Legal Question in Real Estate Law in Florida
Repossesion of property
We entered into an agreement with other parties to sell our lot in Florida, with owner financing, in 1998.
Since that time payments have been spasmotic, with only one payment in 2000. We have paid the property taxes for the past two years.
Rather than going through a foreclosure on the loan, would it be easier, as well as legal, to purchase the land back from them, for a small amount (such as them paying for the cost of the transaction? This would prevent it from being one their credit history.
1 Answer from Attorneys
Re: Repossesion of property
Yes. What you are asking is often termed a voluntary foreclosure. The parties can agree upon anything among themselves.
This could save you a substantial amount of time and energy, not to mention legal fees for a foreclosure. I would strongly suggest that you meet with a comptetent real estate attorney to draft all necessary documentation.
Scott R. Jay, Esq. 305-249-8000
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