Don't Buy a Bank-Owned Home without Consulting an Attorney!
Florida Real Estate Contracts are very easy to understand and unless there are special circumstances an attorney is not often needed. However, buyer's looking to purchase bank owned homes have concerns and questions that are far beyond the expertise of a real estate agent and only an attorney is able to answer them and advise the buyer of what a quit claim deed is all about. Banks are providing the buyer with a quit claim deed and it has no warranties of title. As a buyer, this means that if the title is found to be defective, the seller has no obligation to you of any kind.
The quit claim deed is simply conveys what interest, if any, the lender has in the property.
I try, whenever possible, to have my buyer pick and pay for title. That way the title company is working for you, the buyer. They will protect your interests to the best of their abilities instead of trying to take care of their own when they are representing the bank. It is becoming more and more difficult to find reputable title companies who want to deal with quit claim deeds but there are still some out there.
If you are seriously considering purchasing a bank owned property, you should definitely consult a real estate attorney in addition to having the ability to pick up title
company. The dollars you spend will be well worth it if later down the road there is a major problem!
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