Legal Question in Real Estate Law in Florida
I signed a contract with a builder to build a home. The lot that they purchased is 2 lots on one deed. I signed the contract to purchase lot 13 & 14. I paid $8000 cash for lot 14, and expressed to them that I wanted it to be separate from lot 13 because we want to sell it later as an investment. I even asked to do a separate closing for lot 14, but they said don't worry about it, we'll get it taken care of all at once. Well now i've closed on the loan and they mortgaged both lots. The mortgage company states that I can not sell, refinance, or do anything with the 2nd lot. Is there anything I can do to get this changed?
1 Answer from Attorneys
If you paid $8,000 cash for lot 14, why didn't you receive a deed for that lot at the time of closing? What proof do you have that you paid this amount for that lot?
Did you read your closing documents?
When you signed the mortgage, didn't you notice that the legal description said lots 13 and 14?
Is the house built on ONE lot, and does it meet setbacks from the common lot line?
Are the lots in a platted sub? If not, you may not be able to "divide" the lots, unless both lots meet current zoning size requirments, meaning you may have lost your right to sell one of the lots.
If the house is not yet built, and all you have done is signed for a construction loan, then you can ask the bank to modify the loan. You can also refinance the loan, with a different bank, and if the builder is at fault for the screw up, he should pay for the refinance costs. If you were advised to have an attorney review your documents but you didn't, then you are not likely to put the liability on someone else. If you take all of your documents and information to a real estate attorney, the attorney can apply the law to the facts of your case.
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