Legal Question in Real Estate Law in Florida
On the day of closing, we found out that our seller had filed for bankruptcy and had to get letters from the court and banks that it is okay to sell. Our closing has been delayed over a month now and we found out today that one of the banks associated with the bankruptcy also went under bankruptcy and is no longer there. The problem now is with the title insurance because they require paperwork from this bank; however, there is no bank present. Our realtor told us this could take months to resolve and seems unsure of what to do next. What should we do?
2 Answers from Attorneys
You needed and still need an attorney. An attorney would have discovered the problem in advance of your closing. Your contract controls your rights and obligations and you need that reviewed by an attorney now.
Speak with the title company. I doubt they will guarantee you clear title. In that case you should cancel.
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