For a Foreclosure Attorney in West Palm Beach knowing the current laws and how they affect buyers, sellers, banks and renters is high priority in these changing times. The Protecting Tenants from Foreclosure Act was passed May 2oth of 2009. The Law was set to expire December 2012, however extended until December 2014. With just months away from the Acts expiration, and foreclosures, though lessoning still a major issue for Florida, what or who will protect tenants in Foreclosures? As well, do you know the law well enough to know the steps to inform your tenant if you are purchasing a foreclosed property? Having these questions answered by a well informed Real Estate lawyer or Foreclosure Attorney in light of your particular situation can save more than your home.
Prior to it passing the PFTA of 2009, a tenants rights were limited and foreclosure automatically negated any further rights. The act was created to protect renters who were being unexpectedly forced from their homes. It allows the lease to survive the foreclosure action. Tenants can remain in their homes at least until the end of their lease, or for month-to-month leases, tenants are entitled to 90 days notice before having to move. There is an exception to the rule when the buyer of the foreclosed home is purchasing the property as their residence. The buyer may terminate the lease with 90 days’ notice.
The prior landlord is now released from legalities of the lease as if there never was a foreclosure. This requires the buyer to notify properly the tenant and follow the laws as they are designed. Anyone forced to move out prior to proper notice by either the new landlord or the former should consider suing for damages in a small claims court. A well informed Foreclosure Attorney will be able to counsel you in the way that you should proceed. It is the top priority of a Real Estate Lawyer to understand all aspects and interpretations of laws pertaining to real estate.
Different cases of the last 5 years have allowed us to see how the court will uphold this act and interpret it. In a recent article from realtor magazine, a tenant was denied the right to sue. This shouldn’t discourage any home from seeking justice and knowing their rights. Each case must be properly examined in light of the law and only an experienced foreclosure attorney can guide your through the process.
If you are looking for a Foreclosure Attorney in West Palm Beach, James N Brown & Associates are available to serve you.