Fla. Admin. Code Ann. R. 18-1.012 - Closing

(1) The Director shall have the authority to modify, at the request of the acquiring agency, the purchase instrument previously approved by the Board to extend the time for option exercise, closing date, submittal deadlines or any other time limit relating to such agreement, provided the total extension of time for closing does not exceed 180 calendar days after the date contemplated in the purchase instrument approved by the Board. The Director shall also have the authority to execute or modify all documents necessary for the implementation of Board action, including without limitation the option agreement, purchase agreement, exchange agreement, option exercise, leases, easements, legal descriptions, deeds, assignments, title policies and other miscellaneous agreements and affidavits, provided the modification does not change the substance nor the scope of Board approval, and provided the document executed or modified was either approved by the Board or contemplated by Board approval. Any changes in the purchase price to be paid to the seller not contemplated by the terms of the purchase instrument must be approved by the Board. An extension or modification may only be made under the terms of the purchase instrument, or with the seller's agreement.

(2) The Division or the acquiring agency, if any, shall obtain all disclosures of beneficial interest required in Section 286.23, F.S., before submitting a purchase instrument to the Board for approval. All other disclosures, including those required by Sections 375.031(1) and 380.08(2), F.S., shall be obtained prior to closing. Disclosures not required by statute may be waived by the Director in the case of acquisitions of property for a price of $250, 000 or less where the Director finds that the difficulty on the person providing such disclosures outweighs the value of the disclosed information to the Department or the acquiring agency. The following information shall also be included in the statement supplied by the owner prior to closing:

(a) The total amount of any finder's fee, real estate commission or other similar commission, including a statement as to whom those fees will ultimately be paid;

(b) The total amount of the attorney's fees paid to the owner's attorney, including a statement as to whom these fees will ultimately be paid;

(c) The amounts of other costs incidental to the sale, indicating to whom these sums have been or are to be paid.

(3) The Division shall be responsible for proper completion of the closing and proper recordation of all legal documents necessary to vest title in the Board.

(4) All original documents including recorded documents shall be forwarded to the Division within 30 days after receipt by the closing agent from the county clerk.

Notes

Fla. Admin. Code Ann. R. 18-1.012

Rulemaking Authority 253.025, 259.041 FS. Law Implemented 253.025, 259.041 FS.

New 6-16-86, Amended 4-14-08.

New 6-16-86, Amended 4-14-08.