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Is there a FL real estate attorney in the house?

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Is there a FL real estate attorney in the house?

Old 04-17-2017, 06:54 PM
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Default Is there a FL real estate attorney in the house?

Buying a vacant lot behind our home.
Title company finds a problem.
The owner bought it in 1968 under his construction company name "XXXX Corporation".
Owner transferred lot to a trust in 2012.

The corporation was never a real corporation. He just called it a corporation.
Fidelity title and a couple others say ni title insurance until the seller has the title "quieted".

Seller (the trust) hires an attorney to quiet the title. That attorney is now saying he will do the closing and his underwriter will provide title insurance.

Im not sure what will happen when we decide to sell some day. Will this previous error show back up and cause us problems?
The seller is now controlling the closing not a title company. Should I hire my own attorney?

Prefer not hear a bunch of answers from anyone who doesnt know with credentials. Dont mean to sound like an ass but I would rather hear facts than opinions.

PM me if thats better, Just thought I would ask here as Im sure there are some attorneys around.
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Old 04-17-2017, 06:57 PM
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Originally Posted by Mr. Demeanor View Post
Buying a vacant lot behind our home.
Title company finds a problem.
The owner bought it in 1968 under his construction company name "XXXX Corporation".
Owner transferred lot to a trust in 2012.

The corporation was never a real corporation. He just called it a corporation.
Fidelity title and a couple others say ni title insurance until the seller has the title "quieted".

Seller (the trust) hires an attorney to quiet the title. That attorney is now saying he will do the closing and his underwriter will provide title insurance.

Im not sure what will happen when we decide to sell some day. Will this previous error show back up and cause us problems?
The seller is now controlling the closing not a title company. Should I hire my own attorney?

Prefer not hear a bunch of answers from anyone who doesnt know with credentials. Dont mean to sound like an ass but I would rather hear facts than opinions.

PM me if thats better, Just thought I would ask here as Im sure there are some attorneys around.

went through similiar......as long as that is done you are GOOD.....I had my moms best friend who is a RE attorney look at it and he said proceed....its on their ass after they sign off on it...
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Old 04-17-2017, 06:57 PM
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I am sure the RE Attorneys will chime in.... but once the new title policy is in place why would there be an issue ?
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Old 04-17-2017, 07:05 PM
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Originally Posted by triplenet View Post
I am sure the RE Attorneys will chime in.... but once the new title policy is in place why would there be an issue ?
Thats why I am asking
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Old 04-18-2017, 05:03 AM
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I stayed in a Holiday Inn last night.
Can I post a response?

Best of luck!
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Old 04-18-2017, 05:14 AM
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Seems like Florida now has a sunset provision for clouds on titles.

Quit claim time otherwise?
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Old 04-18-2017, 05:44 AM
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I would be very careful.
many attorney's will do this to get the transaction done and move along with life.

Make sure:
1) you have an attorney
2)review the sch B of the title policy way prior to closing. Make sure this guy's title insurance company did write the policy with an exception to the blemish
3)make sure the title insurance is from a highly rated company
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Old 04-18-2017, 06:24 AM
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Quiet title will clean up the issue/blemish/cloud on the title.

Get a General Warranty Deed. That means the seller warrants (and thus has to stand behind) the deed and it's chain of custody.

You're good to purchase Title Ins. You want an ALTA policy.

You'll be good to sell when the time comes.
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Old 04-18-2017, 06:42 AM
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Did seller's counsel file the quiet title action and obtain a final judgement or is he suggesting affirmative coverage over the defect? If he is suggesting that you accept coverage over the existing defect ask him for a written opinion on the following:

1. Do you have an obligation to disclose to future purchaser under Johnson v. Davis?
2. If you refinance, sell, or build are you going to have to shop around for insurance or will any other insurer write over that same defect? I think you may already know the answer.

One poster mentioned marketable title records act as a curative statute but in this case the root deed is only 5 years old but not to worry it may provide a cure in 25 years unless his transfer to trust was a quit claim in which case your deed will be cured in 30 years.😀

If worried about timely closing it seems that he could obtain a consent judgment in a few weeks at most without any true adversarial proceeding.

