Friday, March 27, 2009

Beware! Additional REO Requirements For Miami-Dade County

Miami-Dade County is imposing addition requirements. Please open the link and read the entire article. Below is a very brief outline of the changes.

New Certificate of Use Requirement for the Sale of Foreclosed Properties

Effective April 1, 2009, buyers of foreclosed properties in unincorporated Miami-Dade County will get some protection against unexpected repairs or other deficiencies of the property under an ordinance adopted by the Miami-Dade Board of County Commissioners (BCC) on December 2, 2008.

Ordinance No. 08-133 applies to all residential properties in unincorporated Miami-Dade County which are acquired through a Certificate of Title (Foreclosures and Judgments), in accordance with Chapter 45, Florida Statutes. Residential properties affected include single-family homes, condominiums, townhouses and duplexes.

The adopted ordinance requires that title holders of foreclosed properties obtain a Certificate of Use (CU) prior to offering the property for sale, transfer or alienation.

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