Sometimes docks are Deeded to the property early on and they are already part of your legal description, making your dock automatically deeded with your Warranty Deed at time of purchase. However, there are cases in which the owner of the property took title to the Dock after purchasing the property or at time of purchase but with a separate Deed. In cases where the unit is governed by a condominium association or a homeowner's association the association may have had assigned docks and at some point deeded the dock to the unit owner.
EXAMPLE OF LEGAL INCLUDING DOCK SPACE:
Lot___, Block____, of _____________________, according to the Plat thereof, as recorded in Plat Book ____, Page ____, of the Public Records of Miami-Dade County, fl AND the 30 feet of dock space more particularly described as the West 30 feet of the East______ of Tract B, of ________________ plat book ___, Page ___ of the Public Records of Miami Dade, Florida.
It is extremely important to do a bit of research and make sure the deeded dock is mentioned in your contract. Buyers are not familiar with legal descriptions and/or contracts and assume their dock is part of their purchase.
These are the recent issues I question with Deeded Docks. Some Lenders have not made the dock part of their collateral by not adding the legal description of said dock to their Mortgage.
WHAT HAPPENS NOW?
The Certificate of Title for this bank owned property will not include the dock. Therefore, the dock is still owned by the owner free and clear from the bank lien.
I NOW QUESTION THE FOLLOWING:
Can the Lenders go after these docks for the deficiency judgment? They might not even know they exist or think the property is worth much more because of a Dock they don't own.
If the dock is located in a Homeowner's Association or Condo Association now the Association is responsible for the maintenance of that dock to avoid further liability. The association can place a lien and start foreclosure process.
Can the owner sell this dock? Being that the property was foreclosed I don't think Title will be clear and judgments might attach to the dock.
Many, many unanswered questions in the Real Estate world we now live in!
PLEASE NOTE I AM NOT AN ATTORNEY AND THE ABOVE IS ONLY MY OPINION. IF YOU HAVE A SIMILAR ISSUE PLEASE CONTACT AN ATTORNEY.
What are your thoughts?