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CyberspaceLawyer.Net - Providing the latest in industry news and market analysis for the real estate consumer |
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Written by CyberspaceLawyer.Net
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CyberspaceLawyer.Net is market intelligence for the real estate industry, published throughout the year. In every post, including commentary, CyberspaceLawyer.Net features stories that give the consumer the knowledge to make important, informative decisions in a rapidly changing marketplace. We offer up-to-the-minute briefings on real property matters, settlement services, changes in licensing laws, important court rulings, issues affecting the MLSs, e-commerce, technology, title insurance, mortgage originators, and class actions. We highlight news around the industry - national, regional and local. Our goal is to keep the consumer up to date on key market trends. |
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Written by Laufer, J. and Norelli, N. (2010).
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"For these reasons, we declare the anti-rebate statutes, as they relate to a title agent's ability to negotiate his or her share of the risk premium, to be unconstitutional." Chicago Title Insurance Co., et al., Appellants, vs. S. Clark Butler, et al., Appellees. [October 19, 2000] Corrected Opinion PER CURIAM Within the past several years, there have been a series of Florida reissue rate class action settlements involving title insurance underwriters that appear to be consistent with the decision in S. Clark Butler vs Florida Department of Insurance. The consistency factor, however, lies in the fact that the settlement agreements themselves exclude overcharges, if any, with respect to the portion of the title insurance premium retained by the issuing agents. This portion (usually 70% of the risk rate premium) is for services rendered with respect to the agencies performance of primary title services. See Sec. 627.7711, Fla. Stat.; Sec. 626.841, Fla. Stat. |
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Administrative Brokerage Commission fee of $149 (the “ABC Fee”) violates Section 8(b) of the Real Estate Settlement Procedures Act (“RESPA”), 12 U.S.C. §§ 2601, et seq. |
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This matter is before this Court on Plaintiff Vicki V. Busby’s (“Busby”) appeal of the district court’s denial of class certification to a class of plaintiffs seeking damages arising out of Defendant JRHBW Realty, Inc.’s, d/b/a RealtySouth (“RealtySouth”), alleged violation of Section 8(b) of the Real Estate Settlement Procedures Act (“RESPA”), 12 U.S.C. §§ 2601, et seq.
On May 26, 2004, Busby, the putative class representative, purchased a home in Jefferson, Alabama, using a federally related home loan. Busby employed a RealtySouth real estate agent who earned a sales commission based on a percentage of the purchase price. This brokerage commission, paid by the seller, was lowered from 3% to 2.5% in order to encourage the seller to accept Busby’s offer. During the closing and settlement, RealtySouth charged Busby an Administrative Brokerage Commission fee of $149 (the “ABC Fee”). The closing attorney is Ms. Busby’s current counsel. He explained the closing documents and the HUD-1 statements to Busby 2 and engaged in discussions with her concerning the transactions.
Initial complaint Appeal from United States District Court for the Northern District of Alabama |
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Consumer Financial Protection Agency Act of 2009 |
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Written by CyberspaceLawyer.Net
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On October 22, 2009 H.R. 3126, the Consumer Financial Protection Agency Act of 2009, was amended in the Obama administration’s push to get a Consumer Financial Protection Agency (CFPA) up and running. The “insurance exemption” to the CFPA releases insurance companies and products, such as credit, life, title and mortgage insurance, from the grasp of the proposed Agency, much to the relief of the those respective industries.
The title insurance industry lobbied hard to exclude title insurance from the definition of “financial activities” so as to escape being subject to the massive regime that the Agency promises, in its present incarnation, to be. After the amendment passed, the American Land Title Association offered commendation to Congress for their admission, by default, that title insurance is best regulated by a state regulatory system. |
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When is a foreign flat fee broker in Florida engaging in unlicensed activity? |
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Florida consumers who wish to utilize the MLS (Multiple Listing Service) for a flat fee need to be aware that a growing number of online FSBO marketing firms that sell flat fee MLS to Florida consumers do not maintain a Florida brokerage license. These companies might be in violation of chapter 475, Florida Statutes, given the fact that they are soliciting real estate brokerage services from Florida consumers/sellers for a fee without maintaining an active real estate Florida brokerage license. Search for a Florida real estate licensee.
The following cases stand for the proposition that a foreign real estate broker is not authorized to take part in the procuring of buyers and/or sellers for a fee in the state of Florida without first obtaining a Florida real estate broker's license.
1) Where a foreign broker acting on his own procures a client from his own jurisdiction to purchase property in Florida, he is not entitled to collect a fee. Paris v. Hilton, 352 So.2d 534 (Fla. 1st DCA 1977). In Paris, this court held unenforceable a promissory note given by the Georgia purchaser to a Georgia broker because the note was given as consideration for brokerage services performed in Florida in connection with the sale of Florida land, the Georgia broker not being licensed in Florida. |
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