Advisory: During the 2017 Legislative Session, the Florida Legislature passed a bill that revised Florida
Statute § 117.05 to add a veteran health identification card issued by the United States Department of
Veterans Affairs to the list of acceptable forms of identification. Governor Scott has signed this bill and
the new law will be effective July 1, 2017.
As of July 1, 2017, acceptable forms of identification on which a notary can rely will be:
a. A Florida identification card or driver license issued by the public agency authorized to issue driver
b. A passport issued by the Department of State of the United States;
c. A passport issued by a foreign government if the document is stamped by the United States
Bureau of Citizenship and Immigration Services;
d. A driver license or an identification card issued by a public agency authorized to issue driver
licenses in a state other than Florida, a territory of the United States, or Canada or Mexico;
e. An identification card issued by any branch of the armed forces of the United States;
f. A veteran health identification card issued by the United States Department of Veterans Affairs;
g. An inmate identification card issued on or after January 1, 1991, by the Florida Department of
Corrections for an inmate who is in the custody of the department;
h. An inmate identification card issued by the United States Department of Justice, Bureau of
Prisons, for an inmate who is in the custody of the department;
i. A sworn, written statement from a sworn law enforcement officer that the forms of identification
for an inmate in an institution of confinement were confiscated upon confinement and that the
person named in the document is the person whose signature is to be notarized; or
j. An identification card issued by the United States Bureau of Citizenship and Immigration Services.
NOTE: This Underwriting Communication is intended for use by title issuing offices, title insurance agents and approved attorneys of First American Title Insurance Company and any reliance by any other person or entity is unauthorized. While the scope of your agency is limited to the functions of underwriting and the issuance of title insurance policies on our behalf and does not include closing or escrow services, we sometimes provide information and recommendations with regard to your ancillary closing or escrow business as a courtesy to you. Moreover, some communications, depending on whether noncompliance could impact on liability under our policies or closing protection letters, should be considered directives. This Communication is being provided to you with those considerations in mind.
* * This UWC should become a permanent part of your records to assure compliance with its requirements. * *
There are different forms of real estate ownership that married couples can use to own real estate. The most recognized form for a married couple is to own their home as Tenants by the Entirety. A tenancy by the entirety is ownership in real estate under the fictional assumption that a husband and wife are considered one person for legal purposes. This method of ownership conveys the property to them as one person. An estate by the entirety can only be created between two persons who must be husband and wife. They must be married and their ownership interests cannot be conveyed without the consent and signature of both spouses. In theory the individuality of each spouse is lost because the husband and wife take as one person.
Under this form of ownership, when one spouse dies title to the property passes to the surviving spouse entirely without the need for probate. An advantage of this form of ownership is that no legal proceeding needs to take place at the death of one’s spouse. There is no need for a will or probate because title automatically passes to the surviving spouse. In many states, if a married couple owns property and the title deed does not stipulate the form of ownership, then a tenancy by the entirety is presumed under state law. In other states, the tenancy must be explicitly stated in the deed to create the tenancy and right of survivorship. Not all states recognize this form of ownership.
Married couples might also hold title in Joint Tenancy. In a joint tenancy the couple will hold title to their real estate jointly with equal undivided interests and withrights of survivorship. An undivided interest is an ownership right to use and possess the entire property. However, no single co-owner can mortgage, sell or otherwise convey the real estate without the consent of the other joint tenant. When a joint tenant dies the right of survivorship entitles the surviving co-owner to an equal share of the deceased share of ownership without the need for probateor legal action. An advantage of this type of ownership is that the parties on title need not be married or related and that title automatically passes at the death of the joint tenant to the surviving joint tenant. In some states the title deed must explicitly confer the right of survivorship.
A couple might also hold title to their home as Tenants in Common. In a tenancy in common the couple will hold title to their real estate jointly with equal rights toenjoy the property during their lives. However, unlike a tenancy by the entirety or joint tenancy, tenants in common hold title individually for their respective part of the property and can convey or mortgage their portion of the property without the consent or joinder of the other tenant in common. Unlike a joint tenancy ortenancy by the entirety, there is no right of survivorship in a tenancy in common. When a tenant in common dies, their property interests will pass to their heirs or their devisees specified in their Last Will and Testament. The death of a tenant in common, therefore, will likely require a legal proceeding to determine the rightful owner(s) of the deceased tenant’s interests.
Another form of vesting title to property owned together by married persons or by domestic partners is as Community Property. Community property is distinguished from separate property, which is property obtained prior to marriage or prior to a domestic partnership by separate gift or bequest, after legal separation, or which is agreed in writing to be owned by one spouse or domestic partner. Since all such property is owned equally, both parties must sign all documents and agreements transferring the property or using it as security for a loan. Each spouse has a right to pass on their share to whomever they wish in a last will and testament. This differs from property owned in joint tenancy in that neither spouse can pass their share to anyone but the other spouse.
Community Property with Right of Survivorship is a form of vesting title to property owned together by spouses or by domestic partners. This form of holding title shares many of the characteristics of community property but adds the benefit of the right of survivorship similar to title held in joint tenancy. On the death of an owner, the decedent’s interest ends and the survivor owns all the interest in the property.
Because married couples may hold title to their homes in different forms, extreme care and caution must be exercised when changing a couple’s tenancy. Doing so without careful planning can have profound unforeseen effects on the couples’ property rights and estate plans. It’s important to seek the advice of a legal professional to make sure that when title is taken to real property, it meets the married couples needs.
Disclaimer: The above is for informational purposes only. The Company assumes no legal liability or responsibility for the accuracy.
