Section 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.Fla. Admin. Code Ann. R. 62-817.005
Rulemaking Authority 380.507(11) FS. Law Implemented 259.101, 375.045, 380.501-.515 FS.
New 7-7-94, Formerly 9K-6.005.New 7-7-94, Formerly 9K-6.005.