WORLDWIDE TITLE CONTINUES TO MAKE THINGS HAPPEN FOR THEIR CLIENTS AND REAL ESTATE AGENTS!!
As Florida residents are directed to stay home by state and local officials, many condominium and homeowners’ associations (“Associations”) find themselves without a management company staffed to address requests for estoppel letters, to obtain Buyer approval of transfers, or to address an association’s right of first refusal.
In order to facilitate the continued ability to close transactions despite the lack of an estoppel letter or other required approvals, our underwriter will accept an indemnity agreement from the Seller of the property relating to outstanding assessments, special assessments, and any and all other fees charged which would have been provided in response to an estoppel request. In addition, Worldwide Title, will commit to make every effort to continue to attempt and obtain all necessary estoppels and approvals before reverting to an indemnity agreement as this approval is limited to transactions wherein we cannot determine the outstanding amounts due to the Association.
With regard to Buyer approvals and rights of first refusal, without an active and responsive Association Board, it may be difficult or impossible to obtain these approvals from the Association in advance of the closing. Worldwide Title will accept Buyer’s acknowledgement in writing confirming receipt of copy of the Association’s governing documents which provide for the right to approve Buyers or a right of first refusal and that they are willing to proceed with the transaction despite the failure to comply with the Association’s governing documents.
PLEASE NOTE – THE FOREGOING CHANGES ARE TEMPORARY. ONCE STATE AND LOCAL OFFICIALS ALLOW CITIZENS TO RETURN TO THEIR BUSINESSES AND ESTOPPELS/APPROVALS BECOME AVAILABLE AGAIN FROM ASSOCIATIONS, ESTOPPEL LETTERS WILL BE REQUIRED ONCE AGAIN.