QUESTION

Hello, Does a title company have legal right to hold funds over a Homestead Determination? This is an estate situation. H.D. was obtained.

Asked on Aug 15th, 2011 on Real Estate - Florida
More details to this question:
Homestead Determination was issued by the court, but now the Title Company is refusing to release funds claiming all beneficiaries must sign the order, and not just the PR. What law allows a title company to hold funds? Thank you!
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1 ANSWER

Advertising and Marketing Attorney serving Pilot Point, TX at Law Office of Lisa Renee Wilcox
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There appear to be a few facts missing.  Once the court orders the homestead determination then all of the beneficiaries are essentially partners in owning the home.  If the property is being sold then all of the beneficiaries would need to sign the deed to transfer the ownership of the home to a buyer.  All of the beneficiaries would also need to sign the closing statement.  If all of the beneficiaries did not sign these documents then the title company could legally hold the funds.  If the beneficiaries still did not agree then the title company could deposit the funds with the clerk of court and file a lawsuit that is called an interpleader.  An interpleader lawsuit then asks the court to determine the ownership of the funds.  I recommend that you contact an attorney so that they may analyze the specific facts of your case. 
Answered on Apr 07th, 2012 at 7:32 PM

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