PLANTATION, Fla., July 5, 2016 /PRNewswire/ -- Cypress Data Services, Inc., ("CDS") announced the launch of The Florida HOA Database Project™, a web-based database designed to assist the real estate, legal and title insurance industries in identifying condominium and homeowners' associations that affect real estate throughout the State of Florida.
Unlike existing online resources that simply provide lists of associations, the Database was developed as a geographic-based listing of all associations that affect a selected condominium or subdivision. Users simply enter a subdivision/condominium name or enter the recording information for the Declaration of Condominium or Plat. The Database then delivers a list of all associations that affect the selected subdivision or condominium, together with association contact information, management company name and contact information, recording information for source documents, and extensive notes to assist users.
David Slachter, CDS President, explains the concept and design of the Database. "The idea for the Database arose out of the problems involved in identifying associations in mortgage foreclosures and REO closings. In Florida, there is tremendous financial exposure for law firms and title companies if associations are not properly identified. The Database was built to overcome this problem. The Database is a tool that title examiners and real estate personnel can use to quickly identify or verify all appropriate associations and know who to contact to get accurate estoppel information." Slachter continued: "As time goes by, more and more title agents will be looking to title underwriters to provide comprehensive title evidence, including the identification of all associations. As a result, the Database has tremendous value to title underwriters as well."
The intended user base for the Database includes title examiners, foreclosure attorneys, title insurance agencies, title underwriters, real estate investors, property management companies, lien search companies, real estate agents, homeowners' associations, mortgage lenders and mortgage servicers.
CDS provides users access to the Database at no charge. In exchange, CDS is asking its users to assist in building out the Database. Slachter explains:
"We presently have in excess of 30,000 subdivisions/condominiums in the Database. However, Florida is a big state. There is still much work to do to build out the Database. So, in exchange for providing free access to existing listings, we are asking our users to collaborate with us. If users determine that the subdivision/condominium they are searching is not in the Database, or the information is not complete, we are asking that they click on the "Feedback" button and provide accurate information to us. Through this collaborative process, CDS and our users will make the Database even more valuable over time."
For information about The Florida HOA Database Project™, and to access the Database, go to http://www.hoaproject.com.
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SOURCE Cypress Data Services, Inc.