A Lesson In Protecting Your Property Rights in Florida, Pt. 2

There is no doubt that Grimaldi Law Firm, a Real Estate Law Firm in Florida, goes the extra mile to ensure our clients rights as property owners are protected.

Which is why we’re on a mission to educate everyone, from first time home buyers in Florida to the most seasoned real estate investor, on the hidden secrets of purchasing real estate.

In the first part of our series on Lessons in Protecting Your Property Rights in Florida, we shared a story about an unknowing couple from Missouri who nearly lost everything when the home they purchased had liens against it from the previous owner. Had it not been for their Real Estate Attorney and Title Insurance Policy, this couple would have not only lost their home to foreclosure, they would have been out a great deal of money as well.

Another example of why it makes all the difference to have the right legal professional involved in the real estate process comes from a story about prominent home builder in Texas, Casa Linda Homes.

This Texas-based builder, who had developed a prestigious reputation over time of developing and selling beautiful homes at affordable prices, found themselves in some hot water over some illegal activity. This builder had been selling first-time homebuyers homes that were overloaded with undisclosed liens. Because these homebuyers did not know what potential challenges they could face as homeowners, they naturally didn’t think to ask if they’d ever end in up hot water over their purchase.

It wasn’t until Casa Linda Homes failed to pay its debt, that the creditors then went after the homebuyers for the money. Foreclosure proceedings and filed lawsuits began flooding in by the dozen, leaving unsuspecting homebuyers to blame for the debt. These deals were “seller financed,” meaning the person selling the house lends the buyer the money for the purchase. The buyer and seller execute a promissory note providing an interest rate, repayment schedule, and consequences of default.

This builder’s biggest crime, was not requiring, or informing, the buyers to buy title insurance. Title insurance would have prevented or resolved this whole mess, protecting the buyers from having any responsibility for such debts.

So, who would have informed them to obtain this important insurance? A Real Estate Attorney – one like Grimaldi Law Firm – who always has your best interests at heart.

For your next real estate deal or for questions regarding the home buying process in Florida, contact Grimaldi Law Firm, where your future is our present.

Melinda Grimaldi is an attorney in Hollywood, Florida, whose practice is concentrated in the areas of commercial and residential real estate and estate planning law.

She can be reached at (954) 491-8707

or

melinda@grimaldi-law.com

Special Note

The information on this blog is of a general nature and is not intended to answer any individual’s legal questions. Do not rely on information presented herein to address your individual legal concerns. If you have a legal question about your individual facts and circumstances, you should consult an experienced real estate attorney. Your receipt of information from this website or blog does not create an attorney-client relationship and the legal privileges inherent therein.

 

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