Will a rental lease signed with a landlord who has the quit claim deed to the property be legally binding?

Asked by Renee21, 33594 Thu Feb 23, 2012

I met a real estate agent that she and her husband have the quit claim on a property that they are now trying to rent out. The original owners still have a mortgage on this property. Will a rental lease be legally binding or would I have to worry about the original owners coming back around and putting us out? Besides verifying the documentation, should I refuse to sign the lease without being able to pull the deed documents online from the county recorder's website?

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Alma Kee, Agent, Tampa, FL
Thu Feb 23, 2012
Hi Renee,

Send me the address and I can pull up the outstanding mortgage for you. Alma@SoldOnTampa.com

You see, eventually the property will be listed as a Short Sale and you will be REQUIRED to allow Realtors in to show their clients!

If you're okay with that and are getting below market rent rates then it may be okay.

As for me, i would want the deed recorded before I give any money to a "possible" landlord.

Are you aware the State of Florida has bond money to help you buy your own place? You will need at least a 620 credit score so if that is a barrier, you might try a NACA mortgage. Just make sure to have your Realtor sign you up online (I can help you) so she/he will not have to pay a large fee to NACA. Take a look:

https://www.nacalynx.com/nacaWeb/purchase/purchaseProgram.as…

All the best,
Alma
Alma Rose Kee PA
Future Home Realty
813.244.9898
http://www.SoldOnTampa.com
0 votes
hey there alma, I have a similar situation but my question is does the bank continue to get paid or does the home go to foreclosure and if so what would I need to do to purchase the home?
Flag Tue Jan 12, 2016
Danielle Sha…, Agent, Cape Coral, FL
Thu Feb 23, 2012
Legal questions can only be answered by an attorney. I recommend starting there first.
0 votes
Don Tepper, Agent, Burke, VA
Thu Feb 23, 2012
I'm not a lawyer, so this isn't legal advice. For that, you need a lawyer. However . . .

A lease is made between a renter (that's you) and the owner of the property. If the real estate agent and her husband own the property--if they're the property owners--then the lease would be between you and the agent and husband. The question is whether the original owners conveyed ownership via the quit claim deed. It's certainly possible to do so.

It's irrelevant whose name is on the mortgage. That doesn't affect ownership at all.

What the real estate agent/husband did is called a "subject to." They acquired the property subject to the existing mortgage. That's perfectly legitimate and binding. (Well, it's binding, again, if the original owners fully conveyed ownership AND if the quit claim deed was filed with your county. An unfiled quit claim deed is worthless.)

Do whatever makes you comfortable. If that means viewing the deed documents online, fine. If that means going down to the county in person, that's fine.

But the point is that if the quit claim deed was signed by the original owners and properly executed, then the real estate agent and husband own the property. If you want to rent, then you rent from the owners.

Again, I'm not a lawyer, so this isn't legal advice.

Hope that helps.
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