CFD in Florida - Posted by Ben (FL)

Posted by Anthony on October 31, 2000 at 22:47:44:

Where in fla. is your REI club I would like to check out the attorney? thank you

CFD in Florida - Posted by Ben (FL)

Posted by Ben (FL) on October 31, 2000 at 14:53:01:

What am I missing, or do I just need to go shopping for title company?

I am selling a house on contract for deed (in Florida) to a very nice couple who are in the process of completing payoff of a Ch. 13. Somewhere along the line, the wife got it firmly planted in her head (my mistake, I’m sure) that $2000 down was Lease/Option and $10,000 was CFD, and that for some reason the CFD was safer for them.

So, we signed a CFD agreement. Now, as I understood it, the way it works is you get a title company to hold an un-dated deed in escrow, along with a signed Quit-Claim Deed to protect everybody. The problem is, each of the title companies I’ve been using to buy and sell say that won’t work. Apparently, once the deed is actually delivered to the title company, that constitutes an ownership interest and taxes are owed from that point.

Am I missing it? Or is this peculiar to Florida?

Re: CFD in Florida - Posted by Rosie_FL

Posted by Rosie_FL on October 31, 2000 at 21:43:29:

Sorry I can’t answer your question but I’d like to point out that the attorney for our local REI club is very familiar with every creative solution there is.
I asked him if he does CFD and contracts/closings for investors and he said yes and told me to call him when I have a deal. A RE attorney like that will handle the entire closing/escrow, and to your best interests. You won’t need a title company (like the one which made mistakes on my last closing).

Check around your local group.