Title Insurer Liquidation Bill HB 1007 passed the Florida Senate joined with the Florida House Of Representatives jointly. It was unanimous.
This bill contains operating rules that were recommended by the Florida BAR , the FLTA and the RPPTL.
Miami- based National Title Insurance company was placed in state receivership when they financially crashed during the housing bust. The company’s reserves are running out. The current state law would require that once the money is all gone out of reserves to pay outstanding claims and admin costs that they would have to terminate their title insurance policies leaving policy holders with no title insurance.
This bill that just passed, HB 1007- changes this law. This new law states that all of the title insurance policies from National Title will stay in effect forever. But you can not create such protection when there is no money to cover the claims and costs to administer the claims. We don’t have state income tax so there is no till to get into other than documentary stamp taxes on deeds.
So the new law requires an assessment of each title insurer on a market share basis to cover the cost. The assessments aer limted. In any one year it is 3% and 10% over 5 years. These assessments will be carried out through adding it to HUD 1 Settlement statements on new policies moving forward. They are going to be a separate government assessment and NOT added into line 1101 on the HUD.
This assessment is to be collected by each closing agent and sent to the title underwriter within 60 days after closing.
We don’t know what the final amount is exactly going to be on the HUD1 Settlement statement but we will let you know as soon as we know.
Title companies are not to start collecting this fee until they are told by the state what that fee is going to be.
The bill is now on the Governor’s desk for his signature.
When it comes time to list your home as a short sale- don’t take our word for it, listen and read what our Wellington Short sale sellers
say about our services.
Don’t let time slip away. Take action today. Call your Wellington Short Sale Agents– Nestor Gasset and Katerina Gasset at 561-753-0135 to find out about your foreclosure options.
*Seek competent legal counsel and tax advice for any real estate transaction. International Properties and Investments , Inc. is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.*
International Properties and Investments LLC is a full service Real Estate Brokerage in Florida. We are licensed to sell real estate in the state of Florida and refer buyers and sellers in other locations around the country to agents within our network. Nestor Gasset is the owner/broker of the company and Katerina Gasset is part owner and a Realtor®.
We service Wellington Florida, Port St Lucie, Hollywood Florida, Miami Beach, Miami and South Beach in Miami. We also service all of Palm Beach County for short sales, REOs, luxury properties, estates and ranches. We service all of South Florida from Vero Beach on down to the Florida Keys. ‘
Our agents are experienced. We have top Internet placement for search terms that buyers and sellers use to find and locate an agent they wish to work with.
You get a full service team with all team members responsible for a certain part of your buying and selling process. We have a receptionist, a listing manager, a mailing room person, a closing coordinator, buyer’s agents and a full time marketing department.
Nestor and Katerina Gasset are the authors of ‘Short Sales Success- Raising The Bar on The Success Rate in Closing Short Sales.
We are looking for a Las Vegas Short Sale Real Estate Agent who knows how to close short sales and does the negotiating with the lenders in behalf of their sellers.
We are starting to get calls from homeowners who live or have a home in Las Vegas Nevada that they need to sell and most likely are going to be short sales.
If you are a Las Vegas Short Sale Agent and have a proven track record that you know how to close the short sales at a very high percentage and that you have testimonials to show for your closings from sellers who are thankful- please contact us so we can interview you to see if you are a good fit for our Wellington Short Sale to Las Vegas Short Sale referrals.
Call Nestor and Katerina Gasset at 561-753-0135.
In Wellington, Florida, short sales comprise just over 19% of the real estate market for Wellington listings. Time and again, we have successfully closed short sales throughout the state of Florida. As short sale agents, we service all of South Palm Beach County, Wellington, FL homes for sale, West Palm Beach FL real estate, Royal Palm Beach and all surrounding areas. Whether you are in a distressed property in Ft. Lauderdale, Miami Beach, Downtown West Palm Beach or anywhere in south Florida real estate markets, we can help.
If you’re thinking about a short sale and wonder if a short sale is right for you, why not start out by getting in touch with the agents with the best, long standing track record as Wellington Short Sale Agents and Florida short sales?
Nestor Gasset and Katerina Gasset, top performing Wellington short sale agents, are always ready to help you in your short sale decision and if a short sale is right for you, you can be sure that they are intimately familiar with what it takes to succeed in negotiating this challenging process to a successful conclusion by orchestrating and negotiating with potential buyers, lenders and banks to everyone’s best outcome.