The Florida Bar recently proposed several changes to Rule 5-1.2, one of which was to require all trust account checks to be signed by an attorney. This proposed rule amendment would not have allowed signatures on blank checks, signatures by stamp, or signatures by other law firm personnel such as CFOs or paralegals. [...]
|
|
||||
|
There has been discussion about a national driver’s license, a national license to practice law, a national database for IRS liens, a national database for all real property liens, and a national registry for all real property records. The Federal Reserve, in its proposal for a national lien registry, says its idea would make locally recorded information [...] As real estate professionals, opinions coming out of our mouths may be heard as facts going into our customers’ ears. When people lose money or their expectations are not met, they may blame the people who “told” them they would succeed. There is a great recent case that demonstrates this issue (okay, [...] I’m sure most of you know about the changes to Florida’s power of attorney laws that went into effect on October 1, 2011. Please read CS/SB 670 for all of the changes and exceptions (e.g. powers granted by corporations). While you are reading that bill, I want to point out a few changes [...] ATTENTION! ATTENTION! There is a proposed New(er) HUD-1! Actually, there are two proposed HUD-1s and YOU get to choose! Or at least you get to vote on which version you like and why. You may have heard that federal agencies were working to combine the Truth In Lending and Good Faith [...] Once a year I try to review new state laws that may impact real estate transactions. Before I could get to this task, the Florida Land Title Association sent out several bulletins describing important law changes, doing my job for me! I will summarize a few of these laws, here, but you really need to see [...] A lot of complaints from closers have been coming in about the time it is taking to obtain payoff information, especially from condominium associations. When I contacted some condominium association friends for information, I received a howler! Apparently, it is not the estoppel information that is taking so much time, it is the buyer’s [...] What is it about solar water heaters that screams scam? I just read an article that many folks are buying solar water heaters (and other solar energy saving devices) from companies who are, allegedly, indicating their government rebate checks would arrive before payment was due. Unfortunately, many of these people were also convinced [...] Unlawful Inducements, according to Florida’s Department of Financial Services, are what exactly? DFS’ Proposed Rule includes the traditional “printing mailing labels for real estate brokers” and “paying for referror advertising,” but it also includes “charitable contributions on behalf of purchasers” and “entering into an affiliated business arrangement in an attempt to provide a kickback.” Hmm. I [...] Does it matter if you buy property from a lender that insists it will only deliver “insurable” title, not “marketable” title? Not if the buyer obtains a certain form of owner’s title insurance. In the 1980s, an owner’s title insurance policy was approved in Florida that covers defects that affect the marketability of title (Form B policy). [...] Everyone knows that the fraud industry never seems to crash, it just morphs into different appearances. The traditional mortgage fraud, with loan applications containing false employment, income, and other information, and the artificially inflated appraisals fraud, were going strong for several years. Now that lenders are more cautious, and many potential buyers have poor credit, the latest fraud is on the individual. Not only [...] Are you working with lenders that are not sending you GFEs? Instead they are saying all of the information you need is in their loan closing instructions? Is that legal? On page 53 of HUD’s latest FAQs, HUD says: “The lender is required to transmit the information necessary to complete the [...] Yes! HUD says in its FAQs: Each loan must have a separate GFE and a separate HUD-1. However, the principal amount of the second loan and a brief explanation of the second loan should be listed on Lines 204 – 209 of the HUD-1 for the first loan. [...] |
     |
|||
|
Copyright © 2012 Real Estate Law Series ® - All Rights Reserved |
||||
Recent Comments