Palm Title Services Discusses 2016 Trends and What to Be Aware of in 2017

JANUARY 2017 PALM TITLE SERVICES, INC.

Looking back at 2016 and things to be aware of:

When looking at back at 2016, we saw a lot of title insurance issues come up. As a real estate attorney or attorney owned title company, we can look to detect and resolve your issues. This process is done behind the scenes and can be quite lengthy as we look into all records to get our answer.

Title searches uncover a whole host of issues from liens to forgeries to clerical errors. No matter how big or small the issue, for title to transfer, each needs to be resolved.

Liens:

Most often it is a mechanics lien that we see where contractors place a lien against the property for work done and not paid. We also see liens for child support, divorce decrees or judgments. The unpleasantries overlooked on a day to day basis surface when you sell your property.

Forgery:

Fraud, including spousal fraud, is on the rise.

Clerical Error:

Filed documents sometimes contain clerical mistakes. Human beings prepare the documents and these mistakes are revealed when there is a title issue.

You have chosen your attorney or title company to fix these issues and close the deal.

Sometimes the matter is resolved by a corrective deed or a release of judgment or lien.

I have been a Florida attorney for the past 34 years and my staff has been handling real estate even longer. Please let us assist you in making your deal as smooth as possible.

Looking at 2017 and things to be aware of:

We are still working with the banks with CD’s and have gotten over the majority of the hurdles.

We may order a lien /code violation /open permit search during the inspection period: What is known as the “Lien search” is actually a code/ municipal /open permit search and needs to be done, even on condos. Those open/expired permits are cumbersome and take a lot of time to resolve.

Escrow deposits are at risk if there are blown deadlines. We have a list of deadlines for you and it should be filled in and placed on the cover of each file.

The condominium /homeowner association documents and estoppel letter have to be carefully read to see whether any special assessments are in place or being contemplated.

FIRPTA (Foreign Investment in Real Property Tax Act) rules changed in 2016.  As a general rule, the withholding rate for foreign nationals selling U.S. real estate has increased to 15% unless certain exceptions apply. If the Seller plans 90 or so ahead, a Seller may apply for a withholding certificate and possibly reduce the mandatory withholding amount prior to closing.

Please contact Palm Title Services, Inc. via email at info@palmtitleservices.com or at 561-367-0596 for more information.

We wish our Clients and Agents a Very Happy New Year and a prosperous 2017!