Legal Question in Real Estate Law in Florida

Hi, I'm foreclosing on 4 properties, Meanwhile I want to buy a new home and pay cash for it. I was told by an attorney I could deposit the cash money into his trust account and he would cut the check to the closing company. I'm concern about any legal problems I may have with the previous banks or the IRS. Any tips or advices?


Asked on 8/22/13, 8:39 am

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

Sorry but this impossible to answer without more info. You are foreclosing on 4 properties? You are the Plaintiff in those actions? How does that impact anything? You are buying a new home and the attorney is going to take your cash and deposit it in trust account? It is up to the attorney to verify that he is not taking tainted money. All cash transactions over $5000 have to be reported to the IRS by the bank.

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Answered on 8/22/13, 8:42 am


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