Legal Question in Real Estate Law in Illinois
what state laws apply in deficiency judgements? The property is in Florida, I live in Illinois, The bank loan goes to Alabama. Which state laws do I follow?
3 Answers from Attorneys
The quick answer is: Florida.
Real Estate is (almost) always governed by its location.
It is possible, though unlikely that there is a �choice of law� clause in the mortgage. Read your papers, but 99% of the time that will not be an issue. When people sign these mortgage papers (we) almost never red them carefully. There's always a push on to hurry up and get them signed and there can be an unread choice of law clause.
A choice of law clause would be less likely if this is residential property. Commercial property law is more flexible.
If the property is in Florida then Florida law should apply.
Related Questions & Answers
-
What is illinois statute of limitation on replevin Asked 2/16/10, 2:52 pm in United States Illinois Real Estate and Real Property