With that said it is not extraordinary for different companies to accept more risk but outside of a quiet title the defect is going to continue to be of record for 25 to 30 years.
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Old 04-18-2017, 07:11 AM
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Originally Posted by GrimKeeper View Post
Did seller's counsel file the quiet title action and obtain a final judgement or is he suggesting affirmative coverage over the defect? If he is suggesting that you accept coverage over the existing defect ask him for a written opinion on the following:

1. Do you have an obligation to disclose to future purchaser under Johnson v. Davis?
2. If you refinance, sell, or build are you going to have to shop around for insurance or will any other insurer write over that same defect? I think you may already know the answer.

One poster mentioned marketable title records act as a curative statute but in this case the root deed is only 5 years old but not to worry it may provide a cure in 25 years unless his transfer to trust was a quit claim in which case your deed will be cured in 30 years.😀

If worried about timely closing it seems that he could obtain a consent judgment in a few weeks at most without any true adversarial proceeding.

With that said it is not extraordinary for different companies to accept more risk but outside of a quiet title the defect is going to continue to be of record for 25 to 30 years.
^^^
This

I would not close without quieting title.
OR
The other option is that the seller can file a claim against their owners policy and the title insurance will cure the defect.

The problem is that these solutions take time, so you run the risk of another buyer not caring and buying out from under you, depending on your seller and your contract.
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Old 04-18-2017, 07:34 AM
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The sellers attorney is saying he will do the closing and provide title insurance without doing the quiet title.
I have a call into a local real estate attorney.
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Old 04-18-2017, 07:42 AM
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Is it a desirable piece of property? Something that another buyer that doesn't care about the issue will snatch up from behind you?

If the property is too valuable a deal to lose can you close the deal with the present attorney and settle the issue after the fact?

We did this on a rental house and the sellers title company helped us clear the title after the closing. It was a name issue but still an issue.
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Old 04-18-2017, 07:46 AM
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Ive been trying to buy this lot since 2009!
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Old 04-18-2017, 08:09 AM
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Get your own attorney...
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Old 04-18-2017, 09:43 AM
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Originally Posted by GrimKeeper View Post
One poster mentioned marketable title records act as a curative statute but in this case the root deed is only 5 years old but not to worry it may provide a cure in 25 years unless his transfer to trust was a quit claim in which case your deed will be cured in 30 years.��

With that said it is not extraordinary for different companies to accept more risk but outside of a quiet title the defect is going to continue to be of record for 25 to 30 years.
Hmmm. In my county, when purchasing a property at a Tax Deed auction, the buyer must either sue for quiet title or only wait 4 years before they have both marketable and insurable title.

25 - 30 years seems like an onerous cure for sure.
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Old 04-18-2017, 11:07 AM
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Originally Posted by Mr. Demeanor View Post
The sellers attorney is saying he will do the closing and provide title insurance without doing the quiet title.
I have a call into a local real estate attorney.
that's all well and good. Some people think since they have a title insurance policy they are set. Far from it. Title insurance is no different than other types. They underwrite it and include and or exclude certain coverage's and issue exceptions. They could disuse you a title policy that insures it free of title defects "except" those mentioned in schedule B and if your blemish is an exception, they are essentially kicking the can over to the next owner, that being, you. Read the exceptions .
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Old 04-18-2017, 11:19 AM
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I have retained an attorney who contacted me via this post. Only stipulation being he had to spend my money on boating. ;-)
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Old 04-18-2017, 11:30 AM
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that's awesome!!!!
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Old 04-18-2017, 06:15 PM
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you can buy title insurance, only problem, title insurance will not pay for a claim on something you know about before you bought title insurance.

Is the person still living that had the d/b/a corporate name? If he is still living, have him sign an affidavit about the d/b/a name, record the affidavit and you have insurable title
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Old 04-18-2017, 08:18 PM
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Default Florida Real Estate Attorney

I qualify as a Florida real estate attorney. Please do not trash me too bad.
If you are getting a title insurance policy in your own name, your title is protected from anything that has happened in the past.
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