Florida Regulations 5I-7.012: Closing
Current as of: 2024 | Check for updates
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(1) The Department shall have the authority to modify the purchase instrument previously approved by the Board to extend the time for option exercise, closing date, submittal deadlines or any other time limit relating to such agreement, provided the total extension of time for closing does not exceed 180 calendar days after the date contemplated in the purchase instrument approved by the Board. The Department shall also have the authority to execute or modify all documents necessary for the implementation of Board action, including without limitation the purchase instrument, legal descriptions, deeds, assignments, title policies and other miscellaneous agreements and affidavits, provided the modification does not change the substance or the scope of Board approval, and provided the document executed or modified was either approved by the Board or contemplated by Board approval. Any increase in the purchase price to be paid to the seller not contemplated by the terms of the purchase instrument must be approved by the Board. An extension or modification may only be made under the terms of the purchase instrument, or with the seller’s agreement.
(2) The Department shall obtain all disclosures of beneficial interest required in Florida Statutes § 286.23, before submitting a purchase instrument to the Board for approval. All other disclosures, including those required by Sections 375.031(1) and 380.08(2), F.S., shall be obtained prior to closing. The following information shall also be included in the statement obtained from the owner prior to closing:
(a) The total amount of any finder’s fee, real estate commission or other similar commission, including a statement as to whom those fees will ultimately be paid.
(b) The total amount of the attorney’s fees paid to the owner’s attorney, including a statement as to whom these fees will ultimately be paid.
(c) The amounts of other costs incidental to the sale, indicating to who these sums have been or are to be paid.
(3) The Department shall be responsible for proper completion of the closing and proper recordation of all legal documents necessary to vest title in the Board.
(4) All original documents including recorded documents shall be forwarded to the Department by the closing agent from the county clerk. The Department shall forward all recorded documents and a copy of the title insurance policy to the Department of Environmental Protection, Division of State Lands within 30 days after receipt by the Department for inclusion in the Board’s land title records system.
Rulemaking Authority 570.07(23), 570.71(10), 259.105(3)(i) FS. Law Implemented 570.71, 570.715, 259.105(3)(i) FS. History—New 11-3-08, Amended 4-14-15, 6-12-23.
(2) The Department shall obtain all disclosures of beneficial interest required in Florida Statutes § 286.23, before submitting a purchase instrument to the Board for approval. All other disclosures, including those required by Sections 375.031(1) and 380.08(2), F.S., shall be obtained prior to closing. The following information shall also be included in the statement obtained from the owner prior to closing:
(a) The total amount of any finder’s fee, real estate commission or other similar commission, including a statement as to whom those fees will ultimately be paid.
(b) The total amount of the attorney’s fees paid to the owner’s attorney, including a statement as to whom these fees will ultimately be paid.
(c) The amounts of other costs incidental to the sale, indicating to who these sums have been or are to be paid.
(3) The Department shall be responsible for proper completion of the closing and proper recordation of all legal documents necessary to vest title in the Board.
(4) All original documents including recorded documents shall be forwarded to the Department by the closing agent from the county clerk. The Department shall forward all recorded documents and a copy of the title insurance policy to the Department of Environmental Protection, Division of State Lands within 30 days after receipt by the Department for inclusion in the Board’s land title records system.
Rulemaking Authority 570.07(23), 570.71(10), 259.105(3)(i) FS. Law Implemented 570.71, 570.715, 259.105(3)(i) FS. History—New 11-3-08, Amended 4-14-15, 6-12-23.