Fla. Admin. Code Ann. R. 62-821.008 - Title Report and Evidence of Marketable Title
(1) To obtain Appraisals, the Trust may
obtain a title report or title commitment which shall include a legal
description of the Project Site 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 Owner's
marketable title shall be provided to the Recipient(s) and the Trust prior to
the conveyance of title. The Trust shall further be provided a Title Insurance
Commitment in accordance with the Purchase Agreement. The Title Insurance
Commitment shall be followed after conveyance by an owner's marketable title
insurance policy (ALTA Form B) in favor of the Recipient or the Board of
Trustees in accordance with the Recipient's election under Rule
62-819.004, F.A.C. The Trust
shall be listed as a co-insured on the Title Insurance Commitment and title
insurance policy.
(3) 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.
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