Legal Question in Real Estate Law in Florida

Hello,
I am contemplating selling my home to a person for a fair amount of money...He is willing to give me $30,000.00 down and pay another $2500.00 per month for a full year to meet the $60,000.00 deposit that I am looking to get...After that a 30 year mortgage will kick in which I am going to hold...The person that I am considering selling my home to says that he will be doing quite a bit of renovation to the house...I have no problem with that...As a matter of fact, I think that this would enhance the value of the property...Here is where the problem comes in...My father in law told me that if the people that buy my home do this work and for any reason do not pay the contractors that the contractors can put a mechanics lien on the home and that they would get thier money first before I would get mine...I thought if I had a recorded 1st mortgage that I am the fist in line to get my money...Can the contractors force a sale of the home and would they get paid first, or does the first mortgage holder get paid first...The answer to this question might determine whether I hold a mortgage or not....I have never had any issues before and don't want to start now...Your help in this matter would be greatly appreciated..
Sincerely,
Tony Bivona
954-331-2261 work
954-881-1481 cell

Asked on 8/12/09, 10:46 pm

Philip Duvalsaint Philip A. Duvalsaint, PLLC

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0 attorneys agreed

You need to meet with an attorney to review all of these issues and to make sure that the purchase documents adequately protect you.

Answered on 8/13/09, 2:57 pm

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