Legal Question in Real Estate Law in Florida

Re: foreclosure purchase

NOTICE: The information provided in this response is not, nor is it intended to be, legal advice. Many factors contribute to providing legal advice, including the specific facts of a situation. You should consult a competent attorney in your jurisdiction for advice regarding your individual situation. By reading the "Response" to your question or comment, you acknowledge that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then do not read any further.

Provided that GMAC held the first mortgage on the property and properly completed the foreclosure � you will purchase the property free and clear of GMAC�s mortgage and any junior mortgages. But the key is whether GMAC took all proper actions in conducting the foreclosure; i.e. notified all holders of liens, owners, tenants, etc. Your purchase should be contingent upon obtaining title insurance insuring that you are acquiring the property free and clear of any liens or encumbrances. You should retain a real estate attorney to handle this transaction to ensure that you get good and marketable, clean title to the property.

Re: foreclosure purchase

NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

When you purchase, you should get your title free and clear of all claims of any other party whatsoever. You should have a qualified real estate attorney represent you in the closing. The attorney should carefully review the title and make sure that nobody else has any claims that might be superior to your title. You should get an owners' title insurance policy which will insure clear and marketable title for the full amount of your purchase price.

Scott R. Jay, Esq.