Knowledge Mondays – Deciding on How to Take Title

A deed is a document used to transfer title and ownership of property. In every closing, a seller will have to sign a deed transferring their property to the new owner. In Florida, a property is typically transferred in what is called a warranty deed. A warranty deed is preferred because it provides an absolute guarantee that there are no problems with title. With a warranty deed, the grantor, which is the seller Read More

Case Law Wednesdays – Additional Coverage in Insurance Policies

Most insurance policies cover losses on an all risk basis if a claim is the result of a direct physical loss. Additionally, insurance policies contain sections describing what an insurance policy expressly excludes from coverage and any additional coverage they provide. Additional coverage found in an insurance policy are not excluded from coverage, instead they are situations where an insurance company specifically Read More

Knowledge Mondays – What is Title Insurance?

Title insurance in real estate transactions protect buyers and mortgage lenders from financial losses that may arise from any defects that arise after ownership of the property is transferred to the buyer. Issues that are uncovered with a title search may arise with a property after closing, thus title insurance is a crucial protection for buyers. With the additional layer of protection, a buyer is protected Read More

Case Law Wednesdays – Homeowner’s Insurance Loss Caused by Multiple Events

Although an insurance company issues an all risk policy, there are certain losses that an insurance policy does not extend coverage for. There are often situations that arise where multiple events cause a loss to a property and at least one of the events is excluded by the policy. When addressing whether an insurance company has to provide coverage for the loss in situations like this, Florida Courts rely on the Read More

Case Law Wednesdays – What is Appraisal?

When reviewing an insurance policy, you might come across an appraisal clause that usually states that appraisal is mandatory when properly demanded by the insurance company or the insured after property damage. Appraisal is a method of determining the amount the insurance company should provide for loss to your property. This appraisal clause can be raised by the insurance company or the insured. After appraisal Read More

Knowledge Monday – Homestead Exemption

If you are a property owner in Florida you may be eligible for an additional benefit that can reduce your property tax liability, the homestead exemption. To be eligible for the homestead exemption, you must be an individual that (1) owns a property, (2) has made that property your permanent residence, and (3) is a Florida resident. Receiving a homestead exemption can decrease your property’s taxable value by as much Read More

Case Law Wednesdays – Can a Public Adjuster Appear at an EUO?

Insurance policies typically contain post loss obligations that the insured must abide by before filing a lawsuit. Post loss obligations are conditions that the insured must perform after they have experienced a damage. These obligations can include providing prompt notice of the loss, providing a sworn proof of loss, and/or attending an examination under oath. An examination under oath is a formal proceeding where Read More

Knowledge Mondays – Buyer v. Seller Defaults

A default in a real estate purchase contract occurs when a buyer or seller fail to complete a promise in the contract on time or at all. When a buyer and seller enter into a purchase contract, they have obligations that they must meet within a certain time frame. However, a situation might arise where the buyer or seller do not complete the obligation(s). This could delay the closing, harm the buyer or seller, and Read More

Case Law Wednesdays – Prompt Notice?

Insurance policies typically contain post loss obligations that the insured must abide by before filing a lawsuit. Post loss obligations are conditions that the insured must perform after they have experienced a damage to their property. These obligations can include providing prompt notice of the loss. Prompt notice is not defined in insurance policies; thus, it has been up to Florida courts to interpret what Read More

Knowledge Mondays – Open Permits During a Closing

Open permits on a property may cause unexpected headaches in the event a homeowner sells or refinances their property. An open permit must be fully resolved before closing on a property. If an open permit is not resolved or discovered before closing, the open permit becomes the responsibility of the new owner. The new owner will be responsible for paying the fees and/or fines that come with closing the permit on the Read More