This policy statement is to help you understand the obligations of ILE and Management in responding to requests for “estoppel” and “other information” which are recognized as two different issues by State law. In order for us to work with you in a mutually beneficial way, it is essential that you understand and abide by the following:
1. By law, ILE is required to provide “estoppel” information ONLY. Estoppel is a statement that is limited to information about the financial status of a particular dwelling unit such as the amount and due date of regular or special assessments (which we do not have special assessments) and any outstanding balances as of the date of the inquiry. As an employee for ILE, we will provide our Certificate of Estoppel within 10 Business days, upon the advance payment of our fee in the amount of $150.00 per lot per seller. Which is authorized by law. If seller is selling multiple lots (not parcels) the maximum estoppel fee we will collect is $250.00 for regular turn around. We will provide Priority Service within 2 business days for an additional fee of $25.00. NO OTHER FORM OR ADDITIONAL INFORMATION WILL BE PROVIDED IN CONNECTION WITH THESE FEES.
2. Beyond the estoppel information described in paragraph 1 above, lenders, title companies, real estate brokers and other interested parties often submit forms to us requesting “additional information” which current Florida law does not obligate ILE to provide. Many of the forms contain questions that are unclear, confusing and poorly written, all of which adds to the difficulty in providing the requested information. Inquiries touch on issues such as: insurance; percentage of owner occupied vs. tenant occupied units; status and purpose of reserves; FHA mortgage information; date of turnover from developer control; number of total units; number of phases, if any; and many other items too numerous to list here. Unfortunately, we do not always have all of the requested information. However we will be happy to provide as much information as we do have, to the best of our ability, upon the advance payment of an additional fee in the amount of $150.00, which is also authorized by law.
3. Because the Florida Supreme Court prohibits us, from engaging in the unlicensed practice of law (UPL), we are not permitted to interpret or offer an opinion of any portion of the ILE’s governing documents. Therefore, do not ask us to interpret the governing documents.
4. However, the answers to questions that we cannot provide are usually available from other sources. For example, all authorized parties have access to the ILE’s budget and any portion of the governing documents of the community including, but not limited to, the Amendments of Restrictions, Easements, and, Articles of Incorporation; By-Laws and Rules and Regulations. If any of these require interpretation, they should be submitted to an attorney of your choice for an opinion. Doing so will limit liability for everyone.
5. If you would like ILE’s attorney to render a legal opinion on any issue pertaining to the transfer of a
Property, they will do so for a fee. If you wish, we will provide you with the name and telephone number of the attorney.
In short, we at Indian Lake Estates, Inc. will make every effort to accommodate your request, but please do not ask, or expect us, to engage in UPL or to answer questions that are beyond our scope.
When requesting an estoppel letter you must provide us with all of the following:
- The name of the owner of the property.
- The street address of the property.
- The name of the third party requesting the estoppel letter.
- A check in the amount of $150.00 for regular turnaround (up to 10 business day) or a check in the amount of $175.00 for expedited turnaround. Please provide the 'need by date' on your expedited request and we will make every attempt to honor it.
- Make checks payable to Indian Lake Estates, Inc.
*Please note that request for an updated estoppel follows the same fee schedule and timeline.
Please send the above information to: Indian Lake Estates, Inc. P.O. Box 7395, fax: (863) 692-1436, or e-mail to firstname.lastname@example.org. If you have any questions as to which is the best way to send your request please contact (863) 692-1433
We will not proceed with any of the work until all items listed above are received.
We reserve the right to charge additional fees if a claim of 'safe harbor' or other claim of exemption is involved or if we spend extra time on the matter for any reason including, but not limited to, negotiations regarding settlements, motions and/or court appearances.
Estoppel letters are valid for thirty (30) days, unless otherwise stated, and will include additional fees that will become due during that period.
Estoppel letters are only issued to third parties and do not relieve the current owner of liability for amounts owed before the transfer of title even if there is an error as to amounts due.
An owner who is requesting a 'payoff on his/her own account should make that clear as this is not an 'estoppel' request. The requirement of pre-payment of any fee for preparing a restatement of the account for the owner does not apply. Likewise, the statement of the account contained in any correspondence addressed to the owner cannot be relied upon by third parties.