DocMagic is making an update to the signature lines used for trustees on the security instrument and related documents for loans made to a revocable trust on property otherwise identified as homestead property in Florida. Based on a review of Florida’s homestead laws, the nature of revocable trusts, and new title insurance requirements DocMagic customers have brought to our attention, DocMagic will include the trustee’s individual capacity on the security instrument, in addition to their trustee capacity.
Currently, the trustee of a revocable trust would sign the security instrument only in their trustee capacity, as follows:
John Doe, as Trustee of the John Doe Revocable Trust dated January 1, 1990
After the change, for a loan on homestead property in Florida and made to a revocable trust, the trustee would now sign as follows:
John Doe, Individually and as Trustee of the John Doe Revocable Trust dated January 1, 1990
This signature line is the same as that currently used on the promissory note and related documents such as an addendum.
Homestead property will be determined based on the occupancy of the property as a primary residence in Florida.
Further, any spouse of such a trustee should also be included on the security instrument and related documents, in their individual capacity.
This change will be implemented in production January 21st, 2021.
If you have any questions about this change, please contact the Compliance department.
