Florida Administrative Code › 66 - NAVIGATION DISTRICTS › 66B - Florida Inland Navigation District › Chapter 66B-3 - FLORIDA INLAND NAVIGATION DISTRICT LAND ACQUISITION PROCEDURES › Section 66B-3.002 - Definitions

Current through Reg. 50, No. 138; July 16, 2024
(1) "Approved Appraisal" means an appraisal
				that has been accepted by the District for use in calculating the amount that
				the District can pay for property.
(2) "Certified Survey" means a boundary
				survey which is certified to the District and the title company designated as
				the agent, signed and sealed by a professional Florida licensed surveyor and
				mapper authorized to practice surveying in the State of Florida. The survey
				must be approved by the District as being in compliance with the Minimum
				Technical Standards of Surveying in the State of Florida, as established by the
				Florida Department of Professional Regulation, and such additional requirements
				required by the applicable contract between the District and the landowner(s).
				The survey shall accurately portray to the greatest extent practicable the
				condition of the parcel as it currently exists. The survey must have been
				certified to the District, the title company and agent/law firm designated by
				the District within 90 days of the closing on the property unless this
				requirement is waived by the title insurer for the purpose of deleting the
				standard exceptions for survey matters and easements or claims of easements not
				shown by the public records from the owner's title policy and the
				District.
(3) "Cooperating Agency"
				means a local government, water management district, member county, special
				taxing district, or navigation related district that has entered into an
				acquisition agreement with the District to acquire specific property.
(4) "Evidence of Marketable Title" means
				assurance of the marketability of the land being acquired, in the form of a
				marketability title commitment and policy (ALTA Form B). The coverage, form and
				exceptions of either title insurance or title opinion shall be as required by
				the applicable contract between the District and the landowner(s). The terms
				"Title Policy" and "Title Opinion" are included within this
				definition.
(5) "Fee Appraiser"
				means the person performing an appraisal of property for the District who is a
				"State Certified Appraiser" in accordance with this rule and who holds a MAI
				designation.
(6) "Land" or
				"Property" means the interest in real property to be acquired, together with
				all appurtenances.
(7) "Landowner"
				or "Owner" or "Seller" means the owner of the land or his authorized
				agent.
(8) "Market Value" means the
				most probable price in cash or terms equivalent to cash for which the appraised
				property will sell in a competitive market under all conditions requisite to
				fair sale, with the buyer and seller each acting prudently and knowledgeably,
				and assuming that neither is under undue duress.
(9) "Option Agreement" means a purchase
				instrument which becomes binding on both parties at the time of execution, but
				subject to Board approval and to exercise of an option or options.
(10) "Purchase Agreement" means a contract to
				purchase property which becomes binding on both parties at the time of
				execution, but subject to Board approval.
(11) "Purchase Instrument" means the various
				types of contracts to purchase property, including purchase agreements, option
				agreements, exchange agreements and other forms of such agreements.
(12) "State Certified General Appraiser"
				means a real estate appraiser who has been certified by the Florida Board of
				Real Estate Appraisers as a certified general appraiser under the provisions of
				Chapter 475, F.S.
(13) "Title
				Commitment" means a written agreement binding a title insurance company to
				provide a policy insuring marketability of title for a specified time in the
				name of the District in the amount of the purchase price, or other appropriate
				value, complying with the requirements of the applicable form(s) approved for
				use in the State of Florida by the Department of Financial Services and further
				complying with such additional terms, if any, contained in a contract between
				the District and the landowners(s).
Rulemaking  374.984(3)  FS. Law Implemented  374.984(1)-(3) 
					 FS.
New 8-17-99, Amended
					 3-25-21.