- The following tenancy types are recognized: ………..
- The non-titled spouse must sign and have their signatures acknowledged and notarized on the recorded mortgage or other security instrument. This is a requirement so that any potential homestead interest may be foreclosed in the event it becomes necessary. (see Art X 4 Fla. Const.)
- Acceptable instruments for transferring ownership on real property: Warranty Deed (either General or Special) however other forms of deeds exist such as, Quit Claim Deeds and Fee Simple Deeds
- Conveyances must have a real property transfer tax return attached. Form DR-219
- Homestead rights pertain to primary place of residence only and not for investment (1-4 lot or condo) properties in Florida. The non-title spouse does not need to sign the security instrument for an investment property however the following verbiage needs to be on the front page of the document: "Mortgagor represents and warrants that the property herein does not constitute the homestead, domicile or principal residence of the mortgagor nor is it contiguous thereto. Mortgagor Address:______." However, there is always the question that the property may later become the homestead, therefore the non-titled spouse will be required to join in the conveyance.
- Acceptable instruments to release mortgages: satisfaction of mortgage or a partial release of mortgage
TAX DUE DATES
- Property taxes are due on March 1st;checks should be made payable to the County Tax Collector
- Property taxes become delinquent on April 1st
*Some counties, municipalities, and local assessments are billed separately.
- Property taxes become a lien on January 1st and are payable on the preceding November 1st
- Documentary Stamp Tax - Deeds $0.70 per $100.00 (Dade County $0.60 per $100.00)
- Documentary Stamp Tax - Mortgages $0.35 per $100.00
- Intangibles - $0.20 per $100.00 on the amount financed
- Tax plus surtax (Dade County) - does not apply to single-family homes
SECURITY INSTRUMENT RECORDING REQUIREMENTS
- All original signatures must have names typed or printed under signature line
- The address of each party and property is required to be shown in the document
- While the full consideration is not required to be recited in the deed some form of consideration must be cited such as, $10.00 and OVC or Love and Affection
- A transfer form is required and may be copied
- The name and address of the person preparing the instrument is required to appear on the document in the upper left corner of the 1st page
- The preparer does not have to be an attorney unless the requirement for such document comes from the title company whom issued the commitment
- Two witnesses are required who are not parties to the conveyance instrument. Of the two (2) witnesses one may be the notary but MUST also sign on the witness line as well as the notary acknowledgement. This applies to a Power of Attorney as well when used to affect a transfer of real property
- 3" x 3" blank space is required at the top right of the first page for recording data
- Certificate of acknowledgment before a notary public who is not a party to the conveyance
- Notary's stamp is required to be imprinted on the document
- A corporate execution is required to be attested by the Secretary or Asst. Secretary of the Corporation. A corporate seal is required.
WHO MAY SERVE AS TRUSTEE ON DEED OF TRUST
STATUTE OF LIMITATIONS
*5 Years from maturity date, provided the mortgagor is no longer in title. This is applied on a case by case basis and underwriting must be contacted.
- MORTGAGES - *5 Years from maturity date
- FINAL JUDGMENT - 20 Years
- STATE OF FLORIDA TAX LIENS - 20 Years
*Lien is valid for one year from date filed unless Notice of Contest filed reducing period to 60 days from recordation of Notice. (713.22 Fla. Stat.) The filing of litigation either during the one-year period if no contest filed or within the 60-day contest period will preserve the lien.
- FEDERAL TAX LIENS - 10 Years
*5 Years or when released with Satisfaction of Mortgage or a Termination Statement. There may be a UCC-3 Statement of Change extending the period of the original UCC-1 financing statement. Note that it MUST be filed within the immediate 6 months prior top the expiration. See 9-510(c) and 9-515(d) of the UCC.
- FINANCING STATEMENT - 5 Years
OTHER LIENS OR ENCUMBRANCES FOUND IN FLORIDA
*These must be examined for at least a three year period, as recently there have been N/C's filed with an expiration date of more than one year
- NOTICE OF COMMENCEMENT - *1 Year unless specifically stated
*These must be examined as they may attach to not only the recited property but to ALL property owned by the lien debtor
**A Certified Copy of the Judgment must be recorded in the Official Records of the County. Any judgment filed prior to July 1, 1987 is a lien for 20 years. A judgment filed after July 1, 1987 is a lien for 7 years. However, the lien may be extended for an additional 7 years by re-recording a certified copy within the 90 day preceding the expiration of the original 7 year period and may be further extended by re-recording a certified copy within the 90 day period preceding the expiration of the extended lien period. The lien of the judgment as extended is limited from the period of 20 years from the date of entry of the judgment. This applies to civil judgments ONLY pursuant to 55.10 Fla. Stat. All other judgments (i.e. a Public Defender's judgment) need not be certified and are valid for the full 20 years.
**Liens filed prior to July 1, 1987 expire in 5 years. Liens filed after July 1, 1987 remain in effect for 20 years.