I notice that in certain places like Florida many people do not record the deeds reflecting the purchase of a property. How come?
2007-07-05 06:29:12 · 4 answers · asked by woodluvto 2 in Business & Finance ➔ Renting & Real Estate
Some counties in Florida are extremely behind in recording. Its possible the deed has been sent but it is so backed up at the courthouse.
Because of this if someone want to "Flip" they will hold the first deed until the second is available. This way they can record the chain together instead of waiting months for the first to confirm before they sell.
Also Florida has a fairly high transfer tax at approx $7.00 per thousand based on the value. They may not have the money to record.
2007-07-05 12:52:30 · answer #1 · answered by Anonymous · 1⤊ 0⤋
I second what Kate is saying. When you get a Deed you should RUN to the courthouse to record it the same business day or no later than the next morning.
You can bet the farm, that if someone holds onto a deed and does not want to record it, they are trying to hide something.
2007-07-05 14:43:58 · answer #2 · answered by Expert8675309 7 · 1⤊ 0⤋
Kate is correct. Sneakiness is going on - probably an investor "bought" the house on a contract for deed and does not want to trigger the due on sale clause. Or they want to market the house to buyers needing an FHA loan - FHA won't allow a quick flip, so they hide the fact that the house was just purchased.
At any rate, there's some deceit going on - do you want to do business with that kind of person?
2007-07-05 14:23:29 · answer #3 · answered by teran_realtor 7 · 1⤊ 0⤋
cause they are trying to be sneaky about something you find alot of that in florida . good luck .
2007-07-05 13:35:42 · answer #4 · answered by Kate T. 7 · 1⤊ 0⤋