Fla. Admin. Code Ann. R. 62-817.005 - Title Report and Evidence of Marketable Title
(1) Initial Title Report. In order to obtain
appraisals, the party responsible for acquisition activities as determined in
paragraph 62-817.004(3)(c),
F.A.C., shall order a title report or title commitment. The title report shall
include a legal description of the real property to be acquired that is
sufficient to inform the Trust, the recipient and the appraisers of the status
of ownership, encumbrances, exceptions, reservations, and previous ownership
history.
(2) Evidence of marketable
title.
(a) Evidence of owner's marketable
title shall be provided prior to the conveyance of title in the form of a
marketable title insurance commitment, which shall be followed after conveyance
by an owner's marketable title insurance policy (ALTA Form B).
(b) The Trust and recipient may mutually
agree to waive the requirement of evidence of marketable title for acquisition
of property assessed by the county property appraiser at $10, 000.00 or less.
Such waiver shall be based on such review of the title records as is reasonable
under the circumstances that shows no apparent impediment to marketability or
to management of the property by the recipient.
(3) Condition of title. The objective of
negotiations for acquisition of property is to obtain all the owner's rights,
title and interest in the property, together with such rights as are necessary
for the planned use and management of the property. All exceptions,
reservations, encroachments or other conditions that are disclosed in the
course of preparing to negotiate, negotiating, contracting or closing shall be
individually examined by the recipient and the Trust and evaluated as to
possible adverse effect on the objectives of the party that is acquiring title
to the property.
(a) The purpose of
examination of condition of title is to avoid potential adverse title claims
and litigation after title is conveyed.
(b) The standard for examination of condition
of title shall be The Uniform Title Standards of the Real Property, Probate
& Trust Law Section of The Florida Bar, 1981 edition together with all
updates.
(c) All such matters
potentially having an adverse effect on acquisition goals that become apparent
prior to Trust approval of the release of funds shall be disclosed to the Trust
prior to or at the time of approval.
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