Claiming Auction Overage In Florida
by Sergio
Persuant to Title 45.033, Sale or assignment of rights to surplus funds in a property subject to foreclosure 2. Includes a statement that the owner does not need an attorney or other representative to recover surplus funds in a foreclosure. 3. Specifies all forms of consideration paid for the rights to the property or the assignment of the rights to any surplus funds. (b) The transfer or assignment is filed with the court on or before 60 days after the filing of the certificate of disbursements. (c) There are funds available to pay the transfer or assignment after payment of timely filed claims of subordinate lienholders. (d) The transferor or assignee is qualified as a surplus trustee, or could qualify as a surplus trustee, pursuant to s. 45.034. (e) The total compensation paid or payable, or earned or expected to be earned, by the transferee or assignee does not exceed 12 percent of the surplus. (4) The court shall honor a transfer or assignment that complies with the requirements of subsection (3), in which case the court shall order the clerk to pay the transferor or assignee from the surplus. To Qualify as A Surplus Trustee in accordance with Title 45.034, Qualifications and appointment of a surplus trustee in foreclosure actions, you must: -Apply for certification with the Department of Financial Services -Provide statement under oath by a principal of the entity certifying that the entity, or a principal of the entity, has a minimum of 12 months' experience in the recovery of surplus funds in foreclosure actions -Provide proof that the entity holds a valid Class "A" private investigator license pursuant to chapter 493 -carry a minimum of $500,000 in liability insurance, cash reserves, or bonding -A statement from an attorney licensed to practice in this state certifying that the attorney is a principal of the entity or is employed by the entity on a full-time basis and that the attorney will supervise the management of the entity during the entity's tenure as a surplus trustee. Under this chapter the Surplus Trustee is entitled to: (7) A surplus trustee is entitled to the following service charges and fees which shall be disbursed by the clerk and payable from the surplus: (a) Upon obtaining a court order, a cost advance of 2 percent of the surplus. (b) Upon obtaining a court order disbursing the surplus to the owner of record, a service charge of 10 percent of the surplus.
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