Legal Question in Real Estate Law in Florida

Investors offer to buy house

I am selling my house and an investment company is offering to pay $4,000 less than I owe. They will loan the $4,000 to me no interest. I would have to sign over the deed/title to them but the mortgage will still be in my name until they sell the house. I can't find info on investors and how this works legally. I am wondering if there is any penatly or consequence of my signing over the house to them beofre the buy it? They say there is a contract we will sign that they guarantee to pay the mortgage every month and pay the mortgage in full once they sell the house. Also they say closing can be done in my home? When I closed buying the house it was at the title company. Thanks for your time...


Asked on 10/29/03, 10:20 am

1 Answer from Attorneys
Peter Gonzalez Sanchez-Medina, Gonzalez, Quesada, Lage, Crespo, Gomez & MachadoLLP

Re: Investors offer to buy house

Without reviewing the proposed agreement, there is absolutely no way I could provide you with any meaningful guidance or specific advice that you could rely on for any reason. I would be very cautious about conveying title to a third party while remaining legally responsible for the first mortgage, which based on your statement appears to be in foreclosure. Consult with a real estate lawyer before you sign any agreements.

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Answered on 10/29/03, 10:26 am


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