High-End Home Flipping Increases

A Florida Realtors news article discussed RealtyTrac’s Q3 2013 Home Flipping Report. The Report indicated that Florida was second in the nation in third quarter home flips with 4,706. Only California had more with 8,592. The Report considered a home “flipped” where it was purchased and subsequently sold again within six months.

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Florida Statute §624.608 defines title insurance as “[i]nsurance of owners of real property or others having an interest in real property or contractual interest derived therefrom, or liens or encumbrances on real property, against loss by encumbrance, or defective titles, or invalidity, or adverse claim to title.” Our Ft. Lauderdale real estate law firm provides title examination and insurance. It is important to eliminate risk and prevent losses that may be caused by defects in title for both luxury residential and commercial properties.

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Village Carver Phase I, LLC v. Fidelity Nat’l Title Ins. Co, 3D12-166 (Fla. 3d DCA 2013):

Village Carver sought recovery under an owner’s policy of title insurance for losses associated with the demolition and redesign of a portion of an affordable housing project on which was unearthed an abandoned cemetery and human remains during the course of construction. Village Carver argued the title policy afforded it coverage for the losses because Fidelity failed to except from coverage under the policy the statutory easement for ingress and egress provided to relatives and descendants of any person buried in a cemetery for the purpose of visiting the cemetery under §704.08. The Third District disagreed.

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