9K-8.005: Title Report and Evidence of Marketable Title
9K-8.007: Appraisal Procedures, Appraisal Report Requirements and Determination of Maximum Approved Purchase Price
PURPOSE AND EFFECT: To improve Florida Communities Trust’s efficiency in administering Florida Forever Funds.
SUMMARY: To ensure the rules are user-friendly for the customers.
SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS: No Statement of Estimated Regulatory Cost was prepared.
Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.
SPECIFIC AUTHORITY: 380.507(11) FS.
LAW IMPLEMENTED: 259.105, 380.501-.515 FS.
A HEARING WILL BE HELD AT THE DATE, TIME AND PLACE SHOWN BELOW:
DATE AND TIME: November 23, 2009, 1:30 p.m.
PLACE: Department of Community Affairs, Randall Kelley Training Center, Room 305, Sadowski Building, 2555 Shumard Oak Boulevard, Tallahassee, Florida
Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this workshop/meeting is asked to advise the agency at least 7 days before the workshop/meeting by contacting: Grant Gelhardt, Environmental Administrator, Florida Communities Trust, 2555 Shumard Oak Boulevard, Tallahassee, Florida 32399-2100, (850)922-1704. If you are hearing or speech impaired, please contact the agency using the Florida Relay Service, 1(800)955-8771 (TDD) or 1(800)955-8770 (Voice).
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Ken Reecy, Community Program Manager, Florida Communities Trust, 2555 Shumard Oak Boulevard, Tallahassee, Florida 32399-2100, (850)922-2207
THE FULL TEXT OF THE PROPOSED RULE IS:
9K-8.005 Title Report and Evidence of Marketable Title.
(1) No change.
(2) Evidence of Owner(s)’ marketable title shall be provided to the Recipient(s) and the Trust prior to the conveyance of title. The Trust shall further be provided a Title Insurance Commitment in accordance with the Purchase Agreement. The Title Insurance Commitment shall be followed after conveyance by an owner’s marketable title insurance policy (ALTA Form B) in favor of the Recipient or the Board of Trustees in accordance with the Recipient’s election under Rule 9K-8.004, F.A.C. The Trust may shall be listed as a co-insured on the Title Insurance Commitment and title insurance policy. 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 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 Project Site by the Recipient.
(3) No change.
Rulemaking Specific Authority 380.507(11) FS. Law Implemented 259.105, 380.501-.515 FS. History–New 5-27-01, Amended 5-20-02, 2-8-05, 2-19-07, .
9K-8.007 Appraisal Procedures, Appraisal Report Requirements and Determination of Maximum Approved Purchase Price.
(1) through (5)(a) No change.
(b) Appraisals of all properties valued at or greater than $100,000 shall be reviewed by a review Appraiser who is employed by or under contract to the Trust. The review Appraiser must certify to the Trust that the Appraisals have been conducted substantially in accordance with this rule chapter and with correct Appraisal standards and methods, and must certify the appraised value(s) of the subject real property. This certified value shall also be referred to as “the Maximum Approved Purchase Price.” Appraisals of properties valued at less than $100,000 may be approved and certified by the Trust.
(c) through 1. No change.
2. A third Appraisal shall be obtained if the two Appraisals differ significantly and cannot be rectified as in the above paragraph unless a decision is made by the Trust party responsible for Acquisition activities to negotiate an Acquisition price of no more than 120 percent of the lower of the two reviewed and approved Appraisals.
3. through (6) No change.
Rulemaking Specific Authority 380.507(11) FS. Law Implemented 259.105, 380.501-.515 FS. History–New 5-27-01, Amended 5-20-02, 2-8-05, 2-19-07,_______.