Video Summary
Does Florida have land contracts like they do in Michigan? And the answer is no. Whenever you sell property in an installment basis, you must file a judicial mortgage foreclosure action. And in order to eliminate the interest of the purchaser’s, interest in the property, that’s whether you called it a land contract agreement for deed, or no mortgage. The Florida Supreme court has a rule that even unrecorded agreements, and when they’re on an installment, sales basis, , with real property, you have to file the poor closure action. Florida is one of, I believe, seven States that has a judicial foreclosure proceeding versus a nonjudicial proceeding, which allows you to foreclose or take back your property without going through court. I received this question, periodically from people who are in the Midwest and Michigan, which are nonjudicial foreclosure States. But, in Florida you cannot have a land contract. If you do, it still has to be foreclosed, which is, I understand the primary purpose and using a land contract. So if you have any questions on how to sell your property on installment basis, give me a call at (727) 847-2288.