Legal Question in Real Estate Law in Florida

I have a buyer for the lot at $170,000. However, the lot is in the foreclosure process, no final judgement maybe by May 1, 2013. My questions' are the following:

The private note on the land is for $120,000, if I sell the lot for $170,000, do I get to keep the $50,000 profit.

Or can the private lender stop the sell until I pay; back interest, property taxes and attorney fees' (Around $28,000)?

Or does the private lender have to sue me for the above in civil court?


Asked on 3/15/13, 3:58 pm

1 Answer from Attorneys
Barry Stein De Cardenas, Freixas, Stein & Zachary

You need an attorney familiar with foreclosures and sales to assist you. The lender has a pending lien and anyone who pays you should insist on clear title and that would require a satisfaction of the underlying mortgage including all the costs and attorney's fees, interests, property taxes which have been paid. If that does not occur and you provide a warranty deed, the title will likely be flawed and you are subject to being sued later on. It is much better to resolve these matters up front.

Read more
Answered on 3/15/13, 4:16 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Florida