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Is it legal to receive cash for my keys or deed? I am 300k

 

Customer Question

Is it legal to receive cash for my keys or deed? I am 300k upside down on my property and I can't get a buyer to short sale it and I found someone that will give me cash for keys and let me walk away from the property and they will deal with my lender to settle the balance due. is this legal to transfer a property with a debt?

 

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State/Country relating to question: Florida

Submitted: 325 days ago.
Category: Real Estate Law
Value: $39
Status: CLOSED

Accepted Answer

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Expert:  FiveStarLaw replied325 days ago.

*This chat is not intended as legal advice. It is general information that may or may not apply to your situation and should not be relied upon.*


Welcome,


It is my goal to deliver information in five-star manner.


I am a licensed Florida attorney but I am not your attorney. The law does not allow me to provide legal advice or form an attorney-client relationship on this public forum.


If at any time the information which I provide is not clear to you or does not fully answer your question, please ask me for clarification by using the reply button.

You seem to be referring to equity skimming and it is a 3rd degree felony under Fla. Stat. 697.08.

If you were to transfer your property to the prospective purchaser, the purchaser would own the property but would not be personally liable on the loan. You would remain liable for the loan.


I think this is what you wanted to know. Please let me know if I have answered your question

Expert TypeLawyer
Category: Real Estate Law
Pos. Feedback: 97.9 %
Accepts: 6884
Answered: 6/27/2012

Experience: 25 years of experience helping people like you.

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