Lots of people, even some who weren’t experienced, didn’t realize the real estate bubble was about to burst. They built condos hoping to sell them as…

The New Closing Protection Resets the Understanding Between Lenders and Title Insurers and Corrects Unhealthy Nationwide Trends in the Caselaw

May 18, 2024

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Elf

in Florida BAR article

A new closing protection letter (CPL) has been approved in Florida, and similar changes will soon appear in other states. The new CPL aims to make the language clearer and prevent misunderstandings between parties involved in real estate transactions. The CPL is a form that assures lenders that they can trust the attorneys and closing…

Easements by Way of Necessity

May 18, 2024

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Elf

in Florida BAR article

Easements can be created by agreement between property owners or they can be implied based on the circumstances. Easements by way of necessity and prescriptive easements don’t need an express agreement. In Florida, easements by way of necessity are now defined by law, but they may not show up in a title insurance commitment unless…

Taking the Quick Out of Quitclaim Deeds

May 18, 2024

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by

Elf

in Florida BAR article

The Dingle v. Dellinger case is a reminder for attorneys to be careful when preparing transfer deeds for real estate. In this case, the attorney made a mistake in the deed, and the people who were supposed to receive the property sued the attorney for negligence, even though they weren’t the attorney’s clients. This case…

Failure to Deliver: The Problem with Pocket Deeds and a Review of Alternatives

May 18, 2024

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by

Elf

in Florida BAR article

A “pocket deed” is a deed that is not actually given to the person it’s meant for until the person who owns the property dies. The problem with this is that if the owner dies before giving the deed, the transfer of property is not valid. Both the delivery of the deed and the acceptance…

Transferring Real Property into Limited Liability Companies in Florida: Benefits and Considerations

May 18, 2024

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by

Elf

in Florida BAR article

Transferring real property into an LLC in Florida can protect your personal assets if there’s a problem with the property. This means that only the assets owned by the LLC, and not your personal assets, are at risk. However, there are some things you need to consider before making this transfer. If an LLC has…

Code Liens Are Not Superpriority Liens: Is it the End of the Debate?

May 18, 2024

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by

Elf

in Florida BAR article

The Florida Supreme Court recently ruled that a local ordinance in Palm Bay giving priority to code enforcement liens over earlier recorded mortgages is invalid. This means that code enforcement liens do not have priority over mortgages. The court found that the ordinance conflicts with state law. This ruling ends the uncertainty surrounding the case…

Legislative Rule Ratification: Lessons from the First Four Years

May 18, 2024

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by

Elf

in Florida BAR article

In 2010, Florida passed a law that required the legislature to approve any new agency rules that would have a big economic impact or cost a lot to enforce. Since then, the House of Representatives set up a process for agencies to submit these rules for approval. If a rule meets the criteria, it has…

Who is responsible for payment of title insurance?

Mar 7, 2024

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by

Elf

in FAQ

That varies depending on the County where the property is situated. In certain counties, such as County A, County B, and County C, it is typical for the purchaser to cover the cost of title insurance, whereas in others, like County D, it is typically the seller’s responsibility. However, this can be subject to negotiation,…

What Does My Insurance Agreement Include?

Mar 7, 2024

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by

Elf

in FAQ

The coverage provided by an insurance policy depends on the specific type of policy and the risks it aims to protect against. There are several categories of risks that insurance policies may cover. When it comes to property risk, the policy offers protection for damages occurring to one’s property. This could include a residence, a…

What are the steps after the closing of a transaction?

Mar 7, 2024

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by

Elf

in FAQ

Give back the original, fully completed and notarized loan package to the Lender. Distribute any funds or checks that were not distributed during the closing meeting. Officially record documents such as the Warranty Deed and Mortgage in the designated county records. Provide Title Insurance Policies and send them along with the original recorded documents to…

How does title insurance protect my investment if a claim should arise?

Mar 7, 2024

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by

Elf

in FAQ

How does title insurance safeguard my investment in the event of a claim? In case a claim is filed against your property, title insurance will provide you with a legal defense as per the provisions of your policy. It will cover all expenses related to court proceedings and associated fees. Furthermore, if the claim is…

What about a Lawyer’s Opinion?

Mar 7, 2024

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Elf

in FAQ

A lawyer’s opinion is based on a search of the public records. So, once again, even the most exhaustive search of these records may not reveal everything. Unlike a title insurance policy, the Johnson Law Office & Title Services is not liable if you should suffer loss because of ‘hidden hazards’ in the title.

How much title insurance should I obtain for my Florida property?

Mar 7, 2024

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by

Elf

in FAQ

How much does title insurance typically cost? What is the purpose of title insurance, and why is it necessary? What are the various categories of title policies? It is recommended to have title insurance coverage equal to the fair market value of the real estate. While homeowners often remember to update their insurance coverage annually,…

What is the “Closing”?

Mar 7, 2024

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by

Elf

in FAQ

The closing is a final meeting of all the parties involved in the real estate transaction. Attorneys for Party A, Party B, and Party C convene with sellers and buyers to sign and officially transfer title to the buyers. A representative of the title insurance company will also be present to facilitate the transfer of…

What is the purpose of “recording” a document?

Mar 7, 2024

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by

Elf

in FAQ

When you acquire tangible assets, you receive a written document known as “the official document” which transfers the ownership of the assets from the buyer to you as the purchaser. The official document grants you legal rights in exchange usually for a specified sum of money. The transfer of interest in tangible assets is not…

Understanding the Real Estate Purchase Agreement

Mar 7, 2024

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Elf

in Blog article

– The real estate purchase agreement is a binding document that protects both the buyer and seller in a property transaction. – It includes details about the property, the agreed-upon price, and the names and signatures of the parties involved. – It also outlines the closing date, expiration date of the offer, and who will…

Tag: title-insurance