Federal Protecting Tenants At Foreclosure Act (PTFA) Extended Into Florida Law
Protections of the federal Protecting Tenants at Foreclosure Act (PTFA), as of July 1, 2020 took effect as a state law if the federal act is repealed. Under the PTFA, a person who acquires a foreclosure property (“successor in interest”) must give the tenant at least 90 days’ notice before initiating an eviction. And if the tenant signed a “bona fide” lease before foreclosure, the successor in interest must allow him or her to remain for the term of the lease, even if that exceeds 90 days, unless the successor in interest sells to a person who intends to occupy the property as a primary residence.
The new law repeals Florida’s current foreclosure-tenant-rights statute, which affords less protection than the federal statute. Currently, The Federal Act, Protecting Tenants in Foreclosure Act is a permanent statute and has been in effect permanently since June 23, 2018. Therefore, the Florida statute will not be in effect unless the federal act is repealed.
Barry Miller Law is familiar with all aspects of real property law. If you, or someone you know, has legal questions concerning real estate, business or probate law, contact Barry Miller Law for assistance at 407-423-1700 or email us at [email protected] for a consultation.