Legal Question in Real Estate Law in Florida
Real Estate Liens
I am selling my house. In the contract, which I will need to sign at the closing, the buyer agrees to pay off all liens on the property. Does that include the first and second mortgages? Also, does signing a warranty deed transfer ownership to the buyer?
1 Answer from Attorneys
Re: Real Estate Liens
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.
Generally, the Seller has to pay off all liens on the property at closing and not the Buyer. The monies are taking from the sales price before being distributed to the Seller. Also, a Contract is signed long before the closing.
Yes, the title to the real property is transferred by the Warranty Deed. Title to personal property is transferred by the execution of the Bill of Sale which is also given at closing.
Scott R. Jay, Esq.