Action to Quiet Title: An action to quiet title is a lawsuit to establish a plaintiff’s title to land by compelling the adverse claimant to either establish a claim or to be quiet about his/her challenges or claims to the title. An action to quiet title is generally brought in a court having jurisdiction over land disputes. It establishes a party’s title to real property against everyone.
Certified Copy (Death Certificate): Issued by the local Vital Records office will have a raised seal, will show the signature of the local registrar, and will be printed on security paper.
Cloud on Title: An apparent claim or encumbrance, such as a lien, that, if true, impairs the right of the owner to transfer his or her property free and clear of the interests of any other party.
Financing Statement: A legal form that a creditor files to give notice that it has or may have an interest in the personal property of a debtor.
Landlocked Parcel: A parcel of land surrounded entirely by private owned land, with no access to a public right of way (road).
Lis Pendens: A legal notice recorded to show pending litigation relating toreal property, and giving notice that anyone acquiring an interest in said property subsequent to the date of the notice may be bound by the outcome of the litigation.
Mechanic’s Lien: A lien created by statute for the purpose of securing priority of payment for the price or value of work performed and materials furnished in construction or repair of improvements to land, and which attaches to the land as well as the improvements.
Notice of Completion: Written notice issued by the owner of a project (or his or her agent) to notify concerned parties that all work on the project has been completed. This notice also sets the period within which concerned parties may exercise their lien rights against one another.
Power of Attorney: An authority by which one person (principal) enables another (attorney in fact) to act for him/her. (1) General Power – authorizes sale, mortgaging, etc. of all property of the principal. (2) Special Power – Specifies property, buyers, price and terms, etc.
Torrens System: Land registration system in which the government is the keeper of all land and title records, and a land title serves as a certificate of full, indefeasible, and valid ownership.
Tips To Improve Your Closing Experience
Tuesday, July 18, 2017 – 10:00am PST/1pm EST
Closing transactions efficiently and accurately is our first priority. You’ll get peace of mind and security with our smooth and easy process. Join us for a webinar to see how you and your borrower can help improve the closing experience.
Click here to register
Introduction to Powers Of Attorney
Thursday, July 20, 2017 – 10am PST/1pm EST
Please join us for our upcoming webinar entitled: Introduction to Powers of Attorney (POA). Reverse mortgages are complex and being prepared is key to a successful closing. Powers of Attorney are very common in the Reverse Mortgage industry. We are happy to share our experience and knowledge with you and together we can make the borrower’s experience a pleasant one.
Click here to register.
The ARS Calculator has been updated to reflect a new fee in North Carolina. A $15 commitment fee will apply to all mortgage transactions, effective June 9 2017.
We stand behind our rate calculator, which is why we advise you to pull a new quote for each application, to ensure you are receiving a current fee. If you do not have access to our calculator, please inquire with us for a login.
Reverse mortgages are complex and being prepared is key to a successful closing. We are happy to share our experience and knowledge with you and together we can make the borrower’s experience a pleasant one.
Title Review 101
June 14, 2017 – 10:00am PST/1:00pm EST
Please join us for our upcoming webinar on Title Review 101. We will discuss the basics of title insurance, title commitments and how to review the reports for important and relevant information that will need to be addressed during the transaction.
Click here to register.
Introduction to Allegiant Reverse Services
June 21, 2017 10:00am PST/1:00pm EST
Our team of respected and seasoned industry professionals brings a stellar reputation along with added services to fulfill the needs of our industry partners. Please join our webinar to learn about our company and the services that we offer.
Click here to register.
Life estates are often encountered by reverse mortgage professionals during the origination process. Reverse professionals should have a good understanding of what a life estate is in order to guide their clients and transaction to a successful closing.
A life estate is a type of ownership interest in real estate. In a life estate one person is given an ownership interest in real estate for their lifetime. This person is called a life tenant. At the death of the life tenant, the real estate passes automatically to one or more other individuals or organizations. The people or organizations that receive the property at the death of the life tenant are called remainderman.
It is important to understand that a life estate is a form of co-ownership. Both the life tenant and remainderman each have an ownership interest in the real estate, but at different periods in time. Unlike other forms of co-ownership, the co-owners do not have rights to the property at the same time. Rather, the life tenant possesses the property during their life. The other co-owner, the remainderman, holds a current ownership interest in the property but cannot take possession of the property until the death of the life tenant.
Read more about life estates by accessing our educational flyer below:
Title Tidbits Life Estates
We are pleased to inform you that two new flyers have been added to our list of educational documents. Our library currently includes:
-Rate Calculator Guide
-Spotting Elder Abuse and Fraud
-Signing by Mark
-Power of Attorney Fraud
-Checklist for a Smooth Closing
-Power of Attorney
-New! Manufactured Homes
To request a copy of any of the available documents please click here.
- Delaware Realty Transfer TaxAugust 8, 2017 - 10:39 am
HOUSE BILL 279 – AN ACT TO AMEND TITLE 30 OF THE DELAWARE CODE RELATING TO REALTY TRANSFER TAX. Original Synopsis: This Act increases by 1% the rate of realty transfer tax to be received by the State Click here for details Below is a copy of the updated form Click here: 5402e.2017
- New Notary Legislation in FloridaAugust 3, 2017 - 2:10 pm
Advisory: During the 2017 Legislative Session, the Florida Legislature passed a bill that revised Florida Statute § 117.05 to add a veteran health identification card issued by the United States Department of Veterans Affairs to the list of acceptable forms of identification. Governor Scott has signed this bill and the new law will be effective […]
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