We're seriously considering purchasing a property in FL and want to be sure we're doing all of our homework. Foreclosure proceedings have been initiated, but the owner still retains the right to pay off the debt, so we'd be purchasing it through the current owner.

The property has Title Insurance with a reputable company and we're making an offer contingent on a home inspection. We've verified the property is not in a flood zone, is not violating any zoning, and is insurable. Is there anything else we should check?

I contacted an attorney to represent us and asked him to do everything possible to ensure things are in order. He's offered to review the seller's contract and provide Title Insurance through his firm. Are there any other safeguards we can ask him to take? The seller is anxious to close (due to the impending foreclosure) and I want to be sure we don't overlook anything in our haste. For example, could there be unrecorded debts against the place? There are two modular homes on the property. Could it be possible there could be debts against the homes themselves that might not appear with a title search? Or any other issues we're overlooking?

We'd be investing our life's savings and want to do everything possible to ensure there are no unpleasant surprises.

Thank you for your time.

Contact the foreclosure attorney and tell them of your offer to purchase the property, mostly likely they would prefer to let the sell proceed rather than foreclosure. Give them the name of the title company handling the sale for you.

Just a suggestion

The Owners Title Insurance policy should cover you on the real property. The modular homes started as personal property, with a title just like a car. If they are still personal property, the seller should be able to provide a clear title to each. If they have been turned into real property, then there should be a recorded Affidavit of Affixture for each one. That is the way things are done in AZ. FLA may be different. Good luck.