Rentals in Sarasota>Question Details

Tjf, Renter in Sarasota, FL

Renting from HOA that foreclosed on Unit (tenant protection)

Asked by Tjf, Sarasota, FL Fri Jul 13, 2012

I considering entering a 2 year lease on a rental unit offered by the HOA of a condominium. From the county records I can confirm that the HOA received the title on the unit. Per my understanding, if the bank now forecloses, they will have to honor the lease for the duration of term - is this accurate and what are some other potential issues that I should be aware of?

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Maria Cipollone’s answer
If you confirmed that the Association owns this condominium means that they already got the title free and clear. When you buy a property in Florida is always a title company involved. A title company examines the chain of titles (previous owners) to ensure that the property have no problems and issue a title insurance. A deed is not sufficient protection, but title insurance is absolutely necessary to ensure a clear title.

Best of Luck,

Maria Cipollone

Century 21 Tenace

http://www.Flahomespecialist.com
1 vote Thank Flag Link Mon Nov 5, 2012
Hi TJF,

This concern come up continually --

According to FloridaBar.org -- RIGHTS AND DUTIES OF TENANTS: When a person pays to live in a house, apartment or mobile home, the renter becomes a tenant governed by Florida law.

To address matters of Florida law, I recommend seeking the advice of a Bar Admitted Florida Attorney.

Additionally, tools that will help you be a good consumer of their service:

FANNIEMAE: Helping Tenants in Foreclosed Properties
Renters in foreclosed properties may face uncertainty through no fault of their own. If your landlord experiences foreclosure, you as a renter may be affected.

Fannie Mae offers renters whose landlords are in foreclosure several options through our Tenant-in-Place rental program, which provides renters the opportunity for greater stability or time to transition to new housing. These programs not only provide renters foreclosure relief, they also bring stability to the community by minimizing disruption:

http://www.fanniemae.com/portal/helping-homeowners-communiti…

http://portal.hud.gov/hudportal/HUD

Sincerely,

Sandra LaFlamme, Reator
Sandra@SandraLaFlamme.com
0 votes Thank Flag Link Sun Oct 21, 2012
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