Legal Question in Real Estate Law in Florida
I purchased a property in miami fl about 15 years ago,which i am trying to sell,at the time of purchase i took over a dept owed to the property which was included in the mortgage (loan from a previous owner), I paid off the property in 98'. I have a deed for the property but in the county records there is no satisfaction of mortgage for the property, or for the previous loan which i took over. Also the bank which i paid off the mortgage to no longer exist.The potential buyer i had decided not to buy due to this issue..Please guide me on how I can fix this or what I can do.Thanks..
2 Answers from Attorneys
Without examining the loan instruments I can't evaluate certain matters that could help you. Sometimes there is a statute of limitation issue that may help. I don't know.
Also, a lot of banks were taken over by other banks. That will take some research to figure out who is the successor bank.
I would recommend you make an appointment with a lawyer with all the papers to see what they may recommend.
Don't let that buyer walk away! This is a relatively common issue that may be quite simple to resolve. Under the proper circumstances, and assuming that your buyer will purchase title insurance, a title insurance underwriter may permit the closing to move forward.
Otherwise you may need to conduct a "quiet title" action.
You should speak with an attorney who can examine your loan documents and any proof of payment that you may have.
Also an attorney should carefully review your purchase contract. This may not be a justifiable reason for your buyer to abandon the deal and you may be able to collect the buyer's deposit.
I would be happy to consult with you further over the telephone if you would like.
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How do i fill out a quitclaim deed if i live in a different state? Asked 7/13/11, 1:02 pm in United States Florida Real Estate and Real Property