Legal Question in Real Estate Law in Florida

Re: buying a house

There are all kinds of problems with this question. First of all, do you have any type of written and signed agreement with the sellers? Without that, you have nothing. Even with that you might still have problems. Second, this transfer appears to violate the due on sale clause in the mortgage, which could permit the bank to call the loan at any time. Not likely until such time as the seller dies, and the bank is notified but still a risk. Third, upon the death of the seller you will be required to obtain your own mortgage so the title to the property can be transferred and the estate closed. An estate in Florida cannot be kept open for an unlimited amount of time while you pay the mortgage.

My advice to you is to contact an attorney, let him review your documents and structure the deal in a way in which you are protected.